ATF Consult Inc. experts will be happy to assist you with an independent review in Pretoria and Nelspruit. Our team of professionals aim to provide you with vital information, so you will be able to make the right decisions.
So, what is an Independent Review?
In 2011, the new Companies Act 2008 introduced the concept of an independent review. It is considered as a form of professional auditing of the financial statements. The main idea is to allow private businesses in South Africa to use an independent review instead of the annual audit. Companies save millions of rands and increase operational transparency and clarity.
According to the latest legislation, the number of companies subject to audit or independent review has decreased. To verify which of the two your business is obliged to have, contact our offices by phone or via email.
According to the recent regulations, every enterprise is required to prepare and share main financial statements. These financial statements are used by banks, credit unions, the South African Revenue Service, investors, other companies, and local authorities. Companies themselves need such financial information and analysis to make effective operational as well as strategic decisions.
Independent Review: Vital Basics
There is a substantial difference between the traditional financial audit and an independent review.
Typically, an independent review is more cost-effective than a traditional audit since it does not require tests of control and many other procedures. The ATF Consult Inc. team has significant experience in preparing such documents. Our professionals know what standards should be met, we guarantee a high quality of the independent review.
An independent reviewer is an expert registered as a member of a professional accounting body, which is also a member of the International Federation of Accountants.
The document should be prepared according to both international financial reporting standards and international standards on related services that require greater transparency. Another crucial matter to mention is that the financial statements should include the name and qualification of the professional who supervised their preparation. This means that it is necessary to hire an accredited expert or else the document will not be valid.
To learn more about the procedure, the related costs, and the benefits, contact ATF Consult Inc. today. When filling in our contact form, please remember to provide a correct contact email in order for our professionals to contact you.