Audit Services Durban connects companies, trusts, body corporates, schools and non-profits with registered auditors for statutory and voluntary audits.
Only a Registered Auditor with IRBA may sign an audit report. Whether you need one at all depends on your public interest score, your MOI and who is asking.
Your entity type, turnover, year end and whether the audit is statutory or requested by a funder. Registered auditors will quote directly.
Get Quotes From Accountants in DurbanDo You Actually Need An Audit
The Companies Act and Regulation 28 decide this using a public interest score, calculated each year.
| Public interest score | Statements internally compiled | Statements independently compiled |
|---|---|---|
| 350 or more | Audit | Audit |
| 100 to 349 | Audit | Independent review |
| Below 100 | Independent review | Independent review |
| Owner-managed company, all shareholders are directors | Exempt from both, statements still required | Exempt from both, statements still required |
| Company holding assets in a fiduciary capacity above R5m | Audit | Audit |
| Where the MOI requires it | Audit | Audit |
The score is one point per R1 million of turnover, one per R1 million of third-party liabilities, one per average employee and one per holder of a beneficial interest in securities.
The Audit Process
- Planning. Risk assessment, materiality and an agreed timetable and information request list.
- Interim work. Controls testing, sometimes before year end on larger engagements.
- Year-end fieldwork. Substantive testing, stock counts, confirmations and analytical review.
- Review and clearance. Partner review, management representations and adjustments.
- Sign-off. The audit report is signed by a Registered Auditor and attached to the financial statements.
- Management letter. Control weaknesses identified during the audit, with recommendations.
Allow eight to sixteen weeks from year end for a first audit, less once the process is established.
Choosing An Auditor
- Confirm the IRBA registration. IRBA publishes a public register of registered auditors and audit firms.
- Ask about sector experience. Body corporates, non-profits and attorney trust accounts each have their own rules.
- Agree a timetable in writing. Including your deadlines for providing the year-end file.
- Ask what happens on scope changes. The most common cause of a fee overrun is a year-end file that is not ready.
- Check independence. The auditor cannot prepare the accounts they audit.
Your auditor cannot also do your bookkeeping. If you need both, they must come from different firms. See Accountants Durban for accounting firms that work alongside auditors.
Audit Services Durban Prices
Indicative Durban ranges, excluding VAT.
| Entity | Indicative audit fee | Notes |
|---|---|---|
| Small company, under R10m turnover | R30,000 - R65,000 | Clean records, single entity |
| Medium company, R10m - R50m | R65,000 - R140,000 | More testing, more sampling |
| Larger company, R50m - R200m | R140,000 - R400,000 | Scope and control environment driven |
| Group audit with subsidiaries | From R180,000 | Per group, entity count driven |
| Body corporate or HOA | R18,000 - R55,000 | Section 10 of the STSM Act |
| Non-profit or PBO | R20,000 - R70,000 | Often donor driven |
| School or trust | R25,000 - R80,000 | Governing legislation dependent |
| Attorney trust account audit | R12,000 - R40,000 | Legal Practice Council requirement |
| Independent review instead of an audit | R8,000 - R25,000 | Where the PI score allows |
Indicative Durban ranges, not a quotation. Fees move with turnover, the strength of internal controls, the quality of the year-end file and whether prior year balances were audited.
Send your entity details and year end, and compare quotes from registered auditors.
Compare Registered AuditorsFrequently Asked Questions
Does my company need an audit?
It depends on your public interest score. A score of 350 or more requires an audit. Between 100 and 349 an audit is required if the financial statements were internally compiled, otherwise an independent review. Below 100, a review is generally sufficient unless your MOI says otherwise.
How much does an audit cost in Durban?
A small company audit typically runs R30,000 to R65,000 excluding VAT. Medium companies between R10 million and R50 million turnover usually land between R65,000 and R140,000.
How long does an audit take?
Eight to sixteen weeks from year end for a first audit, including planning, fieldwork, review and sign-off. Established audits with clean records move faster.
Can my accountant audit my own books?
No. Independence rules prohibit it. If your company requires an audit, the accounting and the audit must be done by different firms.
What is the difference between an audit and an independent review?
An audit provides reasonable assurance through detailed testing of transactions and controls. An independent review provides limited assurance based mainly on analytical procedures and enquiry. A review costs significantly less.
Related Accounting Services in Durban
Accountants Durban is a free quote-comparison service. The accounting, tax and audit work is carried out by the independent firms and practitioners that quote you, and your engagement is with the firm you appoint. Ask each firm for its registration details, professional body membership and a written engagement letter before appointing anyone.
Audit Services Durban. Compare audit fees and scope from registered auditors covering Durban.
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Send your entity type, turnover and year end, and registered auditors will quote directly.
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