Question

What are relevant Audit and applicable standards discuss different types of assurances your firm can provide in South Africa context

Answer 1

AUDIT plays an important role in any organization, for the smooth running of any organization from time to time Audit is compulsory. Under the Auditing Profession Act of 2005, the independent Regulatory Board for Auditors (IRBA) is responsible for the adoption of audting standards in south africa.

Unde regulation promulgated in 2011, entities in the organization in the south afria are permitted to use either IFRS (International Financial Reporting Standard), the IFRS for SME`s or South African Statements of Generally Accepted Accounting Pratice (SA GAAP).   

Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of the inventoryto make sure that all departments are following documented system of recording transcation.

Audit can be done by internal staff called internal audit and can be done through the outside agencies called indepandent audit.

All the public listed firms have to get their accounts audited by an independent auditor before they declared there result for any quarter.

Accounting Regulations bodies are:

ASB (Accounting Standard Board)

SAICA ,South Africa Institute of Chartered Accountant

- financial statement must be prepared annually.

- certain companies are required to get Accounts audited annually.

- financial statement consists of record of assets and liabilities and the income statement that are prepared as per law and with due care.

- from time to time various efforts are taken to considered the audit sucess and regulations for smooth running of the organization.