Regulation 28 of the SA Companies Act 2008 provides that the following types of companies are subject to audit (unless they are exempted in terms of Section 30(2A) of the Act):
1 – public companies and state owned companies;
2 – any for-profit or non-profit company if it holds assets in a fiduciary capacity as part of its normal course of business in excess of R5m in value;
3 – any non-profit company if
3.1 – incorporated by the state, a state-owned company, an international entity, a foreign state entity or a foreign company, or
3.2 – to perform a statutory or regulatory function
4 – any other company with a public interest score of
4.1 – 350 or more in a financial year, or
4.2 – at least 100 if its annual financial statements were internally compiled.
