Q: Why a SME or a CC must appoint an Accounting Officer?
A: It is a statutory requirement that a SME or a CC must appoint an Accounting Officer
Q: What is an Accounting Officer?
A: An Accounting Officer is a certified public accounting professional who normally owns his accounting and tax firm, charges fee for his or her services and meets the requirements of section 60 of the CC Act no 69 of 1984
Q: Is there any difference between a Bookkeeper, Accountant, Accounting Officer and an Auditor
A: Yes there is, Bookkeepers deal with recording and keeping daily company transactions, Accountants work with Bookkeepers, Accountants oversee all accounting activities of a company, Accounting Officers and Auditors inspect or examine financial statements and financial records of a company, to check if financial statements have been prepared in accordance with prescribed accounting framework, using appropriate accounting policies, check if there could be any material misstatements, fraud and errors that could be reported, Accounting Officers issue non assurance reports as required by law, and Auditors issue unlimited assurance reports as required by law on their findings
Q: What is an Independent Reviewer?
A: An Independent Reviewer is an Accounting Officer licensed to issue limited assurance reports normally for SMEs and companies mandated to have their financial statements independently reviewed, an Auditor’s report gives an unlimited assurance to its users, an Independent Reviewer’s report gives limited assurance report to its users, both reports can be used by third parties
Q: Who controls Accounting Officers and Auditors?
A: Accounting Officers are controlled by a number of accounting professional bodies like:
SAICA, SAIPA, SAIBA, CIMA, ACCA, MCIBA, IAC, CIS and IRBA for Auditors
Q: Is there any standard fee charged by Accounting Officers?
A: There is no standard fee or guideline, Accounting Officers charge based on the complexity of the work to be performed, time taken for an engagement, volume of work to be performed
Q: What if I do not appoint an Accounting Officer for my firm
A: For all registered non owner managed SMEs or CCs it is an offence not to appoint an Accounting Officer for a firm
Q: What if my company cannot afford an Accounting Officer’s fees?
A: Other Accounting Officers accept an annual fee that could not be more than R5000, this could build your relations with your Accounting Officer, get advices or assistance from him or her, until your company affords Accounting Officer’s fees