As of 2022, the total number of schools in South Africa amounted to nearly 24,900.
The majority of these schools were public entities, covering around 90.8 percent of the total number of schools.
On the other hand, only 2,282 schools were independent educational institutions..
Auditors use a variety of review techniques including observing, interviewing, sampling, analyzing, and verifying to determine whether controls are adequate and whether operations are conducted in an efficient and effective manner..
Importance of Auditing
It is to ensure that financial information is represented fairly and accurately.
Also, audits are performed to ensure that financial statements are prepared in accordance with the relevant accounting standards..
Companies that require an audit
Section 90 of the Act requires a public or state-owned company, upon its incorporation, and each year at its annual general meeting, to appoint an auditor.
All public and state-owned companies are thus required to be audited..
The audit of a private limited company is an annual compliance requirement under the Act and Company Law Rules..
Institutional Audits constitute one of the mechanism through which the Higher Education Quality Committee (HEQC) carries out its responsibilities for quality assurance..
An independent school may not operate unless it is registered with the education department of the province in which it is situated.
The Provincial Education Department (PED) must develop grounds for registration..
The demand for proper financial management in schools is dictated by the South African Schools Act 84 of 1996, Section 43 (1), according to which public schools must retain a suitably qualified accountant registered in terms of the Public Accountants and Auditors Act, 1991 (Act No
80 of 1991), to audit the school's financial records and statements
In layman’s terms, a school audit provides reasonable assurance— not absolute assurance—that the financial statements are correct (not materially misstated) within a defined threshold
The IAASB provides a set of standards that your school auditor firms are required to follow to achieve the appropriate level of assurance to issue the opinion
The South African Schools Act (SASA) requires that only a person registered as an auditor in terms of the Auditing Profession Act 26 of 2005 may audit the records and financial statements of a public school
Public schools are required to draw up their annual financial statements in accordance with guidelines determined by the Member of the Executive Co...
A school audit is an examination of a school’s financial statements by an external auditor. The purpose of the audit is to ensure that the school i...
A school may get audited for a variety of reasons, but most commonly it is because the school is seeking to improve its financial governance. An au...
South African newspaper
The external text>Daily Sun is a tabloid daily newspaper in South Africa.It has a circulation of more than 28
006 copies per making it the second largest daily newspaper in the country to the Sunday Times in terms of largest circulation among all papers.
