Audit prices depend on several factors. We have examined prices of different variations and what influences them and pointed out what you need to pay attention to in order to get the best value for your money.
For smaller businesses (up to 200 employees) with straightforward financials, the audit costs are relatively lower than for bigger businesses. These companies usually have simpler transactions and lower revenue volumes. These figures can vary based on additional factors like the selected audit firm, the company’s financial health, and specific requirements such as the inclusion of internal controls assessment in the audit process. Audit for small to medium enterprizes costs range between R19,000 and R63,000 with an average of R31,000.
Get quotesThe cost of an audit in South Africa can vary significantly depending on several factors. On average, the price range can be anywhere from a few thousand to several hundred thousand Rand. Medium-sized businesses (200-500 employees) often have more complex operations and might operate in industries with more stringent regulatory oversight, leading to higher audit fees. For an Audit for medium-sized companies, expect to pay between R63,000 and R250,000.
Get quotesLarge corporations (over 500 employees), especially those listed on stock exchanges or those in heavily regulated sectors like finance and insurance, can have audit costs that substantially exceed R200,000. The complexity of their financial structures, the volume of transactions, and the higher risks associated with public interest entities contribute to these costs. The cost of an Audit for large corporations typically runs from R250,000 to R500,000, averaging at R310,000.
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school quantum 5 - We need assistance as a with a Quote to Draft Annual Financials for our school year end . We need to submit 3x quotes for approval to finalize our schools Annual Financials for submission to the Department of Education. Do you perhaps know of Credited and/or Registered Auditors that would be able to assist.
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The Gauteng Department of Education required all schools to have submitted Annual Financial Statements ( AFS) by the end of April . We submitted all our documentation / financial transactions to JM Accounting and Advisors who did the book- keeping duties for us. They in turn were supposed to pass in on to First Place Auditors Inc to complete the auditing process, subsequently a serious conflict between the two parties arose and this has left the school in limbo with First Place Auditors not completing the assignment as agreed on, The school has been left compromised in tha we are being charged with noncompliance and non submission, we have been granted one week concession to try and find a new auditor to resolve this matter for us. I am hoping that you will be able to come to our aid and help us resolve this matter in a timely manner. Kindly advise if you will be able to assist and what would you be needing to assist in this regard
The audit in question is a Trust Account Audit as required by the Legal Practice Act and overseen by the Legal Practice Council (LPC). It is a compliance audit conducted annually to ensure that the legal practice adheres to the prescribed accounting rules and ethical standards related to handling trust monies.
To establish whether previous Trustees and / or the Management Agent have kept proper accounting records (source documents, financial performance and financial position) and other relevant documents relating to the management; administration of financial; general affairs; and governance which fairly reflect and explain the state-of-affairs of the Body Corporate and whether such records and documents give a rational; fair and accurate account of the Body Corporate’s affairs . The integral purpose of this mission is to conduct a performance audit with the object to, inter alia, establish instances where there has been non-performance by trustees, entities and/or systems (in prior periods) so as to detect and mitigate the actual and potential risk of theft, fraud and malpractice/administration. • Identify potential financial mismanagement, fraud, and conflicts of interest. • Assess compliance with the s Act 95 of and subsequent updates including the s Schemes Management Act 8 of (and subsequent updates), Prescribed Management Rules (PMR), and other relevant regulations. • Evaluate financial sustainability and reasons for Annual Financial Statements and / or management accounts being compiled. • Investigate possible irregularities in contractor payments (where applicable) or lack of maintenance and repairs and management fees. • Verify connections between the managing agent and prior trustee, focusing on conflicts of interest. • Assess the fees due from the owners in terms of reasonability and amounts due taking levies and municipal fees into account. Financial Analysis • Review the available financial information with a view to compile the Financial Statements / provide proforma management accounts for the years from onward. • Examine management fees—basis, approval process, and contractual obligations. • Verify whether financial losses where applicable were appropriately justified. Additionally, assess the movements in the reserve funds in terms of whether available funds were reasonably applied in the interest of the Heights title. Key Red Flags to Investigate • Unexplained financial losses or unusually high management fees. • Transactions with related-party entities benefiting body corporate members / trustees or owners. • Lack of transparency in procurement decisions. • Missing or altered financial records. Reporting & Legal Implications • Prepare a detailed forensic audit report with findings and evidence. • Identify violations of the s Act & Management Rules. • Recommend legal or remedial action if necessary.
we suspect a shareholder may have engaged in irregular financial practices, including potential over-invoicing or issuance of fictitious service invoices through a related-party company. we request an independent forensic audit to investigate the compliance of all company expensed with a focus on: 1. related party transactions 2. reasonableness of service fee ( eg. Whether services were actually rendered at market rates 3. Documentation integrity ( supporting contracts, work deliverables and approval trails) 4. Tax compliance.
THIS IS A PUBLIC GOVERNMENT SENIOR SECONDARY SCHOOL. THE SCHOOL IS FINANCIALL SURPORTED BY GOVERNMENT AND PARENTS FOR EXTRA CLASSES. MOST OF THE TIME PARENTS DONT HAVE MONEY UNTIL THE CLOSING TIME AND ISSUEING ACCADEMIC REPORT, ITS THAT TIME SCHOOL HOLD REPORT FOR THE CHILDREN, PLEASE CHECK THE EXPENDITURE FOR ALL MONIES USED.
Thank you for the opportunity to describe / provide the services we need and your fees: 1. Compilation of financial statements as required 2. Audit of financial statements as required (annually fee) 3. Fixed assets to be accounted for Question: I assume your fee does not include accounting or any other work. But if we required the service of a Bookkeeper, will we be billed separately on an hourly basis at appropriate rates? Should any unforeseen problems appear, will an extra fee be charged according to extra time spent at appropriate hourly rates?
Annual audit 1/3/24-30/4/25 Specific reference to 2 ledgers
Financials for 2 years, for my small business, with only me as employee, and turnover less than 1 million per year. I am self employed and want to apply for a personal hime loan. The bank wants audited financials. Everything is captured on Sage and all my taxes are paid up to date for me personally, and for the company.