Who is allowed to perform an independent review?
The Regulations propose that an independent review of a company’s annual financial statements must be carried out ––
(a) In the case of a company whose public interest score for the particular financial year was at least 100, by a registered auditor, or a member in good standing of a professional body that has been accredited in terms of section 33 of the Auditing Professions Act (SAICA is the only body so accredited at the moment); or
(b) in the case of a company whose public interest score for the particular financial year was less than 100, by ––
(i) a person contemplated in paragraph (a); or
(ii) a person who is qualified to be appointed as an accounting officer of a close corporation in terms of section 60 of the Close Corporations Act, 1984.
The effect of this Regulation is that only registered auditors and CAs may perform an independent review of companies with a public interest score of more than 100.