In terms of the Section 90 – 93 of the Companies Act 71 of 2008 and in terms of Section 44(6) of the Auditing Professions Act, a company who requires a “Statutory Audit” (i.e. A State owned company, a company with a Public Interest Score greater than 350 points or in terms of the company’s Memorandum of Incorporation), may not engage with their auditors to prepare the financial statements. This also includes a Review in terms of the Companies Act 71 of 2008.

 

 

Grayston Statutory Services can draft these financial statements in terms of either International Financial Reporting Standards (IFRS) or International Financial Reporting Standards for Small and Medium Sized Enterprises (IFRS for SME’s) and the applicable Company legislation.

 

The financial statements are prepared in Caseware and are presented to the company in a form acceptable by audit firms.