In accordance with the new mandate, public companies and companies holding fiduciary funds over R5 million will be needed to carry out audits as usual. For a private company, the decision to audit or perform the newly introduced independent review is determined in part by the PIS of the company. Private businesses with PIS of 350 or more must be audited. Non-owner companies with scores between 100 and 349 points will be reviewed if their statements are independently compiled, and they will be audited if statements are internally compiled. Companies (managed by the owners) with 100 points or less will be exempt completely from review or audit if they so choose, but they are still required to prepare financial statements. All can choose to be audited if they so desire, and these regulations apply equally to close corporations.
PIS calculator from DataTracks is only for guidance and for information purpose. It is responsibility of the user to independently verify the score prior taking decisions. DataTracks does not accept any responsibility or liability for any actions taken based on the results provided thereby using this calculator.
If your Public Interest Score is more than 350 you will need to submit your Annual Returns using XBRL.