Compilation Of Annual Financial Statements More than R1m Turnover

Financial Statements are the reports that provide the detail of the entity’s financial information including assets, liabilities, equities, incomes and expenses, shareholders’ contribution, cash flow, and other related information during the period of time called a financial year.

Per the South African Companies Act, all companies are required to produce Annual Financial Statements (AFS) each year within 6 months after the end of their financial year.

The different types of engagement offer different levels of assurance to stakeholders in respect of the company’s financial statements and a Compilation provides a Basic level of assurance.