2. Financial statements are the presentation of balances in the three statements,
namely the statement of profit or loss, the statement of changes in equity and the
statement of financial position. The fourth statement, namely the statement of cash
flows
These statements focused on the presentation, and not necessarily on the disclosure,
of balances because it was prepared for the owner and the employees of the entity,
who are familiar with the circumstances and activities of the entity. The financial
statements prepared in this work up to now, are also known as financial statements for
internal purposes.
Financial statements prepared for internal purposes, has the characteristic that the
expenses in the statement of profit or loss basically represent all the balances of the
general ledger expense accounts. Smaller expenses are presented by adding these
expenses together in a line item called “other expenses”. With regards to internal
financial statements, expenses are therefore presented with reference to the nature of
the expense.
Internal financial statements furthermore have the characteristic that, besides the
amounts as presented in the financial statements, limited additional information is
disclosed in narrative notes. The reason for this is that internal financial statements
are prepared for users that are familiar with the circumstances and activities of the
entity. Financial statements prepared for internal purposes do not have much utility for
external parties such as the bank or payables of the entity.
3. Already at the beginning of the previous century, legislators recognised the importance
of financial statements for users that are not involved in the management of a
company, such as shareholders, banks, payables and the government of a country. In
the RSA, the Companies Act of 1926 contained stipulations regarding so-called published
financial statements which, besides being published in the press, had to be filed with
the registrar of companies. The published financial statements also had to be available
to shareholders. The government, banks and payable usually insisted on a copy of the
statements. The contents of these statements were, to a large extent, regulated by the
Fourth schedule of the Companies Act.
4.
5. Accounting records
The company must keep accurate and complete accounting records at or
accessible from the registered office in at least one of the official
languages to enable the proper compilation of financial statements and
to conduct an audit or review as required by the Act
The prescribed records should include records of all assets and liabilities,
loans to directors, prescribed officers and employees, liabilities and
obligations, property held in fiduciary capacity, revenue and expenses,
and stock.
6. be prepared within six months of the year-end;
be prepared according to the applicable accounting standards
fairly present the state of affairs and business of the company,
and explain the transactions and financial position;
show the assets, liabilities and equity, as well as the company's
income and expenses;
disclose the date on which the statements were approved, as
well as the accounting period;
on the first page state whether it is audited, reviewed or not
audited or reviewed;
include an auditor’s report if the statements are audited
7. include a report by the directors with respect to the state of
affairs, the business and profit or loss of the company, including:
any matter material for the shareholders to appreciate the
company’s state of affairs; and
any prescribed information;
be approved by the board of directors and signed by an
authorised director; and
be presented to the first shareholders’ meeting after the
statements have been approved by the board.
Financial statements may not be false, misleading or incomplete,
and any person who is a party to the preparation, approval,
dissemination or publication of such statements thereof is guilty of
an offence. (Sections 29 and 30)
8. The public interest score is an indication of the extent of the
public interest in a company. The extent of the public interest
score of a private company determines the reporting standards
applicable to the company as well as whether the private
company’s financial statements are subject to an audit or an
audit review.
The public interest score is calculated by awarding 1 mark for
each of the following:
Every R1 million turnover;
Every employee (average number);
Every security holder; and
Every R1 million third party obligation (Regulation 26).
9. The following summary shows the financial reporting standards that should be applied in terms of
the Companies Act, 2008 by public- and private companies to all financial years commencing on or
after 1 May 2011 (Regulation26)
Public companies listed on an exchange IFRS
Public companies not listed on an
exchange
One of
• IFRS; or
• IFRS for SMEs, provided that company
meets scoping requirements outlined in
the IFRS for SMEs
Private companies whose public interest
score for the particular financial year is at
least 350 OR who holds assets in excess
of R5 million in a fiduciary capacity
One of –
• IFRS; or
• IFRS for SMEs, provided that company
meets scoping requirements outlined in
the IFRS for SMEs
Private companies whose public interest
score for the particular financial year is at
least 100, but less than 350
One of –
• IFRS; or
• IFRS for SMEs, provided that company
meets scoping requirements outlined in
the IFRS for SMEs
Private companies whose public interest
score for the particular financial year is
less than 100, and whose statements are
independently compiled
One of –
• IFRS; or
• IFRS for SMEs, provided that company
meets scoping requirements outlined in
the IFRS for SMEs
Private companies whose public interest
score for the particular financial year is
less than 100, and whose statements are
internally compiled
The financial reporting standard as
determined by the company
10. The following companies’ financial statements are subject
to an audit (Regulation 28):
Public company;
Private company who holds assets in excess of R5 million
in a fiduciary capacity;
Private company with a public interest score of 350 or
more;
Private company with a public interest score of at least
100, but less than 350 and of which the financial
statements are compiled internally; and
Private company that voluntarily decides that the financial
statements are subject to an audit.
