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Companies Act, 2008 (Act No. 71 of 2008)


Companies Regulations, 2011

Chapter 2 : Formation, Administration and Dissolution of Companies

Part C : Transparency, accountability and integrity of companies

28. Categories of companies required to be audited


See section 30(2), read with 30(7)


(1) This regulation applies to a company unless, in terms of section 30 (2A), it is exempt from having its annual financial statements either audited or independently reviewed.


(2) In addition to public companies and state owned companies, any company that falls within any of the following categories in any particular financial year must have its annual financial statements for that financial year audited:
(a) any profit or non-profit company if, in the ordinary course of its primary activities, it holds assets in a fiduciary capacity for persons who are not related to the company, and the aggregate value of such assets held at any time during the financial year exceeds R5 million;
(b) any non-profit company, if it was incorporated—
(i) directly or indirectly by the state, an organ of state, a state-owned company, an international entity, a foreign state entity or a foreign company; or
(ii) primarily to perform a statutory or regulatory function in terms of any legislation, or to carry out a public function at the direct or indirect initiation or direction of an organ of the state, a state-owned company, an international entity, or a foreign state entity, or for a purpose ancillary to any such function; or
(c) Any other company whose public interest score in that financial year, as calculated in accordance with regulation 26 (2)—
(i) is 350 or more; or
(ii) is at least 100, if its annual financial statements for that year were internally compiled.