Since the new Companies Act became operational, certain private companies are obliged to have their books audited, whilst others have a choice to perform an independent review. The choice is influenced by the company’s Public Interest (PI) score.
If your company’s PI score is below 350, you do not need an audit. However, despite a PI score below the threshold, a company may still require an audit if it holds more than R5 million in a year in trust for third parties.
As such, many estate agencies are obliged to perform an audit in accordance with the specific requirements of the Companies Act, in addition to such companies’ audit obligations prescribed by the Estate Agency Affairs Board.
For assistance and clarification of your company’s PI score and audit obligations, contact firstname.lastname@example.org
This information is published for general information purposes and is not intended to constitute legal advice. Specialist legal advice should always be sought in relation to any particular situation. Property Wheel will accept no responsibility for any actions taken or not taken on the basis of this publication.