11. IAS 1 Presentation of Financial Statements
sets out overall requirements for the
presentation of financial statements,
guidelines for their structure and minimum
requirements for their content.
12. A complete set of financial statements
comprises:
a statement of profit or loss for the reporting
period;
a statement of changes in equity for the
reporting period;
a statement of financial position as at the
reporting date;
a statement of cash flows for the reporting
period; and
notes comprising a summary of the significant
accounting policies and other explanatory
information.
13. Financial statements are a structured exposition of the
financial position and the financial performance of the
reporting entity. The objective of general purpose financial
statements is to provide financial information about the
financial position, the financial performance and the cash
flow of the reporting entity, which is useful to a wide
range of users in making economic decisions. Financial
statements also reflect the result of the stewardship of an
entity's management over the resources entrusted to
them. To achieve this objective, financial statements
provide information about the reporting entity’s assets,
liabilities, equity, income, expenses and cash flow.(IAS
1.09)
14. To achieve this objective, financial statements should have:
general; as well as
qualitative characteristics and should furthermore comply
with the stipulations of IFRS.
and should furthermore comply with the stipulations of IFRS.
To ensure fair presentation, financial statements should have
qualitative characteristics that influence the quality of the
financial statements, but also general features. There is
some overlapping between the general features and
qualitative characteristics
15. Subsequently, attention is paid on an introductory basis to
the characteristics that financial information should dispose
of to be useful.
For financial information to be useful it should have the
fundamental qualitative characteristics of financial
information, namely that it must be relevant and a faithful
representation of what it purports to represent. Apart from
the fundamental qualitative characteristics of financial
information, the enhancing qualitative characteristics of
financial information, which enhances the usefulness of
information that is relevant and faithfully represented, are
distinguished. The following enhancing qualitative
characteristics are distinguished, namely comparability,
verifiability, timeliness and understand ability
16. Fair presentation and compliance with IFRSs
Financial statements must fairly/faithfully present the financial
position, financial performance and cash flows of an entity. This
requires the faithful representation of the effects of
transactions, other events and conditions in accordance with the
definitions and recognition criteria for assets, liabilities, income
and expenses, as set out in the Framework 2010. The application
of IFRSs, with additional disclosure, when necessary, is presumed
to result in financial statements that achieve a fair/faithful
presentation. (IAS 1.15)
17. The reporting entity normally prepares
financial statements on the assumption that
the entity is a going concern and will
therefore continue in operation for the
foreseeable future.
18. In order to achieve the set objectives, the statement of profit or
loss, the statement of changes in equity and the statement of
financial position are prepared from accounting records in which
the effect of transactions and events are accumulated in
accordance with accrual accounting, where applicable.
In accordance with accrual accounting, the effect of transactions
and events are recognised in the period in which it occurs, even
if the resulting cash inflow and cash outflow occurs in a different
period. (Framework 2010, OB17) Or stated differently, in
accordance with the accrual basis of accounting, items are
recognised as assets, liabilities, equity, income and expenses
(that is the elements of financial statements) when the items
satisfy the definition and recognition criteria of that element.
(IAS 1.28) The practical implication of accrual accounting is that
the purchase of an asset on credit, the receipt of a loan, the sale
of trade inventories on credit, the incurrence of an expense on
credit and the subsequent settlement of the debt, are separate
transactions.
19. The concept of materiality and aggregation
has limited application and mainly plays a
role in the decision regarding which
information should be disclosed in a note in
respect of the expenses aggregated and
presented per function.(IAS 1.29 and 1.30).
