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PI Score Table Summary

The document outlines the auditing and review requirements for various types of companies based on their PI Score and financial statement preparation standards. Registered Auditors are primarily responsible for audits, while independent CA(SA) may perform reviews under certain conditions. Specific criteria are provided for State-Owned Companies, Trusts, Banks, Insurers, and Public Companies regarding the applicable reporting standards and who can conduct audits or reviews.

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7 views

PI Score Table Summary

The document outlines the auditing and review requirements for various types of companies based on their PI Score and financial statement preparation standards. Registered Auditors are primarily responsible for audits, while independent CA(SA) may perform reviews under certain conditions. Specific criteria are provided for State-Owned Companies, Trusts, Banks, Insurers, and Public Companies regarding the applicable reporting standards and who can conduct audits or reviews.

Uploaded by

georgitte05
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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EACG2708

PI Score_Audit_Review Table:
Reporting Assurance
Who can perform the
Company Standard to over Financial
Audit/Review
Apply Statements
State-Owned Companies
IFRS or PFMA* Audit Registered Auditor
(SOE)
Trusts, Banks, Insurers** IFRS Audit Registered Auditor
Public Companies (Listed) IFRS Audit Registered Auditor
Public Companies (Not IFRS; or
Audit Registered Auditor
Listed) IFRS for SMEs
Other companies with a PI Score:
IFRS; or
PI Score at least (>) 350 Audit Registered Auditor
IFRS for SMEs
PI Score between 100 and IFRS;
350; and IFRS for
Audit Registered Auditor
Financial statements SMEs;
internally compiled
PI Score between 100 and IFRS;
Registered Auditor; or
350; and IFRS for Independent
CA(SA)
Financial statements SMEs; Reviewed
independently compiled
Registered Auditor;
PI Score of less than 100; and IFRS;
Independent CA(SA); or
Financial statements IFRS for
Reviewed Accounting Officer as
independently compiled SMEs;
defined by the CC Act
Registered Auditor;
PI Score of less than 100; and No Reporting
Independent CA(SA); or
Financial statements Framework is
Reviewed Accounting Officer as
internally compiled prescribed
defined by the CC Act
PI Score of less than 100; and
Financial statements are
internally compiled; and
No Reporting
- All shareholders are No Review N/A
Framework
directors; or
- Only one shareholder who
is also a director
Auditing and Assurance Services, First South African Edition, Crous & Lamprecht

1
EACG2708

*The Companies Act Regulation requires that State Owned Companies apply IFRS when
preparing their financial statements. However, where the Public Finance Management Act
(PFMA) requires otherwise, the PFMA should be followed.

**Regulation 28(2)(a) requires that any profit or non-profit company that, in the ordinary
course of business, holds assets (> R5 million) in a fiduciary capacity for a person who is not
related to the company must be audited. These include companies like banks, insurers and
trusts.

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