Audit Services
Audit services for transparent financial excellence
Our service
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:
- Inadequate oversight over the entire financial process of your business
- Accounting data concerning receivables and payables have been altered (raised or lowered)
- The company does not have the appropriate reserves on hand
- Companies collect a tax-deferred asset when reporting tax losses without considering whether the asset may be used
- When importing items, the date of posting physical assets was incorrectly defined
- Companies do not account for expenditures before getting the principal documentation from suppliers
- Non-compliance with rules and regulations
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?
Get peace of mind
The benefits of audit services in South Africa include the following:
- The audit process may provide credibility to financial statements and provide firms with the assurance that they are presented fairly and following all regulations
- The audit process may reveal problems in the accounting and financial systems that impair the capacity to make smart business choices
- The audit procedure will give assurance that the firm has fulfilled its legal and tax requirements
- The Auditor's Report offers investors the security they need before putting their money at risk, and it is often required before funding can be acquired
- The audit process comprises a thorough risk assessment as well as an examination of the internal control environment. In this setting, flaws may be found, addressed, and corrected as needed
- Management and directors benefit from the consulting services that we give to the organisation during an audit engagement
- Workplace fraud may go undetected for years and be so severe that some organisations never recover financially or rebuild their image. An audit may be a useful tool for detecting fraud and future chances of fraud
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.