20. Income and expense may not be offset (against each other) if it
relates to income and expenses from normal operating activities,
for example sales and cost of sales a represented separately in the
statement of profit or loss. Offsetting is on the other hand allowed
in respect of the sale of a non-current asset such as a vehicle. In
the case of the sale of an old delivery vehicle by an entity, the
carrying amount of the vehicle sold is subtracted from the proceeds
with the sale of the vehicle in order to calculate the profit or loss
on the sale of the vehicle and consequently to present and disclose
the profit or loss. If two PPE items of the same category (e.g..
vehicles) were sold, one at a profit and the other at a loss, the
profit and loss will be offset and be disclosed as a net profit or loss
on the disposal of the PPE item(vehicles). In this case, the profit or
loss on the disposal of PPE items of different categories (e.g.
vehicles and equipment) will be disclosed separately. The
presentation of trade receivables after the allowance for doubtful
debts was offset, does not represent
offsetting. (IAS 1.32 and .33)
22. In respect of all amounts in the current
year’s financial statements, comparative
amounts of the previous period must be
presented. (IAS 1.38)
23. Statement of profit or loss
Fair value adjustment of listed shares are recognised and
presented as income.
With reference to the framework of the statement of
profit or loss, attention is paid to a few aspects of the
presentation and disclosure of income.
In this case the first line item in the statement of profit or
loss, namely revenue, includes only income from the sale
of merchandise, net of returns (in), discounts and value
added tax.
There is an accounting policy note in respect of the
recognition of income from sales (note3.10 of the
framework), as well as a note to the line item “Revenue”
(note 5 of the framework)in the statement of profit or
loss, which states the fact that revenue comprises only
income from the sale of merchandise.
24. Income items, other than income from the sale of merchandise, are presented in the
following three line items in the statement of profit or loss:
Other income
This line item includes items such as:
Profit on the disposal of PPE items (per PPE category) or Trademarks
Insurance claim proceeds in respect of a PPE item destroyed in an incident;
Profits arising from changes in the fair value of investments in listed shares or
investment property and
Rent income from investment property
Detail in respect of the abovementioned items are disclosed in a note to the statement
of profit or loss, called “Profit before tax”.
Income from subsidiary
This line item includes income such as dividends and management fees received from a
subsidiary .
Income from financial investments
This line item includes interest received on a fixed term deposit as well as dividends
received in respect of investments in listed or unlisted shares of companies, which are
not subsidiaries.
With reference to the framework of the statement of profit or loss, attention is paid to
a few aspects of the presentation and disclosure of expenses.
25. Cost of sales is presented as a separate line item
Expenses may be presented in the statement of profit or loss by using a
classification that relates to the nature of the expenses or to a
classification that relates to the functions within the entity in respect of
which the expenses are incurred. In this work, expenses in the case of
companies are presented in the statement of profit or loss according to
the function thereof.
When expenses are presented according to the nature thereof, line
items such as employee benefits expense, water and electricity,
transport costs, insurance, etc. are used. This presentation is generally
found with financial statements which are prepared for internal purposes
(IAS 1.102) or with financial statements that are prepared for a sole
trader.
In this case , expenses in the case of companies are presented in
accordance with the function it relates to. The following three line items
are used to present expenses, other thancost of sales, finance costs and
income tax expense:
Distribution costs;
Administrative expenses; and
Other expenses. (IAS 1.103)
26. At the end of the reporting period, expense accounts are closed off against retained
earnings. In the case of the presentation of expenses according to the function thereof,
the accounting system would be set up in such a way that the expenses are automatically
allocated to the function it relates to.
The “Profit before tax” note must inter alia disclose the following expenses:
Depreciation – per category of property, plant and equipment (IAS 1.104);
Amortisation – trademarks (IAS 1.104);
Impairment loss – property, plant and equipment (IAS 36);
Impairment loss – trademarks (IAS 36);
Employee benefit expense (IAS 1.104);
Settlement of law suits (IAS 1.98);
Management-, technical-, administrative- and secretarial services (to non-employees)(IAS
1.104);
Auditors’ remuneration (according to tradition);
Directors’ remuneration (Section 69);
Loss on disposal of PPE items (per PPE category) and Intangible assets (per category)(IAS
1.104);
Loss on PPE items destroyed in an incident (IAS 1.104);
Operating lease (IAS 17); and
Losses arising from changes in the fair value of investments in listed shares or
investment property
27. Statement of financial position
The statement of financial position indicates the financial
state/position of the entity at a specific date, usually the
reporting date. The statement of financial position deals with the
assets, liabilities and equity of an entity in a specific format.
