At PATC, we assist with business rescue, which is defined by the Companies Act 2008 with an aim to facilitate the rehabilitation of a company that is “financially distressed,” by providing for: the temporary supervision of the company and management of its affairs, business and property by a business rescue practitioner, a temporary moratorium (“stay”)…
Solvency & Liquidity Test A test required by the Companies Act which requires the directors of a company to assert that the company can meet all its expenses out of its incomes for the next 12 months (liquidity) and that its assets are more than its liabilities (solvency). This test must be conducted before the…
At PATC, we define corporate governance as the system of rules, practices and processes by which a firm is directed and controlled. Corporate governance essentially involves balancing the interests of a company’s many stakeholders, such as shareholders, management, customers, suppliers, financiers, government and the community. Since corporate governance also provides the framework for attaining a…
PATC defines company records as any documents, accounts, books, writing, records or other information that a company is required to keep in terms of the Companies Act 71 of 2008, or any other public regulations. The Companies Act states in Section 24 that records should be retained in writing or in a form that can…
Understanding How These Roles Differ & Relate Keep reading PATC’s blog and discover the differences and overlap between the duties of your accounting officer, auditor & reviewers. Duties of an Accounting Officer
In an audit engagement, the auditor gives his opinion on the financial information disclosed by your business. The auditor’s report is an integral element of your business’s audited financial statement. At the culmination of the audit engagement, the auditor expresses his opinion in the auditor’s report, which can be qualified or unqualified.
