Who is legally required to have a statutory audit in South Africa?

Under the South African Companies Act, a statutory audit is required for all public companies, state-owned entities, and private companies or NPOs with a Public Interest Score of 350 or above. Growing private companies taking on staff, debt, or shareholders may reach this threshold sooner than expected. SC Audit can calculate your PI Score at no obligation.

What does a statutory audit include?

A statutory audit includes an independent examination of your financial statements, testing of key controls and transactions, assessment of your governance and risk exposure, and issuance of a formal audit report. SC Audit also provides plain-language feedback on findings, quick wins, and medium-term improvements — not just a compliance report.

How long does a statutory audit take?

Most SME statutory audit engagements are completed within 4 to 8 weeks of receiving complete documentation. Turnaround depends on business complexity, quality of records, and time of year. SC Audit agrees a detailed timeline at the start of every engagement so there are no surprises.

What is the difference between a statutory audit and an independent review?

A statutory audit provides the highest level of independent assurance and is legally required for companies above the PI Score threshold. An independent review provides limited assurance and is a more cost-effective option for qualifying SMEs with a PI Score between 100 and 349. SC Audit provides both services and can advise which applies to your business.

Your Auditors Shouldn't Just Sign Off — They Should Make Sense of It

SC Audit are IRBA-registered auditors based in Cape Town.

We work with South African business owners who need a statutory audit done properly — without the jargon, the delays, or the bill shock at the end.

Sound Familiar?

You’ve just found out your company needs a statutory audit. Maybe your Public Interest Score crossed the threshold. Maybe your bank or an investor asked for audited statements. Maybe you’re not even sure why — just that you need one.

Now you’re trying to figure out who to trust, what it’ll cost, and whether it’s going to be a painful process that pulls your team away from actually running the business.

That’s exactly what we solve.

Statutory Audit Services in Cape Town

You’re in the right place if…

Companies Act

Your company is legally required to be audited under the Companies Act (public companies, SOEs, or private companies that meet the thresholds)

Audited Statements

Your bank, funder or investor is asking for audited financial statements before they'll move forward

Public Interest Score

Your Public Interest Score is rising — more staff, more debt, more shareholders — and you want to get ahead of it

Sale or Equity Raise

You're preparing for a sale, equity raise or management transition and need clean, credible numbers

Not sure whether you need a full audit or an independent review? Our registered auditors can tell you in a single call.

More Than a Signed Audit Report

Here’s what working with SC Audit’s Cape Town team looks like:

A clear, independent opinion
Your financial statements are tested against the Companies Act and applicable reporting standards. You get a report you can put in front of any bank, funder or regulator with confidence.

Plain-language feedback on your controls
Where are you exposed? Where can things break? Where are you making life harder than it needs to be? We tell you in language that’s actually useful.

Better conversations with the people who matter
Banks, investors and shareholders trust numbers that have been properly tested. Audited statements open doors that management accounts can’t.

A team that understands your world
We work with owner-managed and entrepreneurial businesses across South Africa. We know how to be rigorous without being disruptive.

Meet the Team

WHERE EXPERIENCE MEETS EXCELLENCE

SC Audit is led by Niel Schoeman and Simone Coetzee, supported by a young and ambitious management team that includes Hennie Meyer, newly registered as a Registered Auditor at IRBA. The firm has at least three Registered Auditors and a combined workforce of audit-only Clerks, Seniors and Managers, ensuring a focused approach to assurance engagements and specialisation in the assurance market for small and medium-sized entities.

How the Audit Process Works

Three steps, no surprises.

Discovery Call

We look at your structure, your Public Interest Score and your timeline. You get a clear picture of what you need and what it will cost, before you commit to anything.

Fieldwork

Our Cape Town audit team tests controls and transactions where the risk is highest, on-site or remote, depending on what works for you. We ask the hard questions so no one else has to.

Report & Debrief

You receive the audit report plus a plain-English walkthrough of what we found, what it means, and what to do next. No technical report dropped in your inbox with no context.

Book Your Free Audit Consultation

Fill in your details and we’ll be in touch within one business day to set up a short call. No commitment, no hard sell — just clarity on what you need.

Not ready to fill in a form?

Call us directly: 021 910 1215

Your Auditors Shouldn't Just Sign Off — They Should Make Sense of It

SC Audit are IRBA-registered auditors based in Cape Town.

Sound Familiar?