South Africa adheres to sound international accounting and auditing standards. The Independent Regulatory Board for Auditors (IRBA) protects the financial interest of the South African public and international investors in South Africa through the effective regulation of audits conducted by registered auditors, and according to internationally recognised standards and processes. Similarly, the South African Institute for Chartered Accountants (SAICA) serves the interests of the Chartered Accountancy profession and society.
South Africa has a number of international accounting and auditing firms, all of which have branches in Nelson Mandela Bay.
WHAT ENTITIES MUST MAKE THEIR FINANCIAL STATEMENTS AVAILABLE FOR
Only public companies must do so.
MUST PRIVATE COMPANIES OR CLOSE CORPORATIONS PUBLISH FINANCIAL
They need not publish their financial statements to the public, but they must publish them to their own shareholders or members.
WHAT ENTITIES MUST HAVE THEIR FINANCIAL STATEMENTS AUDITED BY INDEPENDENT, PROFESSIONALLY QUALIFIED AUDITORS?
Companies must have their statements audited, but close corporations need not.
WHEN MUST THE FIRST FINANCIAL STATEMENTS OF A NEW COMPANY BE PREPARED?
Financial statements must be prepared and distributed to the shareholders at least twenty-one days before each annual general meeting and the first meeting must be held within eighteen months of the date of incorporation.
DO TAX LAW REQUIREMENTS GOVERN THE ACCOUNTING PRINCIPLES USED IN
No. Financial statements in South Africa must "fairly present” the position of the company or close corporation to its shareholders or members.