Assets consist of various items and are presented in the
statement of financial position under two classification headings,
namely non-current assets and current assets. (IAS 1.66)
Non-current assets are defined as all assets that are not current
assets. (IAS 1.66)
An entity will classify an asset as a current asset if:
the asset is primarily held for the purposes of trading, with the
expectation to sell or use the asset within the normal operating
cycle (e.g. trade inventories and trade receivables); or
the asset will realise into cash within twelve months from the
current reporting date (e.g. term deposit); or
the asset is cash or cash equivalents. (IAS 1.66)
28. Liabilities consist of various liability-items and are presented in
the statement of financial position under two classification
headings, namely non-current liabilities and current liabilities.
Non-current liabilities are defined as all liabilities that are not
current liabilities.
An entity will classify a liability as a current liability if:
it is the expectation to settle the liability in cash within the
normal operating cycle (e.g. other payables); or
the liability is primarily held for trading (e.g. trade payables); or
the liability has a settlement date that falls within twelve
months from the current reporting date (e.g. a bank loan)
29. The framework for the presentation and disclosure in respect of financial
statements are prepared
with reference to IFRS and is applicable to private- and public
companies.
30. 1.COMPLIANCE WITH IFRS (IAS 1.16)
The financial statements have been prepared in
accordance with the International Financial
Reporting Standards (IFRSs) as issued by the
International Accounting Standards Board(IASB).
2.MEASUREMENT BASES (IAS 1.117)
The financial statements have been prepared in
accordance with the historical-cost basis, with the
exception of investment property as well as
financial investments which are shown at fair
value and inventories which are shown at the
lower of cost and net realisable value.
31. 3.ACCOUNTING POLICY
3.1 Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation
and less accumulated impairment losses.
Depreciation is charged so as to allocate the cost of assets less their estimated residual
values over their estimated useful lives to an expense. The following depreciation methods
and annual rates (where applicable) are used to depreciate property, plant and equipment:
Land no depreciation is written off on land
Buildings 2% per year on the straight line method
Machinery 20% per year on the straight line method
Vehicles 32% per year on the diminishing balance method
If there is an indication that there has been a significant change in the useful life, residual
value or of the utilisation pattern of assets, the depreciation is revised prospectively to
reflect
the new estimates.
Impairment of assets
At each reporting date, property, plant and equipment are reviewed to determine whether
there is any indication that those assets have suffered an impairment loss. If there is an
indication of possible impairment, the recoverable amount of any affected asset is estimated
and compared with its carrying amount. If the estimated recoverable amount is lower, the
carrying amount is reduced to its estimated recoverable amount, and an impairment loss is
recognised immediately.
32. 3.2 Investment property
Investment property is property held to earn rentals and/or for capital
appreciation (including property under construction for such purposes).
Investment property is initially measured at its cost, including
transaction costs. Subsequent to initial recognition, investment property
is measured at fair value. Profits and losses arising from changes in the
fair value of investment property are included in profit or loss in the
period in which they arise.
3.3 Intangible assets
Purchased intangible assets are measured at cost less accumulated
amortisation (and accumulated impairment losses). Amortisation is
charged so as to allocate the cost of the intangible assets over their
estimated useful lives to an expense. Intangible assets are amortised
on the straight line method at the following rates:
Trademarks xx%
Patents xx%
33. 3.4 Investment in subsidiary
Investment in subsidiary is measured at cost price less accumulated
impairment
3.5 Financial investments
3.5.1 Listed shares
Investments in listed shares are initially recognised at cost price (excluding
any transaction costs). Subsequent to initial recognition, investments in
listed shares are measured at fair value. Profits and losses arising from
changes in the fair value of investments in listed shares are included in
profit or loss in the period in which they arise
3.5.2 Unlisted shares
Investments in unlisted shares are initially recognised at cost price
(including transaction costs). Subsequent to initial recognition,
investments in unlisted shares are measured at cost price less
accumulated impairment (if applicable).
3.6 Inventories
Trade inventories are measured at the lower of cost and net realisable
value. Cost is calculated by using the FIFO cost formula (or the weighted
average cost formula, if applicable).
34. 3.7 Financial assets
Term deposits are initially recognised at cost price.
Subsequent measurement occurs at amortised cost by applying
the effective interest rate method.
