Regulation 29 of the SA Companies Act 2008 provides that every company is subject to an independent review unless:
1 – it is exempted in terms of Section 30(2A) of the Act, or
2 – it is required in terms of its MoI to have its AFS audited, or
3 – it has voluntarily subject its AFS for that year to audit.
An independent review must be carried out in the case of:
1 – a company which a public interest score of at least 100 for a particular year, by an auditor or a member of an accredited professional body, or
2 – a company which has a public interest score of less than 100 for that particular year, by an auditor or a member of an accredited professional body, or a person qualified to be appointed as the accounting officer of a close corporation.
An independent review may not be carried out by the person involved in the preparation of the AFS.