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Customer Reviews - South African Registrations

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Financial Statements, Audits & Independent Reviews

Under the New Companies Act

Company Public Interest Score (PIS) Calculator

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Public Interest Score—
0350+
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Audit & Independent Review Requirements (Companies Act 71 of 2008)

The Companies Act 71 of 2008 and its Regulations (2011) set out when a company's annual financial statements (AFS) require an audit, an independent review, or a compilation only. The trigger is mainly your Public Interest Score (PIS), ownership/management structure, and whether the AFS are compiled internally or by an independent professional.

Exempt (Compilation Only)

  • Private company with PIS < 100andowner-managed (all directors are shareholders).
  • Voluntary assurance is still permitted for governance/stakeholders.

Mandatory Independent Review

  • Non-owner-managed profit or non-profit company, PIS 100–349, and AFS independently compiled → review by a Registered Auditor or member of a body accredited by IRBA.
  • Non-owner-managed with PIS < 100 → review by a Registered Auditor, IRBA-accredited professional, or a person qualified as a CC accounting officer.
  • Independence: The reviewer must not have prepared the AFS.

Mandatory Audit

  • All Public and State-Owned companies.
  • MOI explicitly requires an audit.
  • Holds assets in a fiduciary capacity > R5m for unrelated persons at any time in the year.
  • Specific NPCs (incorporated by/for the state, organs of state, SOEs, foreign entities, or statutory function).
  • Any company with PIS ≥ 350 (regardless of compiler).
  • PIS 100–349and AFS internally compiled.

Public Interest Score (How to Calculate)

  • Employees: Average number employed during the year.
  • Turnover: Every R1m (or part) of gross annual turnover.
  • Third-Party Liabilities: Every R1m (or part) of year-end third-party liabilities (exclude related-party loans & deferred tax).
  • Shareholders/Members: Count each person with a beneficial interest (profit companies) or each member (NPCs) at year-end.