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Southern African Institute for Business Accountants (SAIBA) members that have obtained the:
may perform independent review engagements for certain types of companies.
SAIBA and the South African Institute of Professional Accountants (SAIPA) have the same recognition level for performing independent review engagements. That is, reviews may be performed for companies:
The Companies Act, 2008 (section 30(7)(b)) empowers the Minister to determine by way of regulation the accreditation of professions whose members may perform independent reviews for companies for which such reviews are mandatory.
Although the Companies Regulations, 2011 does not specifically provide for an accreditation model, regulation 29(12) does require that professional bodies should file an annual report with the Companies Commission.
According to this regulation every profession recognised by the Minister under section 60 of the Close Corporations Act, 1984 and whose members are entitled to perform an independent review as set out in sub-regulation (4) (b) (ii), must annually file a report with the Commission demonstrating that it:
The Auditing Profession Act 26 of 2005 sets out the statutory role and responsibilities of the Independent Regulatory Board of Auditors (IRBA). These responsibilities are restricted to audits and work that is undertaken in accordance with auditing standards by registered auditors. The task of the IRBA is to protect the public by regulating audits performed by registered auditors. An independent review is only required for companies that may be classified as non-owner managed and non-public interest. Section 30(8) clarifies that an independent review of a company’s annual financial statements required by this section does not constitute an audit within the meaning of the Act.
Independent reviewers and their professional bodies are not required to apply for accreditation with the IRBA in order to perform or monitor the performance of an independent review engagement.
SAIBA has prepared a short guide to assist members performing review engagements.
All review engagements must be performed in terms of this guide and the International Standard on Review Engagements (ISRE 2400).
SAIBA in collaboration with the South African Centre for Independent Review (SACIR) has created an online independent review resource. The resource consists of: provides access to:
Draftworx provides a comprehensive solution to preparing working papers and financial statements.
Templates inlcude Compilation, Accounting Officer, and Independent Review engagements. Standards include IFRS, IFRS for SME and Cash base of accounting.
Price per licence: R3 900