ASSURANCE SERVICES Independent Reviews
In terms of the Companies Act, Small and Medium Enterprises (SMEs) registered in South Africa are only required by law to be audited if their Public Interest Score (PIS) is more than 350.
If the PIS is less than 350, the SMMEs can request for independent reviews of financial statements which effectively costs less than an audit. Finance Hat offers independent reviews performed by a qualified Chartered Accountant.
In addition to the determination of whether a company needs an audit or independent review, the Public Interest Score is used to determine which financial reporting standards apply, as well as whether the company (other than state-owned and listed) is required to appoint a social and ethics committee.
How is the Public Interest Score calculated?
- 1 point for each employee or the average number of employees throughout the year.
- 1 point for each million rand of turnover during the financial year. If the turnover is half a million rand, score ½ a point.
- 1 point per million rand of third-party liability (money owed on loans, debentures, and other financing).
- 1 point for every individual who, at the end of the year, is known to have a direct or indirect beneficial interest in the company, such as shareholders and stakeholders.
Internal Audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Finance Hat offers internal audit services which focus on the evaluation of operational controls, risk management, analysis of controls and processes, compliance review as well as the governance processes of the organisation
Finance Hat also assists in evaluation the external audit readiness of clients as well as implementation and tracking of recommendations made in internal audit reports
Advisory Services Our advisory services are provides based on specialized knowledge, best practices, and technology to serve our clients and clients’ stakeholders.
Assurance & Advisory
- Independent Review of Annual Financial Statements
- Implementation of business processes and internal controls
- Internal audit reviews
- Audit readiness support (prepare for internal and external audit)
Additional Services
- Review of Fixed Asset Registers and management reports
- Company Registrations
- Annual Returns (CIPC)
Training and development
Modules and training topics of interest include:
- Bookkeeping
- Accounting & Taxation
- New Company Start up training
- Accounting Software
- Statutory requirements and obligations
- Soft skills including leadership, management and mentorship
- Finance for non-financial managers
- Financial systems for public schools