What is an Accounting Officer?
A person who meets the qualification requirements detailed in s60 of the CC Act 69/1984
What is the role of Accounting Officers?
Accounting Officers inspect if AFS agree with accounting records (purchase orders, invoices, receipts, ledgers, T/B), AFS were prepared in accordance with prescribed accounting framework IFRS/GAAP, accounting policies (IAS 8) used and presented to Accounting Officers are appropriate
Can Accounting Officers & Independent Reviewers perform bookkeeping?
Are primarily hired for scrutiny of AFS, at some time are hired to do prime books
Why AFS of cos are independently reviewed?
S30(2)(7) of the Cos Act 71/2008 and Reg 29/2011 require independent review of AFS of cos
What is an independent review engagement?
Moderate assurance an alternative to the audit the practitioner performs primarily inquiry and analytical procedures to obtain sufficient appropriate evidence as the basis for conclusion and expresses his opinion on the AFS as a whole in accordance with the ISRE 2400
When an independent review is required?
Non owner managed and non public interest Cos Act 71/2008 s30(2) (7), independent review of cos AFS does not constitute an audit within the ambit of the Act. Reg 29/2011 details process and requirements
What is an Independent Reviewer?
An AO licensed in terms of Cos Act 71/2008 section 30(2)(7) and Reg 29/2011 to issue limited assurance on AFS of SMEs or SMPs mandated to have AFS independently reviewed
What is voluntary independent review of AFS of cos?
Owner managed cos can perform voluntarily if the PIS is less than 350 and the AFS are independently compiled or the PIS is less than 100
Who controls Accounting Officers, Independent Reviewers, Auditors?
Professional accounting bodies: SAICA, SAIPA, CIBA, SAIGA, CIMA, ACCA, IAC, CISA
