The New Companies Act 2008 of April 1st 2011 brought into being the new initiative of having Independent Reviews. This is another way of gaining the external independence assurance of financial statements. Private Companies have now the option to choose between this less expensive Independent review (if its Public interest score is below 350 and its financial statements are externally compiled) or a more expensive Audit.

Under this new Companies Act. The purpose of the Act is to simplify the regulation of small to medium businesses and to also lessen the cost of doing business in South Africa and help promote entrepreneurship.
 

Only limited/moderate assurance is given with an Independent Review, therefore less extensive procedures are carried out.

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