Independent Compilation of Annual Financial Statements
All South African companies are required to produce Annual Financial Statements (AFS) within 6 months after the end of their financial year.
Section 90(2) of the Companies Act prohibits auditors from providing compilation and other specified non-audit services to certain audit clients for whom they may have done the work in prior years.
Kilgetty Accounting Services (Pty) Ltd provides, under the supervision and control of a Chartered Accountant, an independent compilation of financial statements service to assist these companies meet the reporting requirements of the Companies Act 2008.
Compiled financial statements that comply with the applicable accounting framework, i.e. either IFRS or IFRS for SMEs are prepared based on the information provided by management.