Understanding your costs

Audit fees & independent review costs explained

Audit fees and independent review costs in South Africa are not fixed — they depend on the nature of your business, the quality of your financial records, and the type of engagement your entity requires under the Companies Act. This page explains what drives cost, what is included in an SC Audit engagement, and how to find out what your business actually needs — with no obligation.

The honest answer

Why we cannot give you a single number

Almost every business owner who contacts us asks “how much does an audit cost?” — and it is a completely fair question. The straightforward answer is that audit fees reflect the time and expertise required to complete your specific engagement to the standard required by IRBA and the relevant legislation.

A small owner-managed company with clean, cloud-based bookkeeping requires significantly less time than a business of the same turnover with complex transactions, multiple bank accounts, and records that need to be reconstructed before fieldwork can begin. Charging both the same fee would be neither fair nor honest.

What we can do — and what this page is designed to help with — is give you a clear picture of what drives cost, what is included, and what you can do to manage your fees proactively.

Cost drivers

What affects the cost of your audit or review

These are the primary factors that determine where your fee will fall. Understanding them helps you have an informed conversation with your auditor — and identify where you have control over cost.

Quality of your bookkeeping

Well-maintained, reconciled records reduce fieldwork time significantly. Incomplete or inconsistent bookkeeping means more time spent before substantive testing can even begin — and that time is reflected in the fee.

Size and complexity of the business

Turnover alone does not determine complexity. A business with high transaction volumes, multiple revenue streams, related-party transactions, or subsidiary entities requires more extensive testing than a simpler operation of similar scale.

Type of engagement required

A statutory audit provides the highest level of assurance and involves more extensive procedures than an independent review. The type of engagement your entity requires under the Companies Act is the single largest structural cost driver.

Industry and regulatory requirements

Certain industries — attorneys, estate agents, body corporates, financial services — have sector-specific audit requirements that add scope to the engagement. Trust account audits, for example, involve procedures beyond a standard financial statement audit.

Time of year and planning lead time

Engagements scheduled at common year-end periods — February and June are typical South African year-ends — may have less scheduling flexibility. Early engagement and good planning allows for a more efficient process for everyone involved.

Audit readiness at the start of fieldwork

When supporting schedules, reconciliations, and documentation are ready before fieldwork begins, the engagement proceeds efficiently. When they are not, preparation time becomes part of the billable engagement — even if that work is technically bookkeeping rather than auditing.

Your obligations

Do you need an audit, an independent review, or neither?

Before discussing cost, it is worth confirming what your entity is actually required to have under the South African Companies Act. Many businesses pay for a statutory audit when an independent review would satisfy their legal obligation — and some pay for either when neither is strictly required.

Your obligation is determined by your Public Interest Score (PI Score) — a calculation based on your turnover, number of employees, third-party liabilities, and number of beneficial interest holders.

PI Score thresholds and what they mean for your business:

350 or above – Statutory audit required
100 to 349 – Independent review required
Below 100 – Internally compiled financials (subject to MOI)

Note: Your Memorandum of Incorporation (MOI) may require a higher level of assurance than your PI Score demands. Banks and investors may also have their own requirements. SC Audit will consider all of these when advising you.

Practical guidance

How to manage your audit costs proactively

The most significant thing you can do to manage audit fees is also the most straightforward: maintain accurate, up-to-date financial records throughout the year. An audit that begins with clean, reconciled books proceeds faster and costs less than one that begins with reconstruction work.

Use cloud-based accounting software and keep it current throughout the year — monthly reconciliations are far less costly than a year-end catch-up.
Prepare supporting schedules — fixed asset registers, debtors and creditors age analyses, loan account reconciliations — before fieldwork begins, not during it.
Respond promptly to information requests during the engagement. Delays in providing documentation extend the fieldwork period and increase cost.
Engage your auditor early in the year — not at year-end. Early engagement allows for planning, identification of potential issues, and a more structured timeline.
Consider whether your entity truly requires a statutory audit or whether an independent review would satisfy your legal and commercial obligations. SC Audit will always advise on the most appropriate engagement for your circumstances.

A note on bookkeeping support: SC Audit offers year-round bookkeeping services specifically designed to keep clients audit-ready. Clients who use our bookkeeping support typically enter the audit process with well-organised records — which is reflected in the efficiency of the engagement. Ask us about this when you make contact.

Common questions

Frequently asked questions about audit fees

These are the questions we hear most often from business owners, directors, and financial managers across South Africa.

How much does a statutory audit cost in South Africa?

Statutory audit fees in South Africa vary depending on the size and complexity of the business, the quality of financial records, the industry, and the time of year. Key factors include turnover, number of transactions, whether subsidiaries are involved, and how audit-ready your records are at the start of the engagement. SC Audit provides a no-obligation fee estimate after an initial consultation where we understand your specific circumstances.

How much does an independent review cost?

Independent review fees are generally lower than statutory audit fees because the engagement provides limited assurance rather than the highest level of assurance required by a full audit. The cost depends on the complexity of the business, the quality of bookkeeping records, and the volume of transactions. SC Audit can provide a realistic fee estimate after reviewing your circumstances — contact us to arrange a no-obligation conversation.

How much does an attorney trust account audit cost?

Attorney trust account audit fees depend on the volume of trust transactions, the number of trust accounts maintained, and how well the trust records are kept throughout the year. Law firms with high transaction volumes or complex trust arrangements will generally have higher audit fees. SC Audit specialises in attorney trust audits under the Legal Practice Act and can provide a fee estimate based on your practice profile.

Why do audit fees vary between firms?

Audit fees reflect the time, expertise, and risk involved in an engagement. Fees are determined by the scope of work required, the seniority of staff involved, the complexity of the client’s business, and the quality of records provided. They can also vary based on the firm’s experience in a specific industry or entity type. All registered auditors in South Africa operate under IRBA’s Code of Professional Conduct, which requires that fees be appropriate for the work performed and that fee arrangements do not compromise independence or objectivity.

Can I get a fixed fee for my audit?

SC Audit provides a fee estimate at the start of every engagement based on the agreed scope of work. Where the scope is well-defined and records are of good quality, we are able to provide greater fee certainty. Changes in scope — such as additional transactions, related entities, or record-keeping issues identified during the engagement — may affect the final fee. We communicate any changes transparently before proceeding with additional work.

Does my company need an audit or an independent review?

It depends on your Public Interest Score under the Companies Act. Companies with a PI Score of 350 or above require a statutory audit. Those with a score between 100 and 349 require an independent review. Companies below 100 may be able to prepare internally compiled financial statements, subject to their Memorandum of Incorporation. SC Audit will calculate your PI Score at no obligation and advise on your specific requirements — including any additional requirements from your bank, investors, or your own MOI.

What is included in SC Audit's engagement fee?

Our engagement fee covers the full audit or independent review process: initial planning and scoping, fieldwork and testing, preparation of the formal audit or review report, a plain-language management letter with findings and recommendations, and a debrief with the responsible Registered Auditor. We do not charge separately for standard reporting. Any scope changes that would affect the fee are communicated and agreed before additional work is undertaken.

How can I reduce the cost of my audit?

The most effective way to manage audit costs is to maintain clean, up-to-date bookkeeping throughout the year. When records are well-organised and reconciled before the audit begins, less time is required for basic verification and the engagement proceeds more efficiently. SC Audit offers bookkeeping support services designed to keep clients audit-ready year-round — ask us about this when making contact.

Get a no-obligation fee estimate

Tell us about your business and we will give you a realistic picture of what your engagement is likely to involve — and what it will cost. Most initial conversations take under 30 minutes.