123 Consulting

MANAGEMENT’S RESPONSIBILITY

Throughout the audit of a set of financial statements, the phrase “management/director’s responsibility” appears. It is included in the engagement letter, the financial statements and the auditor’s report.  But what does it mean? Management is responsible for the management of the business, for implementing and monitoring of internal controls in the business, and in terms […]

THE PREPARATION OF FINANCIAL STATEMENTS

The Companies Act of South Africa (the Act) requires all companies to prepare financial statements within 6 months after the end of its financial year. A very popular question among business owners with regards to financial statements is whether the statements should be independently audited, reviewed or compiled. In determining the engagement type, the Act […]

Due date for annual financial statements – 6 months after year end

Are you aware that the Companies Act (No71 of 2008 section30) requires companies to prepare Annual Financial Statements within six months after the end of its financial year? It is not uncommon, for a number of reasons, for companies to fail in this regard. However, failure to comply with this requirement is a breach of […]

UNLOCK YOUR VIRTUAL CFO!

As a business owner, do you always get your important financial information on time? Are your financial reports complete and accurate? Or do you sometimes feel that you just don’t have a true grasp of the finances of your business? Well, you’re not alone. Most business owners feel this way! At LUCRO we have identified […]

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