Financial Statement Review
The annual financial statements form the foundation of the independent review engagement.
Independent Review Services • South Africa
Independent Reviews for South African businesses.
Gloworth Consulting provides independent review services for qualifying businesses that require professional financial reporting assurance without a full audit.
Established 2013
More than a decade of professional service
2,000+ businesses
Served across South Africa
Independent Reviews
Professional financial reporting support
CIBA • SAIT
Professional memberships
Independent financial reporting
More assurance than compilation. Less extensive than an audit.
An independent review provides limited assurance over financial statements through analytical procedures, enquiries and other review procedures.
Analytical Procedures
Financial information and relationships are considered to identify matters that may require further enquiry.
Management Enquiries
Relevant enquiries are made regarding accounting records, transactions, balances and financial reporting.
Supporting Information
Additional documentation may be requested where matters identified during the review require clarification.
Review Conclusion
The engagement concludes with the appropriate independent review reporting based on the work performed.
Professional Reporting
The completed financial reporting package can support governance, statutory and stakeholder requirements.
Does your business require a review?
The right assurance level matters.
Not every business requires an audit, and not every business can simply rely on compiled financial statements. The appropriate reporting requirement depends on the entity and its circumstances.
Private Companies
Certain companies may require an independent review
depending on their applicable reporting requirements.
Close Corporations
Independent review requirements may apply depending
on the circumstances of the entity.
Government Contractors
Tender, funding or stakeholder requirements may call
for financial statements carrying an appropriate level
of assurance.
Growing SMEs
Businesses with increasingly complex operations may
require stronger financial reporting and independent
scrutiny.
Stakeholder Requirements
Lenders, shareholders, funders or other stakeholders
may request independently reviewed financial statements.
Our process
A structured independent review process.
1. Initial Assessment
We assess the entity, reporting requirement and readiness of the financial information.
2. Information Request
Relevant financial statements, accounting records and supporting information are requested.
3. Review Procedures
Analytical procedures and enquiries are performed in accordance with the scope of the engagement.
4. Queries & Follow-up
Matters requiring clarification are discussed and supporting information obtained where necessary.
5. Completion
Outstanding review matters are resolved and the engagement is brought to completion.
6. Reporting
The appropriate independent review report is issued with the completed financial statements.
Annual Financial Statements
Are your financial statements ready for review?
If the annual financial statements have not yet been prepared, Gloworth can first assess your accounting records and financial reporting requirements.
Frequently asked questions
Independent review questions.
What is an independent review?
An independent review is an assurance engagement involving primarily analytical procedures and enquiries and provides limited assurance over financial statements.
Is an independent review the same as an audit?
No. An audit provides a higher level of assurance and generally involves more extensive procedures than an independent review.
How much does an independent review cost?
Gloworth's independent review services start from R6,000. The final fee depends on the complexity and condition of the financial records and statements.
Can Gloworth prepare the financial statements as well?
Financial statement preparation services are available. The appropriate arrangement will depend on the engagement, applicable professional requirements and independence considerations.
Can an independent review be used for tender purposes?
Independently reviewed financial statements may satisfy certain tender or stakeholder requirements, but the requirements of the specific tender should always be checked.
How long does an independent review take?
Timing depends on the quality of the financial statements, availability of supporting records, complexity of the entity and how quickly review queries can be resolved.
Need an Independent Review?
Start with an assessment of your financial reporting requirements.
Tell us about your business, financial year-end and reporting deadline and we'll assess the appropriate next step.