Independent Review
Independent review requirements for businesses in South Africa
Independent review requirements: Learn more about whether the South African legislation requires your company to undergo a review.
A cost-effective audit alternative
Independent Review
For companies that do not require a full audit, an independent review is a cost-effective way to satisfy the Companies Act and reassure your stakeholders.
What's included
Everything you need, handled
- Public Interest Score assessment
- Independent review engagement and reporting
- Limited-assurance financial review
- Reportable irregularity guidance
- Companies Act compliance
Cost-effective
Compliance assurance without the cost of a full audit.
Compliant
Meet your obligations under the Companies Act.
Credible
Independent assurance your stakeholders trust.
A cost-effective alternative to a full audit
For companies that do not require a full audit, an independent review is a cost-effective way to satisfy the Companies Act and reassure your stakeholders. It gives limited assurance over your financial statements at a fraction of the time and cost of an audit.
Many owner-managed SMEs in South Africa qualify for this lighter-touch option. As your independent reviewer, we confirm that your financial statements are credible and free of obvious material misstatement, giving banks and shareholders the comfort they need.
If it turns out a full audit is required, our audit services are ready to step in, so you are covered either way.
Checking your Public Interest Score
Whether you need a review or an audit hinges on your Public Interest Score, a calculation set out in the Companies Act based on turnover, employees, third-party liabilities and shareholders. Getting it right matters, because the wrong choice means wasted money or non-compliance.
We assess your Public Interest Score accurately and explain which independent review requirements apply to your company. There is no guesswork, you get a clear answer on exactly what the law expects of you this financial year.
Once we have confirmed your obligations, we can also prepare your financial statements ready for review, keeping everything under one roof.
Engagement, reporting and compliance
Our independent review engagement follows the International Standard on Review Engagements, applying enquiry and analytical procedures to your financials. We then issue a limited-assurance review report you can hand to lenders, investors and the CIPC with confidence.
Should we come across a reportable irregularity during the review, we guide you through your obligations under the Companies Act calmly and clearly. You are never left to navigate a compliance issue on your own.
Want to know which path applies to your business? Get in touch with our team and we will check your score and map out the next steps.
FAQs
Independent Review: common questions
What is an independent review?
An independent review is a limited-assurance engagement where a qualified independent reviewer examines your financial statements using enquiry and analytical procedures. It offers less assurance than an audit but satisfies the Companies Act for many SMEs, making it a faster, more affordable way to keep stakeholders confident in your numbers.
How do I know if I qualify for an independent review?
It comes down to your Public Interest Score and who prepares your financial statements. Companies with a lower score that are not owner-managed typically qualify for a review rather than a full audit. We calculate your score precisely and confirm whether an independent review meets your Companies Act obligations.
What is the difference between an audit and an independent review?
An audit provides reasonable, high-level assurance through detailed testing of your records. An independent review provides limited assurance using enquiry and analytical procedures, so it is quicker and more affordable. The right choice depends on your Public Interest Score and what your stakeholders or the Companies Act require.
What is a Public Interest Score?
The Public Interest Score is a Companies Act calculation based on your average number of employees, third-party liabilities, turnover and number of shareholders. It determines whether your company needs an audit, an independent review or neither. We work it out for you and explain what it means for your reporting duties.
What happens if a reportable irregularity is found?
If your independent reviewer identifies a reportable irregularity, there are specific reporting obligations under the Companies Act. We handle this carefully, explaining the situation, the required steps and the timelines in plain language. Our goal is to protect your business while keeping you fully compliant with South African law.
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