An independent review of annual financial statements offers a moderate level of assurance on their reliability and credibility, contrasting with the higher assurance level of an audit. At BBO Consulting, we provide Independent Review of Annual Financial Statement services.
Conducted by a qualified individual not involved in the statements’ preparation, this review adheres to the International Standard on Review Engagements (ISRE) 2400 (Revised). While certain South African companies must undergo independent reviews, others opt for it, while some mandate audits due to the higher assurance level they provide.
According to the Companies Act 2008 of South Africa, certain companies are required to undergo an independent review or audit of their annual financial statements:
The public interest score considers factors like employee count, third-party liability, turnover, and securities stakeholders. Non-profit, state-owned, and public companies are mandated to have their annual financial statements audited.