3.8 Long term borrowings
Loans are measured at amortised cost by using the effective interest
rate method. The interest expense is recognised on the basis of the
effective interest rate method and is included in finance costs
3.9a Finance leases
Assets held in accordance with finance lease agreements are
capitalised. Depreciation is written off on these assets at rates
deemed appropriate to write the assets off over the lease
term. A finance lease liability is recognised with inception of the
lease and is reduced with the capital portion of each instalment.
The finance lease costs are recognised over the term of the lease in
accordance with the effective interest rate method.
3.9b Operating leases
Operating lease payments are recognised as an expense against profit
or loss over the term of the relevant lease on a straight line basis.
35. 3.10 Recognition of revenue and other income
Revenue is measured at the fair value of the consideration received or
receivable, excluding discounts, rebates and value added tax. Income
from the sale of goods is recognised when the significant risks and
rewards associated with ownership of the goods have passed to the
buyer. Dividends are recognised according to the accrual basis of
accounting when the dividends are declared. Royalties are recognised in
accordance with the accrual basis and taking into account the
stipulations of the agreement.
5 Revenue
Revenue comprises: R
Net sales of merchandise xxx
6 Cost of sales
Included in cost of sales are: R
Loss with write-off of specific inventory items to net realisable value xxx
Write-off of inventory shortages in respect of certain inventory items xxx
Loss due to inventories destroyed in an incident xxx
Insurance claim proceeds in respect of inventories destroyed in an
incident xxx
36. 7 Income from subsidiary
R
Dividends xxx
Management fee xxx
xxx
8 Income from financial investments
R
Listed
Dividends xxx
Unlisted
Dividends xxx
Interest xxx
xxx
Total income from financial investments xxx
37. 9 Finance costs
Finance costs comprise: R
Finance costs on bank overdraft xxx
Finance costs on bank loans xxx
Finance costs on suppliers’ loans xxx
Finance costs on mortgage bond xxx
Finance costs on finance lease xxx
Finance costs on specific loan xxx
xxx
Interest income on unutilised funds from specific loan (xxx)
Interest capitalised against asset under construction (xxx)
xxx
10 Profit before tax
Profit before tax is shown after inter alia the following items, which are
items additional to the income and expenses presented as separate line
items, had been taken into account:
38. . .
Income R
Profit on disposal of PPE items xxx
Insurance claim proceeds in respect of a PPE item
destroyed in an incident xxx
Profit on disposal of intangible assets xxx
Profit with the fair value adjustment of investments in
listed shares xxx
Profit on the disposal of investments in
unlisted shares xxx
Profit with the fair value adjustment of investment
property xxx
Rent income from investment property xxx
39. R
Depreciation – per category of property, plant and equipment xxx
Amortisation – trademarks xxx
Impairment loss – property, plant and equipment xxx
Impairment loss – intangible assets xxx
Impairment loss – unlisted shares xxx
Employee benefit expense xxx
Settlement of law suits xxx
Management-, technical-, administrative- and secretarial services (to non-employees) xxx
Auditors’ remuneration xxx
For audit/audit review xxx
Other services (specify the service) xxx
Expenses (no need to specify) xxx
Directors’ remuneration
Executive directors xxx
Emoluments xxx
Non-executive directors xxx
Emoluments xxx
Loss on disposal of PPE items (per PPE category) xxx
Loss on PPE items destroyed in an incident xxx
Loss on disposal of intangible assets (per category) xxx
Operating lease – state the type of asset (eg. vehicles/buildings) xxx
Loss with the fair value adjustment of investments in listed shares xxx
Loss on the disposal of investments in unlisted shares xxx
Loss with the fair value adjustment of investment property xxx
40. 11 Income tax expense
R
Current tax xxx
12 Earnings per share
The calculation of earnings per share is based on earnings of Rxxx and on
a weighted average number of ordinary issued shares of xxx.
