Private or personal liability companies that are required to be audited by the Companies Act, 2008 or regulation 28, must file a copy of the latest approved Audited Financial Statements on the date that they file their annual return with the CIPC. Read More
The following private companies are required to have their annual financial statements audited:
- Any private or personal liability company if, in the ordinary course of its primary activities, it holds assets in a fiduciary capacity for persons who are not related to the company, and the aggregate value of such assets held at any time during the financial year exceeds R5 million;
- Any private or personal liability company that compiles its financial statements internally (for example, by its financial director or one of the owners) and that has a Public Interest Score (PIS) of 100 or more;
- Any private or personal liability company that has its financial statements compiled by an independent party (such as an external accountant) and that has a Public Interest Score (PIS) of 350 or more;
Unless the company has opted to have its annual financial statements audited or is required by its Memorandum of Incorporation (MOI) to do so, a private or personal liability company that is not managed by its owners may be subject to independent review if:
- It compiles its financial statements internally and its Public Interest Score is less than 100;
- It has its financial statements compiled independently at its Public Interest Score is between 100 and 349;
Private or personal liability companies that are not required to have their financial statements audited, may elect to voluntarily file their audited or reviewed statements with their annual returns. If such companies choose not to file a full set of financial statements, they must file a financial accountability supplement with their annual return.
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- Individual tax calculations and filing of Tax returns (IT12)
- Corporate tax calculation and submission of Tax return (IT14)
- SARS Objections and appeal (Including IT14SD’s for companies)
- Tax consulting and tax planning
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- Company or group structure planning
- Internal administrative or financial systems planning and integration
- Internal control procedures to minimize operational risk
- Management accounting
- Financial management
- Through our partnerships we can assist with a wide range of legal aspects, talk to us about your specific needs requirement.
Everything is tailored to the specific needs of your business and designed to drive efficiencies, save costs and give your business the best chance at success.
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Compilation of financial statements and iXBRL
“Private or personal liability companies that are required to be audited by the Companies Act, 2008 or regulation 28, must file a copy of the latest approved Audited Financial Statements on the date that they file their annual return with the CIPC. Private or personal liability companies that are not required to have their financial statements audited, may elect to voluntarily file their audited or reviewed statements with their annual returns. If such companies choose not to file a full set of financial statements, they must file a financial accountability supplement with their annual return. Read More
The Companies and Intellectual Property Commission (CIPC) embraces international best practices and the impact of the use of iXBRL when submitting Annual Financial Statements (AFS) online and in improving efficiencies. iXBRL will make it easier for companies to report their financial information in an electronic format. CIPC mandated the digital reporting system for all qualifying entities from 1 July 2018.
iXBRL is an Inline eXtensible Business Reporting Language for electronic communication of business information providing major benefits in the preparation, analysis, communication of Annual Financial Statements.
Digital reporting in the format of iXBRL will assist companies with filing their Annual Financial Statements to egress from a PDF reporting format to a more structured format. This will ultimately reduce the burden of multiple submissions to different regulators.
iXBRL Programme Objectives are:
- To reduce the administrative burden on businesses when they report financial information to the government for regulatory compliance. Achieving this goal requires reducing duplication and inconsistency in business information reported to various government agencies - thus, a national (local taxonomy becomes a necessity; and
- To achieve regulatory compliance to accomplish the mission of the government agency. The CIPC's primary mission is to provide business and financial information to investors for better transparency and to reduce the administrative costs of reporting businesses.”
We will compile your financial statements for you in IFRS for SME or IFRS (or any recognized reporting framework) and include the iXBRL export compliant with the CIPC submission requirements. Contact us today to discuss your requirements.