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Inspections 5th Cycle

INSPECTIONS 5TH CYCLE

 

 

Categories of audits for purpose of inspections

 

1. High risk audits and related assurance work:
   • Audits required in terms of the Companies Act of 2008, of:
     • public companies;
     • state-owned enterprises (including section 4(3) entities per the Public Audit Act); and
     • private companies with a public interest score of above 350.
   • Audits of banks and regulatory returns to the SARB in terms of the regulations to the Banks Act.
   • Audits required by legislation under the Financial Services Board, of:
     • insurance companies;
     • collective investment schemes;
     • pension and retirement funds; and
     • provident funds.
   • Any other audits required by the Financial Advisory and Intermediary Services Act (FAIS).
   • Audits of Medical Schemes.
   • Audits on behalf of the Auditor-General.
   • Audits of subsidiaries of listed companies as required by the JSE Ltd.
   • Audits of Attorneys' and Estate Agents' trust accounts.
   • Assurance work related to other regulatory returns in respect of any of the above audit clients.

 

This refers to audits performed by RAs and firms that are required in terms of legislation or regulation. Currently, these audits include:

 

 

2. Special risk assurance work:

 

B-BBEE verification assurance services (where provided as a B-BBEE approved registered auditor).

 

3. Low risk assurance work, being all assurance work not already stated above and including:
   • Voluntary audits;
   • Independent reviews required in terms of the Companies Act of 2008;
   • Other assurance work.

 

 

Where no assurance work is performed by any of the RAs in the firm, these firms will be classified as non-assurance firms and will therefore not be included in the Inspection process.

 

PAUL VAN HELDEN
DIRECTOR: INSPECTIONS

31 July 2012