If you’ve ever wondered what auditors really do, how long audits take, or whether you even need one — you’re not alone.
Clients often come to us with similar questions, so we’ve compiled some of the most common ones, along with straightforward answers from our audit team.
“Do I really need an audit?”
That depends on your business structure and size.
In South Africa, audits are legally required for:
- Public companies (Ltd).
- Private companies that meet public interest score (PIS) thresholds.
- Certain non-profits, schools, and organisations receiving public funds.
Even if not required, many SMEs choose audits voluntarily for credibility with investors, banks, or funders.
“How long does an audit take?”
It varies by size and complexity, but most audits take 2–6 weeks from planning to final report.
You can speed up the process by:
- Having your reconciliations, supporting documents, and trial balance ready.
- Responding promptly to auditor requests.
- Keeping consistent communication throughout.
“What’s the difference between an audit and an independent review?”
An audit provides the highest level of assurance — auditors examine detailed evidence and test controls.
An independent review is limited assurance — the reviewer mainly performs analytical and inquiry procedures.
If stakeholders require confidence and compliance, an audit is usually the preferred option.
“What happens if the auditor finds mistakes?”
Small errors are corrected during the audit process.
If material misstatements exist, auditors will discuss them with management and allow adjustments before finalising the report.
The goal isn’t to “catch you out” — it’s to ensure financial statements are fair and reliable.
“How much does an audit cost?”
Fees depend on your company’s size, systems, and complexity.
However, efficient preparation can reduce time (and cost).
SC Audit offers transparent pricing and pre-audit planning sessions so clients know exactly what to expect.
“How can I make my next audit easier?”
- Keep records up to date throughout the year.
- Use cloud accounting tools like Xero or Sage for cleaner data.
- Communicate changes (ownership, systems, policies) early.
- Ask your auditor for a pre-year-end readiness review.
Conclusion
The best audits are collaborative — built on clear communication, preparation, and mutual understanding. At SC Audit, we believe informed clients make the strongest audit partners.
Still have questions? Contact the SC Audit team – we’re always happy to offer advice or schedule a free consultation.
Frequently Asked Questions
How do I know if my company needs a statutory audit or an independent review?
The requirement depends on your company’s Public Interest Score (PIS). A PIS of 350 or above requires a statutory audit. A PIS between 100 and 349 requires an independent review. Below 100 may allow internally compiled financial statements, depending on your company’s Memorandum of Incorporation.
How long does an audit typically take from start to finish?
Most SME audit engagements are completed within 4 to 8 weeks of receiving complete documentation. The timeline depends on business complexity, the quality of records provided, and the time of year. SC Audit provides a detailed timeline at the start of every engagement.
What does an auditor actually do during an audit?
The auditor plans the engagement, assesses risk, tests internal controls, verifies account balances and transactions, reviews supporting documentation, and forms an opinion on whether the financial statements are fairly presented. This involves both on-site work at your premises and off-site analysis.
Can I prepare my own financial statements or does the auditor do that?
Auditors cannot prepare the financial statements they audit, as this would compromise independence. Your company or a third-party accountant must prepare the financial statements. The auditor then audits those statements to form an independent opinion.
What happens if the auditor finds errors or issues during the audit?
The auditor will discuss findings with management as they arise, propose adjustments, and request corrections. Most issues are resolved before the audit is finalised. If material errors persist, the auditor may issue a qualified opinion or include an emphasis of matter in the audit report.
SC Audit is part of the Schoemans Group that includes Schoemans – Chartered Accountants in Cape Town and Acrede – Quality Auditing and Tax Consulting.