Audit Services

Uncovering insights and ensuring integrity

Audit services for transparent financial excellence

If you are wondering if an audit is right for your company, you’re in the right place. Below, we answer all the questions you may have about audits and what is involved with audit services.

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What our audit services include

By monitoring risk and reviewing accounting systems and procedures within your business, our financial auditing services aim to improve the efficiency of companies. We give you an all-encompassing and unique grasp of current industry practices and standards by drawing on our expertise and specialised knowledge. By working with Thryv Accountants, your company will be able to remain on top of legal changes and optimise its potential.

When performing your audit, we go beyond the fundamentals of financial statements to identify future risks and compliance issues, maximise your operational practices, and provide valuable solutions that are tailored to your unique financial position within your specific industry.

definition

What are audit services?

Auditing services assist businesses in ensuring that their accounting records accurately reflect the transactions they have done. Auditing services help businesses create compliant financial statements and communicate with banks, investors, and other financial partners about the health of their finances.

The audit of financial accounts entails an independent auditor analysing the information in them. The objective is for an impartial body to audit and verify the accounts to guarantee that the books of accounts are done fairly and that no misrepresentation or fraud is going on.

Before releasing their quarterly results, all publicly traded companies must have their accounts examined by an independent auditor.

An income statement, a balance sheet, a cash flow statement, a statement of changes in equity, and other explanatory notes are included in the financial report. When auditors finish the auditing process, they create an audit report in which they describe what they did and provide an opinion based on their findings.

What is the purpose of an audit?

The primary objective of an audit is for an impartial third party to analyse a company’s financial accounts. This examination is an objective assessment of the statements that result in a judgement on whether the statements were presented honestly and in conformity with South African laws and regulations.

Simply put, the goal of an audit is to determine if the information contained in the financial report, as a whole, accurately reflects the organisation’s financial status at a particular date.

What common mistakes are found during an audit?

There are a series of mistakes and inconsistencies that are detected during an audit, and without identifying these errors, will negatively impact your business. This includes the following:

Do you need audit services?

Who needs audit services in South Africa?

Section 90 of the Companies Act mandates a public or state-owned business to select an auditor. As a result, all public and state-owned corporations and businesses must be audited.

Every year, all publicly traded firms and limited liability companies are audited. Depending on their structure and ownership, other companies may require or request an audit. If your business doesn’t need to be audited, it is still highly beneficial for the financial health of your organisation.

Simply put, an audit is required by an external professional, if any business with a public interest score of 350 or higher in that fiscal year. And any other business with a public interest score of at least 100, but less than 350, in that fiscal year and whose annual financial statements for the entire year were internally produced.

Audits are not required by all investors, although many do. They may require complete disclosure of your financial accounts by an independent third party through an audit.

Any business that intends to sell its company should organise an audit. Almost all prospective purchasers will demand one to check that your stated results are following all regulations and laws. Also, if you want to go public with your company, you’ll need 3 years of audited financial records before you can go public with your business.

When does a company need auditing services in South Africa?

Several circumstances will require an audit of your company. An audit could be required to comply with the Companies Act of South Africa, the company’s memorandum of incorporation requires it, your bank may require an audit during a funding application, potential investors need an audit report, or the regulators in the industry of your business need an audit.

If you require your financial statements to be audited, you must consult with a specialist to discuss your business needs and goals. If you’re unsure how to process, reach out to us at Thryv Accountants and we will get you started in this process and answer any of the questions/concerns you have.

What are the benefits of audit services?

There are major tangible benefits for your business during the auditing process. And no matter the size of your business and the unique needs you have, more South African business owners are seeing the advantages of having their business audited. Even when it is not a compulsory obligation imposed by the Companies Act or lawful regulations of South Africa.

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The benefits of audit services in South Africa include the following:

Audit services in South Africa: The benefits of outsourcing with Thryv Accountants

We deliver reliable audits by assembling the necessary teams to tackle the most difficult challenges, employing a tried-and-true auditing process, and deploying cutting-edge auditing tools and technology. Clients profit from our industry’s expertise and insight, since we recognise that achieving your potential requires both a personalised service and a consistent process.

For more information about our audit services and other accounting needs, schedule a call or drop us a message and we’ll get back to you with all the relevant details you’ll need to start this process.

What our clients say

Client Reviews

Pete LowesPete Lowes
14:23 27 Feb 24
I agreed to work with someone called Conrad – and as soon as I signed, he ‘left the company’. Very strange, but I persevered, agreeing to pay for their top package for management accounts, payroll and basically all accountancy services. I now found myself with someone called Arnaud. Not for long, as I was swiftly palmed off to someone else.Over the last month, they’ve become really unhelpful, so we asked to leave. They’ve been charging us a registered representative fee for several months when their representative wasn’t registered at all. They’re completely ignoring this point and refusing to refund the months when no one was registered from Thryv on our behalf.They’re now trying to claw more cash from us to get the management accounts for months that we already paid for.Untrustworthy, unreliable and greedy. Don’t do it.
Sumehn SewrajSumehn Sewraj
21:31 18 Aug 23
Had the pleasure of working with the team for 5 months. Extremely professional and knowledgeable in all accounting aspects. 100% recommend!
Arnaud BrunelArnaud Brunel
18:46 18 Jun 23
I recently had the pleasure of engaging Thryv, an outstanding accounting firm based in Cape Town, and I cannot recommend their services enough! From start to finish, my experience with Thryv has been nothing short of exceptional.Their team of dedicated professionals possesses an impressive depth of knowledge and expertise in accounting. They effortlessly handle a wide range of financial matters with utmost precision and attention to detail. Whether it’s tax planning, bookkeeping, or financial statements, Thryv has consistently exceeded my expectations.The moment I reached out to Thryv, I was greeted with warmth and professionalism. The team listened attentively to my needs and tailored their services accordingly, providing personalized solutions that were tailored to my unique circumstances. Their willingness to go the extra mile truly sets them apart.What I appreciate most about Thryv is their unwavering commitment to delivering timely and accurate results. Deadlines are consistently met without compromising the quality of their work. They navigate complex financial regulations and tax laws with ease, ensuring compliance and peace of mind.Moreover, Thryv’s transparency and open communication foster a strong sense of trust. They take the time to explain intricate accounting concepts in a manner that is easily understandable, empowering clients to make informed decisions. It’s refreshing to work with a firm that values client education as much as they do.In addition to their exceptional service, Thryv’s location in Cape Town is an added bonus. Situated in one of the most vibrant cities in the world, their proximity to local businesses and industries gives them a unique understanding of the regional economic landscape. They are well-equipped to address the accounting needs specific to Cape Town-based businesses.In conclusion, I wholeheartedly recommend Thryv for all your accounting needs. Their professionalism, expertise, and commitment to client satisfaction make them the go-to choice in Cape Town. When it comes to financial matters, Thryv is the firm you can trust to navigate the complexities of the accounting world seamlessly.
Adele LokkerAdele Lokker
13:50 19 May 23
More than 5 stars! Thryv is a breath of fresh air. Their professionalism, expertise, and quick-response is what makes their service stand out. The best accounting firm in Cape Town!
Lee-Anne WebsterLee-Anne Webster
07:44 18 May 23
Excellent service. From the initial meeting to onboaridng everything was explained. Thank you to everyone at Thryv. Professional in every way
Tahn HendricksTahn Hendricks
12:50 13 Mar 23
Friendly, efficient and reliable service – I would give 10 stars if I could!
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