Independent Review of Annual Financial Statements
Some companies must have their AFS independently reviewed rather than audited, depending on their Public Interest Score and how the statements were compiled. A CA(SA) performs a limited-assurance independent review in terms of ISRE 2400 and issues the reviewer's report your lender or CIPC requires. If you are not sure whether you need a review, an audit, or just a compilation, we will tell you.
- Limited-assurance independent review under ISRE 2400
- Independent reviewer's report for your lender or CIPC
- Independence and eligibility check before the engagement
- Guidance if an audit or compilation is the correct route instead
A CA(SA) contacts you within 2 working days to confirm eligibility and independence, send your engagement letter, and agree a delivery date.
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Frequently asked questions
- Does my company need an independent review or an audit?
- It depends on your Public Interest Score and whether your AFS were independently compiled. A CA(SA) will confirm which applies to your company before you commit.
- What is an independent review of financial statements?
- A limited-assurance engagement under ISRE 2400 in which a CA(SA) concludes whether anything has come to their attention suggesting the financial statements are materially misstated. It costs less than an audit.
- Who can perform an independent review in South Africa?
- A suitably qualified professional such as a Chartered Accountant (SA). Unlike an audit, an independent review does not require a registered auditor.
- Can the accountant who prepared my financial statements also review them?
- No. By law the independent reviewer cannot have compiled or prepared the same financial statements.