Accountancy in South Africa

>> Audit Requirements in South Africa

Requirement and thresholds

The following companies and close corporations are required to have their Annual Financial Statements audited:

  • Every public company, namely profit companies that are not a state-owned company, private companies or personal liability companies;
  • Every state-owned company (except if exempted therefrom by the Cabinet member responsible for companies);
  • Companies or close corporations that have a public interest score above 350;
  • Companies that have a public interest score between 100 and 350 and their financial statements are internally compiled; and
  • Companies and close corporations that have included the audit requirement in their Memorandum of Incorporation or association agreement.

Latest version updated 15th March 2018

Country Breakdown

55.91

Million

Population

R

South African Rand

Currency

$ 294.8

Billion

GDP

1.22

Million

km2