Independent Review Services Durban covers the lighter assurance engagement available to companies that do not require a full audit. It gives limited assurance on the annual financial statements at a fraction of the audit cost.
Most owner-run Durban SMEs with a public interest score below 350 fall into this category and pay for an audit they never needed.
Your turnover, employee count, third-party liabilities and who prepares your financial statements. Reviewers will quote directly.
Get Quotes From Accountants in DurbanWho Qualifies For A Review
| Public interest score | Requirement |
|---|---|
| 350 or more | Audit |
| 100 to 349, internally compiled statements | Audit |
| 100 to 349, independently compiled statements | Independent review |
| Below 100 | Independent review |
| Owner-managed, every shareholder is a director | Exempt, but statements are still required |
| MOI requires an audit | Audit, regardless of score |
Work out the public interest score before buying assurance. It 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.
Review Versus Audit
| Independent review | Audit | |
|---|---|---|
| Assurance level | Limited | Reasonable |
| Report | Conclusion | Opinion |
| Main procedures | Enquiry and analytical review | Detailed testing and verification |
| Stock attendance | Not usually | Usually |
| Typical cost | R8,000 - R55,000 | R30,000 - R400,000 |
| Typical duration | 2 - 5 weeks | 8 - 16 weeks |
| Performed by | Accredited professional accountants | Registered Auditors only |
Who May Perform A Review
- Public interest score below 100. Any member of an IRBA-accredited professional body may perform the review.
- Public interest score 100 or above. The reviewer must be qualified to be appointed as an auditor of the company.
- Independence is compulsory. The reviewer cannot have been involved in preparing the financial statements.
- Ask for the accreditation. SAICA, SAIPA, CIBA or ACCA membership number, verifiable on the relevant register.
A review still requires independence, so the firm preparing your books cannot review them. See Accountants Durban for accounting firms that work alongside independent reviewers.
Independent Review Services Durban Prices
Indicative Durban ranges, excluding VAT.
| Entity | Indicative review fee | Notes |
|---|---|---|
| Small company, under R5m turnover | R8,000 - R16,000 | Clean records |
| Company, R5m - R20m turnover | R14,000 - R28,000 | More analytical work |
| Company, R20m - R50m turnover | R25,000 - R55,000 | Depends on complexity |
| Body corporate or HOA | R10,000 - R30,000 | Where an audit is not required |
| Non-profit organisation | R12,000 - R35,000 | Donor requirements may override |
| Trust | R10,000 - R30,000 | Where the deed requires assurance |
| Financial statement compilation | R6,000 - R20,000 | Separate from the review |
| Comparable audit | R30,000 - R140,000 | For contrast |
Indicative Durban ranges, not a quotation. A review costs roughly a quarter to a third of the equivalent audit. Poor records erase that saving quickly.
Check whether you need an audit at all, then compare review quotes.
Compare Independent ReviewersFrequently Asked Questions
What is an independent review?
A limited assurance engagement on annual financial statements, performed under ISRE 2400. The reviewer uses enquiry and analytical procedures rather than the detailed testing an audit requires, and issues a conclusion rather than an opinion.
Who can perform an independent review?
A member of a professional body accredited by IRBA, which includes CA(SA), Professional Accountant (SA), AGA(SA) and certain CIBA and ACCA members. Where the public interest score is 100 or more, the reviewer must be qualified to perform audits.
How much does an independent review cost in Durban?
A small company review typically runs R8,000 to R16,000 excluding VAT, rising to R14,000 to R28,000 between R5 million and R20 million turnover. That is usually a quarter to a third of the audit fee.
Will a bank accept independently reviewed statements?
Generally yes for SME lending, though lenders vary. Some funders and larger tenders insist on audited statements regardless of what the Companies Act requires.
Is an owner-managed company exempt?
A company where every shareholder is also a director is generally exempt from both audit and independent review, unless its public interest score is 350 or more or its MOI requires assurance. Annual financial statements are still required.
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.
Independent Review Services Durban. Compare independent review quotes from accredited practitioners covering Durban.
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