14 Investment property
R
At fair value
Balance at beginning of the year xxx
Additions at cost xxx
Investment property under construction at cost xxx
Disposals at fair value (xxx)
Profit/(loss) on fair value adjustment xxx
Balance at end of the year xxx
16 Investment in subsidiary
R
xxx (yy%) Ordinary shares in ABC Ltd at cost price xxx
Less: accumulated impairment (if applicable) (xxx)
xxx
41. 17 Financial investments
Listed at fair value R
xxx (yy%) Ordinary shares in XYZ Ltd xxx
Unlisted at cost price
xxx (yy%) Ordinary shares in FGH Ltd xxx
Less: Accumulated impairment (if applicable) (xxx)
xxx
Total financial investments xxx
18 Inventories
Inventories comprise: R
Merchandise xxx
Consumables xxx
xxx
Inventories are pledged as security for the bank loan to the
19 Trade receivables
R
Trade receivables xxx
Less: allowance for doubtful debts (xxx)
xxx
The allowance for doubtful debts was increased with Rxxx during the
course of the year.
42. 20 Share capital
Authorised
xxx Ordinary shares
xxx y% Preference shares
Issued
xxx Ordinary shares xxx
xxx y% Preference shares xxx
xxx
Number of shares y% preference
Ordinary shares shares
Reconciliation of number of shares issued
Issued at the beginning of the reporting period xxx xxx
Issued during the reporting period xxx xxx
Issued at the end of the reporting period xxx xxx
43. 21 Long term borrowings
Detail of long term borrowings are as follows:
Secured R
Mortgage bond xxx
Property with a carrying amount of Rxxx is pledged as security for the
mortgage
bond.
The interest rate is xx% per year and the loan is repayable in xxx equal
annual
instalments of Rxxx each as from xxx 20.11
Less: portion payable within 12 months transferred to current
liabilities (xxx)
xxx
Bank loan xxx
Inventories with a cost price of Rxxx are pledged as security for the bank
loan.
The interest rate is xx% per year and the loan is repayable in xxx equal
annual
instalments of Rxxx each as from xxx 20.10.
Less: portion payable within 12 months transferred to current liabilities
(xxx)
xxx
44. Supplier’s loan xxx
A plant item with carrying amount of Rxxx is pledged as security for the
supplier’s
loan.
The interest rate is xx% per year and the loan as well as the interest is
repayable
in one amount on xxx 20.10
OR
The interest rate is xx% per year and the loan is repayable in xxx equal
annual
instalments of Rxxx each as from xxx 20.10
Less: portion payable within 12 months transferred to
current liabilities (xxx)
xxx
45. Finance lease loan xxx
A vehicle with a carrying amount of Rxxx is pledged as security for the
finance
lease loan.
The loan incurs interest at xx% per year and is repayable in xxx equal
annual
instalments of Rxxx each from xxx 20.7.
Ownership of the asset transfers to the entity after payment of the last
instalment.
Less: portion payable within 12 months transferred to
current liabilities (xxx)
xxx
Unsecured
Shareholders loan account xxx
The interest rate is xx% per year and the loan has no fixed
repayment conditions. xxx
46. 22 Short term provisions
R
Balance at the beginning of the year xxx
Additional provision xxx
Balance at the end of the year xxx
The provision was created in respect of a claim by the local
authority for alleged environmental pollution. The case will probably be
adjudicated by the court during the second half of 20.11. The court ruling
may also have an influence on the possible amount payable.
23 Contractual liability
A contractual liability exists in respect of plant under construction to the
amount of Rxxx.
24 Contingent liability
A claim was instituted against the company for alleged damage caused by
an alleged
defective product. It is unlikely that a future expense will be incurred in
this regard.
(Note: An entity should compile this note in consultation with its legal
representatives.)
47. 25 Change in estimate
During the year, the estimated remaining useful life of (the asset)
was extended from xx years to xx years. The effect of the change in
estimate was to increase/reduce the depreciation
expense with Rxxx.
OR
During the year the estimated residual value of (the asset) of Rxxx
changed to Rxxx. The effect of the change in estimate was to
increase/decrease the depreciation expense with
Rxxx.
OR
From the beginning of 20.x, the depreciation method of (the asset)
changed from the xxx method to the xxx method. The effect of the
change in the depreciation method was to increase/decrease the
depreciation expense with Rxxx.
48. 26 Future minimum operating lease payments
R
Payable within a year xxx
Payable after one year, but within xxx (should be <5) years xxx
Payable after five years xxx
xxx
49. Companies Act (71 of 2008)
Marx, Van der Watt and Bourne (2012)
Dynamic Auditing, Chapter 2, Tenth
Edition (Durban
LexisNexis)
Delport P (2011) The new Companies Act
Manual Including Close Corporations and
Partnerships,
Second Edition (Durban LexisNexis