Preparation of Financial Statements
Most audit firms of large companies, Johannesburg Stock Exchange (JSE) listed companies and subsidiaries of JSE listed companies are not allowed in terms of Section 90 of the Act to prepare the financial statements of their audit client. This problem also exists in sole practitioner audit firms where there is no other service/accounting department that can perform this function.
Krona can prepare your company financial statements for you. We have over 20 years’ experience in the preparation of financial statements. Our experience ranges from the corner café to large JSE and global listed company financial statements.
We prepare financial statements in terms of International Financial Reporting Standards (IFRS) or in International Financial Reporting Standards for Small and Medium Enterprises (IFRS for SMEs).
Krona’s services allow you to concentrate more on what you do best while leaving specialised support functions to us.
Section 90 of the Companies Act, 2008 contains provisions applicable to an auditor engaged to perform a statutory audit of a company or a close corporation (CC).
These provisions must be complied with, in addition to those of the Independent Regulatory Board of Auditor’s Code of Professional Conduct for Registered Auditors (the Code).
In summary, Section 90(2) prohibits an auditor to provide audit and certain specified services to the same client such as the preparation of the Annual Financial Statements.
Further details regarding the above can be obtained of Section 90 of the Act.