Financial Statements are the reports that provide the detail of the entity’s financial information including assets, liabilities, equities, incomes and expenses, shareholders’ contribution, cash flow, and other related information during the period of time called a financial year.
Per the South African Companies Act, all companies are required to produce Annual Financial Statements (AFS) each year within 6 months after the end of their financial year.
The different types of engagement offer different levels of assurance to stakeholders in respect of the company’s financial statements and an Independent Review provides limited level of assurance. This means that AFS that have been reviewed by an independent professional to express an opinion that the financial statements, in all material aspects, comply with the accounting framework.
This is where we assess financial statement risk through the application of professional judgement/scepticism, analytical procedures and inquiry.
The Accounting Village can assist you with Independently Reviewed Annual Financial Statements.