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Thread: Auditing of CC

  1. #1
    New Member montronic's Avatar
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    Auditing of CC

    Hi All

    I started a small company in 2005. I mainly sold computer products to family and friends, sometimes for no profit. The business was more of a hobby, never went full time into it as I had a job.

    The company is registered as a cc and VAT registered.

    I need to submit my audit reports.

    I am basically a one man band, and I have not drawn a salary. I purely bought goods as needed, and resold to friends or family.

    My questions: Do I need to get my books audited ? Even if I was not making huge profits (sometimes none) Plus I don't have the money for an audit as i am now unemployed

    What is the Public Interest Score?

    How do I get them audited ?

    I would like to go full time into this business now and need to get everything sorted.

    Thanks

  2. #2
    Platinum Member Marq's Avatar
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    Your cc' financials will need an Accountants sign off - find your local SAIPA branch in EL and see if they can help you out there. http://www.saipa.co.za
    Unless you have determined in your MOI that you need to be audited which I doubt.

    It does not matter whether you are making/made a loss or a brazilion in profits - you will still need this part done - which is basically an accountant telling all that you have kept the books in accordance with the rules of current accounting practise and that the financials are in line with this. An audit is somewhat different and you do not need this part done

    Public Interest Score is a score determining as to what type of Company you have, how the accounts will be treated and what type of sign off you will need for them. The cc you describe will have very little public involvement so will not need an independent audit.
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  3. Thanks given for this post:

    Dave A (14-Nov-13)

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    Hi Mon

    I am based in EL if you still need help with this issue? I could assist you.

    Thanks

  5. #4
    New Member montronic's Avatar
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    Hi Jddt

    Thanks for your offer, however I have currently moved to Pietermaritzburg.

    What exactly can you assist me with and what will it cost ? You can PM me

    Thanks
    Mon

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