Information Sheet

Property of DYNAMITECH

FEB 17

Financial Statements
POSTED BY: Administrator | DATE: February 18, 2018

Annual Financial Statements, or Financial Report, is a structured presentation of relevant financial information of a business, or individual. The complexity of a Financial Statement may vary from business to businesses depending on the industry and size of the business.

Financial Statements typically include:

  • • A balance sheet that shows the company’s financial position which summarises a business's assets, liabilities, and owners equity at a given point in time – usually at the end of a financial year.
  • • An income statement, also referred to as a profit and loss report. This shows the business's income, expenses, and profits for the financial year.
  • • A Statement of changes in equity, or equity statement, shows changes in equity of the business during the previous financial year.
  • • A cash flow statement reports on a business's cash flow activities, particularly its operating, investing and financing activities.

Financial Statements are necessary to:

  • • Make business decisions
  • • Create a budget
  • • Attract potential investors
  • • Apply for finance or a loan

While most accountants can prepare an Annual Financial Statement, not all accountants are allowed to sing off on a Financial Statement. This is mainly to ensure that the accountant signing off on a Financial Statement has sufficient knowledge and is qualified to understand the implications of the content in the statement.

We’ve included a table with more information below, but in short Accounting Officers may sign off Financial Statements for Close Corporations, while an Auditor is needed to sign off Company Financial Statements.

Dynamitech have both accountants and a Chartered Accountant in-house to sign off Financial Statements for Close Corporations and Companies.

QUALI-
FICATION
FULL
DESIGNATION
AUTHORISED TO PERFORM: USUAL AREA OF SPECIALISATION RULING BODY FULL NAME OF RULING BODY
AUDITOR'S REPORT
(Pty) Ltd
ACCOUNTING OFFICER
(Close Corporations)
CA Chartered Accountant If Registered also with PAAB Yes Financial management and consultancy SAICA The South African Institute of Chartered Accountants
www.saica.co.za
AGA Associate General Accountant No Yes General Accounting
AAC Associate Accounting Technician No No Bookkeeping up to Trial Balance
RAA Registered Auditor and Accountant Yes Yes Auditing IRBA
(formerly
PAAB)
Independent Regulatory Board for Auditors
www.paab.co.za
ACIS Chartered Secretary (Associate) No Yes Company Secretary ICSA The Southern African Institute of Chartered Secretaries and Administrators
www.icsa.co.za
FCIS Chartered Secretary
(Fellow)
ACCA Associated Chartered Certified Accountant UK and Europe - Yes
South Africa - No
Yes All Round with specialised sub-categories and diploma programmes ACCA The Association of Chartered Certified Accountants
www.acca.org.za
FCCA Fellow Chartered Certified Accountant
CAT Certified Accounting Technician No No Bookkeeping up to Trial Balance
CIMA (Associate) Chartered Management Accountant (Associate) No Yes Management and Cost Accounting CIMA Chartered Institute of Management Accountants
www.cimaglobal.com
CIMA
(Fellow)
Chartered Management Accountants
(Fellow)
Professional Accountant (SA)
(formerly CPA)
Professional Accountant (SA) No Yes All Round with specialised sub-categories SAIPA

South African Institute of Professional Accountants

(formerly: Institute of Certified Public Accountants)
www.saipa.co.za

Accounting Technician
(formerly CFA)
Accounting Technician No No
Business
Accountant
(Practice)
Business Accountant
(Practice)
No Yes General Accounting SAIBA The South African Institute of Business Accountants
www.saiba.org.za

Business
Accountant
(Affiliated)

Business Accountant
(Affiliated)
No General Accounting
Business
Accountant
(Student)
Business Accountant
(Student)
General Accounting
IACAO Registered Accounting Officer No Yes All Round IAC Institute of Administration and Commerce
www.iacsa.co.za
IACAT Registered Accounting Technician No
CJBIcb(SA) Certified Junior Bookkeeper No No Bookkeeping, Payroll, SARS returns (not income tax) ICB Institute of Certified Bookkeepers
www.icb.org.za
CSBIcb(SA) Certified Senior Bookkeeper Bookkeeping, Payroll, SARS returns, Cost & Management Accounting fucntions
CTFAIcb(SA) Certified Technical Financial Accountant Bookkeeping, Payroll, SARS returns (including Income Tax), Cost & Management Accounting fucntions, Accounting Control
CFAIcb(SA) Certified Financial Accountant Yes All accounting functions including Accounting Officer for Close Corporations
Registered Tax Practitioner Tax Practitioner Depending on other Qualifications Depending on other Qualifications Tax planning, returns and Advice SARS South African Revenue Services
www.sars.gov.za

Source: Find an Accountant

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