Knowledge Centre
Independent Reviewer
Some companies don’t need a full audit, but they still need someone to check their financials. That’s where an Independent Review comes in. It’s a way to give clients limited assurance that their financial statements are in good shape, without the cost of an audit. If you’re a CBAP with an active Independent Reviewer license, you can legally offer this service.
1. What You Need to Know
An Independent Review provides limited assurance on a company’s financial statements by applying specific procedures without conducting a full audit. It helps determine whether the financials appear reasonable, following international standards.
This service is often required for small to medium businesses, especially those that are owner-managed based on their Public Interest (PI) score, as set out in the Companies Act and Regulations.
CIBA independent review license holders are legally permitted to perform reviews for entities with a PI score less than 100 and help clients meet compliance, banking, or investor requirements.
You must have an active Independent Reviewer license with CIBA to do this work. It’s a regulated service, doing it without a license is not allowed.
2. Why It Matters to You
With a CIBA Independent Reviewer license, you can:
Legally conduct Independent Reviews for companies with a public interest score below 100.
Provide SMEs with a cost-effective alternative to a full audit.
Help clients stay compliant with the Companies Act.
Expand your service offering and earn more through assurance work.
Position yourself as a qualified and trusted financial professional.
3. Standards and Pronouncements
ISRE2400 International Standard on Review EngagementsISRE 2400 sets out the requirements and procedures for conducting independent review engagements, providing limited assurance that no material modifications are needed to the financial statements.
IFAC SMP Guide to Review EngagementsOffers practical guidance for small and medium practices on applying ISRE 2400 effectively and efficiently in real-world review engagements.
IESBA Code of EthicsThe principles in the Code of Ethics must be applied for all review engagements.
ISQM1 Quality Management FrameworkThe basic quality management processes in ISQM1 must be applied when performing review engagements.
4. Acts and Regulations
Companies Act, 2008Determines when a company requires an audit, an independent review, or may qualify for a compilation, based on its public interest score and governance structure.
Companies Act RegulationsProvides detailed thresholds and criteria that guide how independent reviews must be performed and who may perform them.
5. CIBA Tools and Templates
CIBA Independent Review GuideProvides practical, South Africa-focused guidance to help members conduct compliant, risk-managed independent review engagements with confidence.
6. How to Apply
Be a member of CIBA with the CBAP designation. Learn more about being a CBAP designation holder
Find out more about applying here:obtaining additional licenses
Apply for your license through the CIBA Licensing Portal
Register with SARS via your eFiling profile
Complete the required annual CPD training and declarations to keep your license valid. You need to stay in good standing, remaining compliant with annual CPD and reporting rules.
7. Common Mistakes to Avoid
Obtain the CIBA independent review license before you offer review services.
The CIBA license DOES NOT permit holders to perform audit engagements. Only auditors registered with IRBA are allowed to undertake audit engagements.
Always check that the client’s public interest score permits the entity to have an independent review.
Use CIBA’s tools and CPD events to stay on the right track.
8. Need Help?
Any assistance required for technical enquiries, membership related queries, access to the system you need to log into your member profile and: