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How Business Accountants in Practice Can Sign Off Annual Financial Statements

It’s important to know the correct ways to sign off annual financial statements. This ensures that you comply with regulations and maintain the credibility of the reports you prepare. Here’s a simplified guide to help you understand the process.

Signing Off as an Individual Practitioner
If you work on your own as a sole practitioner, you can sign off annual financial statements using your personal CIBA membership number. This directly connects the financial statements to your professional credentials, making it clear that you are responsible for them.

Signing Off as an Incorporated Organisation
If your practice is an incorporated organisation registered with CIBA, you can sign off financial statements on behalf of the company. However, all shareholders in the organisation must be members of a recognised professional body like CIBA, SAIPA, SAICA, or ACCA, which are authorised to act as accounting officers under the Companies Act.

Signing Off as a Member of a Close Corporation
If your practice is a close corporation, it can register with CIBA and sign off annual financial statements. Again, all members of the close corporation must belong to a recognised professional body, ensuring the financial statements are credible and meet professional standards.

Signing Off as a Partnership
If you are part of a partnership registered with CIBA, you can sign off financial statements on behalf of the partnership. Like with incorporated organisations, all partners must belong to a recognised professional body that allows them to act as accounting officers. This ensures that all partners meet the same professional standards.

Note on Proprietary Limited Companies
You can run your practice as a Proprietary Limited company, but you cannot sign off annual financial statements under this company structure. Instead, you must sign them off in your personal capacity or through one of the approved structures mentioned above. This keeps your professional accountability clear.

Registering Your Practice
If your practice is a close corporation, it must be registered with CIBA. Once registered, you’ll receive a practice number that you can use to sign off financial statements, showing that your practice is officially recognised.

Understanding how to sign off annual financial statements correctly is key to staying compliant and maintaining your professional integrity as a CIBA member. Whether you sign off as an individual or through a registered practice, make sure that all involved are recognised by a professional body under the Companies Act. This not only ensures compliance but also enhances the credibility of your financial reporting.

By following these guidelines, you can confidently sign off on financial statements, knowing that you’re doing so correctly and professionally.

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Kashveer Mathura

Accounting Portfolio Manager

kashveer@vhaaccounting.com 078 882 9783

Adrian Surjoo

Quality Control Manager, SAICA

Credentials:

  • National Diploma in Cost and Management
  • Accounting
  • Advanced diploma in Accounting Sciences
  • Professional Accountant (S.A.)

Bongumusa Zondi

Director

Bongumusa Zondi, a senior accountant, blends business advisory with expertise in financial reporting and taxation. With just under a decade of experience in accounting and taxation, his career journey began by obtaining a National Diploma in Cost and Management Accounting and an Advanced Diploma in Accounting Sciences at the Durban University of Technology and University of South Africa, respectively. This was followed by a Junior Bookkeeper position at City Printing Works (Pty) Ltd. He began his SAIPA articles at Dobeyn Accounting Soultions and currently leads a dynamic accounting team and manages a sizeable portfolio of clients at VHA Accounting Solutions where he also completed his SAIPA Articles. Apart from assisting clients update their books and stay compliant with relevant authorities, he is fully interested in adding value through business advisory. Helping clients solve their financial problems and provide guidance on potential growth opportunities is his biggest passion. He has been driven by philosophies of teamwork and collaboration.

Notable achievements include qualifying as a Professional Accountant (S.A.) through SAIPA. Beyond the numbers, he enjoys watching sports, tutoring grade 12 learners, playing the piano and listening to classical music composed by Wolfgang Amadeus Mozart and George Frideric Handel, adding a well-rounded dimension to his professional life.

bongumusa@vhaaccounting.com 082 359 4536

Karishma Bhola

Director

The VHA Accounting Solutions team is excited to announce a new insurance service offering headed by Karishma Bhola. Karishma is an accredited financial advisor and has 18 years of experience in the finance industry and expertise in marketing/foreign exchange and business management. As a seasoned financial guru, she prides herself on delivering excellent client service every time.

Vidyanth Bhola

Director / CEO

Passionate about exceptional client service, Vidyanth Bhola serves a wide client base as an advisor and accountant.Vidyanth focuses on tax planning and estate and succession planning, which he approaches with enthusiasm for human relationships and a penchant for teamwork, to achieve outstanding results. In addition to being VHA Accounting Solutions Inc founder and as director of the Bhola group of companies, Vidyanth is involved on the board and advisory level with several non-profit organisations and other initiatives. Vidyanth obtained his BCom degree and H Tax Diploma from the University of South Africa after which he worked at Colenbrander Inc, as a Accounting Portfolio Manager. In 2018, Vidyanth found the accounting firm VHA Accounting Solutions Inc. Vidyanth is a family man and avid rugby fan. He enjoys learning about Aviation and flew a Boeing in the flight simulator in Dubai. Vidyanth also works on various charity organisations and is involved in various food drives. Vidyanth is a member of the South African Institute of Tax Professional (SAITA) and the Southern African Institute for Business Accountants (SAIBA).