An audit of the financial statements is a reasonable assurance engagement.
We conduct our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform our audit to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement.
The audit will include examining on a test basis, evidence supporting the amounts and disclosures in the financial statements, as required by the relevant financial reporting framework and the requirements of the Companies Act of South Africa.
We have extensive experience in the private sector and when working with our clients we pride ourselves on getting an in-depth understanding of their business operations. We conduct our audit procedures effectively to deliver insightful advice, a quality audit and a report that complies with all applicable rules, laws and regulations.
In terms of the Companies Act all public sector and state-owned companies as well as companies that meet the requirement test as per the Regulations of the Companies Act need a financial audit to be carried out annually. Companies that do not meet this requirement may elect to have a voluntary audit performed. The auditing procedures and audit process we follow should determine if your financial statements are in accordance with applicable accounting standards, laws and regulations. We comply with the auditing standards when performing financial audits.
External Audit Services
External audit is the heart of our business.
We plan our audits effectively to ensure we minimise any additional pressure placed on clients during the external audit process. Our vast expertise and experience as external auditors in the private sector means we efficiently follow audit procedures which are in line with auditing and accounting standards when performing your statutory or voluntary audit.
We understand that the purpose of engaging an external audit firm should be more than just working with a firm that performs an audit that complies with auditing standards. We believe it is about adding value to clients by offering expert advice on the sustainability and future success of your business.
As with all registered auditing firms we are members of the Independent Regulatory Board for Auditors (IRBA) and the South African Institute of Chartered Accountants (SAICA). We meet the requirements of the Auditing Profession Act, 2005 and adhere to the Independent Regulatory Board for Auditors Code of Professional Conduct. We also utilise best practice in applying the International Standard on Quality Control (ISQC 1- Quality Control for Firms that Perform Audits and Reviews of Financial Statements and Other Assurance and Related Services Engagements).
Although Tuffias Sandberg does not conduct forensic audits, we are able to introduce clients to expert external forensic audit specialists. Unfortunately, our industry does encounter organisations or individuals who are involved in fraud and embezzlement and as a result, we engage with top forensic accounting firms who are able to provide excellent forensic audit reports based on their extensive forensic and investigative accounting skills.