PI score calculator

Audit, independent review, or neither?

Your public interest score, calculated under Regulation 26(2) of the Companies Act, decides what level of assurance your annual financial statements need. Answer eight quick questions.

Step 1 · Score inputs

Type of entity

Average number of employees Average over the financial year, including directors who are employed.

Individuals with a beneficial interest in shares Count natural persons, looking through trusts and holding companies.

Turnover for the year (R) 1 point per R1 million or part thereof.

Third-party liabilities at year end (R) Loans, creditors, SARS, overdrafts. Exclude shareholder and director loans. 1 point per R1 million or part thereof.

Step 2 · Circumstances

Are all shareholders also directors of the company?

Yes, owner-managed No

Section 30(2A). If every holder of a beneficial interest is also a director, the company is exempt from audit and independent review unless another trigger applies.

Who compiles the annual financial statements?

The company itself An independent accounting professional

Does the company hold assets in a fiduciary capacity for unrelated persons worth more than R5 million at any point in the year?

No Yes

Trust accounts of attorneys, estate agents, managing agents and similar.

Does the Memorandum of Incorporation, or a shareholder or board resolution, require an audit?

No Yes

Your public interest score

Employees: 0
Turnover: 0
Third-party liabilities: 0
Beneficial holders: 0

Result

Enter your details

How the rules work

The Companies Act 71 of 2008 and its Regulations use a public interest score to scale the assurance requirement to the size and footprint of a company.

PI score	AFS compiled by	Requirement
350 or more	Anyone	Audit
100 to 349	Company itself	Audit
100 to 349	Independent accounting professional	Independent review by a registered auditor or a member of an accredited professional body
Below 100	Either	Independent review (may be performed by anyone qualified to be an accounting officer of a close corporation)

Two overrides apply. First, an audit is always required for public and state-owned companies, companies holding more than R5 million in fiduciary assets for unrelated persons, and companies whose MOI or shareholders require one. Second, an owner-managed company, where every shareholder is also a director, is exempt from both audit and independent review under section 30(2A) unless one of those audit triggers applies.

Read the full guide: Audit, independent review, or neither?

This tool reflects Regulations 26 to 29 of the Companies Regulations, 2011 as generally applied. It is a guide, not a legal opinion. Confirm your position for your specific circumstances.

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