Every company in South Africa is required by law to be audited and so is every government department and public entity. Whilst the common feature of each audit is to provide reasonable assurance to stakeholders of the reliability, objectivity, and fair presentation of the financial statements, O.M.A understands that the differences between audits in the public sector and private sector and the risks that each of these are exposed to.
O.M.A has thus formed both a public sector audit division and a private sector one and provides statutory audit services in terms of the Companies Act of South Africa and in the public sector in terms of the Public Finance and Management Act and Treasury Regulations inter-alia. We are fully cognisant of the reliance that stakeholders place on the audit reports and statutory audits are conducted to provide assurance of the reliability, objectivity, and fair presentation of the financial statements.
Audits are performed for small and large privately owned companies as well as the public sector on behalf of the Auditor General.
Special purpose audits are also conducted by the firm in respect of Royalties, attorneys trust accounts, donor funding etc.
Our audit approach is tailored specifically to our client’s risks as well as the regulatory and market environments in which it operates ensuring that we add value to the business whilst conducting the audit.