AUDITING ONE PAGE SUMMARIES
SS Summaries
,
, IMPORTANT FOR AUDIT
working paper format: working paper must contain:
ABC AUDITORS A20β client
Prepared by: Meβ heading (purpose)
CLIENT Canned delights (Pty) Ltd Date 01/08/2017β prepared by
YEAR-END: 31/07/2017β Reviewed by: reviewed by
PURPOSE Type of audit report Date
, TOPIC 1 ONE PAGE SUMMARY
• PUBLIC COMPANY = Ltd. PUBLIC INTEREST SCORE
• PRIVATE COMPANY = Pty Ltd.
• CLOSE CORPORATION = CC
When to add:
ONLY:
• ONLY individuals à not companies
• executive directors
• employees in service
• expected turnover (1 point per part of a million)
• liability to third party (1 point per part of a million)
Public company: Private Company (Pty Ltd.) Close Corporation: “other State-Owned Enterprise
listed OR unlisted company”
Always subject to Private companies’ annual financial statements need not be Close Corporation Act: sec
an audit and must audited unless the Act / regulation requires it: s34 & 84 of 58, the Companies
comply with Companies Act. If NOT subject to audit then must be subjected Regulation 28 is also
Chapter 3 of the to an independent review (Regulations 28 & 29) applicable to CC
Companies Act
Audited ü ü û ü ü
must be audited PI score > 100 and financial PI score LESS than 100 PI score > 350 FS ALWAYS subject to annual
statements compiled Or audit, irrespective of the PI
internally Or PI score > 100 and score
Or PI score MORE than 100 and financial statements R.28(2)
holds assets in fiduciary LESS than 350 & independently compiled internally
capacity (investment) > R5 compiled & reported by In terms of Section 84 of the
million individual professional Company’s Act as well as
Regulation 28(2) every state-
owned-company is subject to
a compulsory audit
Independently û û ü û
reviewed no independent review if it PI score more than 100 & less
is audited than 350
or
PI score less than 100 &
carried out by firm classified as
independent accounting
professionals
Comply with û
Chapter 3 of ü ü
Companies appoint audit Only if the MOI has a requirement that Chapter 3 of the
Act: committee and Companies Act must be complied with
company secretary
appoint audit committee and company secretary
No ü
professional PI score is less than 100 or
intervention It is essentially owner
managed & FS compiled
externally
SS Summaries
,
, IMPORTANT FOR AUDIT
working paper format: working paper must contain:
ABC AUDITORS A20β client
Prepared by: Meβ heading (purpose)
CLIENT Canned delights (Pty) Ltd Date 01/08/2017β prepared by
YEAR-END: 31/07/2017β Reviewed by: reviewed by
PURPOSE Type of audit report Date
, TOPIC 1 ONE PAGE SUMMARY
• PUBLIC COMPANY = Ltd. PUBLIC INTEREST SCORE
• PRIVATE COMPANY = Pty Ltd.
• CLOSE CORPORATION = CC
When to add:
ONLY:
• ONLY individuals à not companies
• executive directors
• employees in service
• expected turnover (1 point per part of a million)
• liability to third party (1 point per part of a million)
Public company: Private Company (Pty Ltd.) Close Corporation: “other State-Owned Enterprise
listed OR unlisted company”
Always subject to Private companies’ annual financial statements need not be Close Corporation Act: sec
an audit and must audited unless the Act / regulation requires it: s34 & 84 of 58, the Companies
comply with Companies Act. If NOT subject to audit then must be subjected Regulation 28 is also
Chapter 3 of the to an independent review (Regulations 28 & 29) applicable to CC
Companies Act
Audited ü ü û ü ü
must be audited PI score > 100 and financial PI score LESS than 100 PI score > 350 FS ALWAYS subject to annual
statements compiled Or audit, irrespective of the PI
internally Or PI score > 100 and score
Or PI score MORE than 100 and financial statements R.28(2)
holds assets in fiduciary LESS than 350 & independently compiled internally
capacity (investment) > R5 compiled & reported by In terms of Section 84 of the
million individual professional Company’s Act as well as
Regulation 28(2) every state-
owned-company is subject to
a compulsory audit
Independently û û ü û
reviewed no independent review if it PI score more than 100 & less
is audited than 350
or
PI score less than 100 &
carried out by firm classified as
independent accounting
professionals
Comply with û
Chapter 3 of ü ü
Companies appoint audit Only if the MOI has a requirement that Chapter 3 of the
Act: committee and Companies Act must be complied with
company secretary
appoint audit committee and company secretary
No ü
professional PI score is less than 100 or
intervention It is essentially owner
managed & FS compiled
externally
