The Bank asks for audited Financial Statements, to approve your overdraft facility. You are buying a new home and need a bond. Your business is applying for a tender. You have your accounting records balanced but no financial statements completed…
In all of the above situations you will be looking for an accountant to compile a set of annual financial statements. But the question now is, do they need to be audited? To answer that question we first need to explain the regulations in the Companies Act to you.
The companies act divides businesses into 3 categories:
- Those with a PIS (Public Interest Score) below 100 that require a Compilation of financial statements by anyone qualified as an Accounting Officer.
- Those with a PIS between 100 and 350 that require an Independent Review of their financial statements by anyone qualified as an Independent Reviewer.
- Those with a PIS above 350 that require an Audit of their financial statements by anyone qualified as a Registered Auditor.
One of the best ways to remove the stress and rush is to determine what category your business is in and to deliver the financial records to the relevant institution on time. To do this it is imperative to keep your accounting records up to date on a monthly basis. This can be achieved by making use of our accounting and bookkeeping services or if you have the basic accounting and bookkeeping function in place, why not use our monthly or bi-monthly accounting review service. With this service we will do a management review of your accounting records monthly or bi-monthly to ensure that they are accurate, complete and transparent. These will also enable financial statement or management accounts to be drafted promptly after each month end.
Allow us to make your Financial Statements and Management Accounts maintenance Easy!
Our Financial Statements and Management Service includes:
- Drafting Annual Financial Statements
- Compilations of Financial Statements
- Independent Reviews of Financial Statements
- Preparation of Audit files for a Statutory Audit
- Customized Monthly management reporting and variance analysis
- Systems and controls implementation and maintenance
- Ratio analysis and management
- Monthly balance sheet Recons
- Taxation structures
- Assistance with all bookkeeping, tax & technical queries
- Tax Clearance Certificate Applications