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Compilation of Financial Statements

Some businesses are required by laws governing the entity to prepare annual financial statements.  Others may have no legal requirement for financial statements, but may still need to prepare financial statements for the purposes of satisfying financial institutions such as their local bank or public institutions such as SARS.

Historically, all companies required an audit and traditionally the auditors of the company also prepared the financial statements.  A new era dawned on 1 January 2015 with the introduction of section 90 of the Companies Act. Specifically, section 90(2) of the Companies Act precludes an auditor from also maintaining the financial records or preparing the annual financial statements of an entity.  In layman’s terms, this means that every entity which requires a statutory audit may no longer use the services of their auditor to assist them with their bookkeeping or the preparation of their annual financial statements in any way.  Practically, this has created a major problem for many companies and, in this regard, The Tax Shop is able to adequately meet your need to compile financial statements and to remain compliant with section 90 of the Companies Act.

Included in our financial statement compilation services are the following:

  • Annual financial statements for all entities and organisations required by law.
  • Financial statements for organisations and individuals not required by law.
  • Provisional financial statements and management accounts.
  • Special purpose financial and other reports.
  • IFRS and IFRS for SME’s specialist consulting.

In addition to the compilation of financial statements we are also able to provide you with independent review services should it be required.

What next?

Use our online request form to request any service including the financial compilation services listed on this page. A Tax Shop professional will make contact with you shortly thereafter to discuss our financial compilation services with you.