Annual Financial Statements

Accounting & Financial Management

Annual Financial Statements (AFS) are a statutory requirement for all registered companies in South Africa under the Companies Act 71 of 2008. They provide a true and fair view of your company’s financial position, performance, and cash flows for the reporting period , and are required for tax submissions, bank applications, investor presentations, and regulatory compliance.

At Cornerstone Advisory, we prepare accurate, compliant Annual Financial Statements for businesses of all sizes , from sole proprietors and close corporations to private companies and NPOs. Whether you need compiled statements, management accounts, or a full set of financial reports, our team ensures every number is accurate, every disclosure is correct, and every deadline is met.

"Accurate financial statements are the foundation of every sound business decision  and every successful funding application."

From Your Records to a Complete, Compliant Set of Statements

We handle everything from initial bookkeeping and bank reconciliation through to the preparation and compilation of your annual financial statements. We use cloud-based accounting platforms to keep your records clean, current, and always accessible — so there are no surprises at year-end.

Annual Financial Statements (AFS)

Compilation Reports

Bookkeeping & Bank Reconciliation

Management Accounts & Reports

Cloud-Based Accounting Setup

Budget Forecasting

Income Statement & Balance Sheet

Cash Flow Statement

Notes to the Financial Statements

Internal Audit Support

Our Process

We focus on making business processes simple, clear, and stress-free.

Records Collection

We gather your invoices, bank statements, and supporting documents — or access your cloud accounting platform directly.

Bookkeeping & Reconciliation

We process all transactions, reconcile accounts, and ensure your general ledger is clean and accurate before compiling statements.

Statement Preparation

We compile your Annual Financial Statements in compliance with IFRS for SMEs or applicable reporting standards.

Review & Delivery

We walk you through the statements, answer your questions, and deliver a final signed copy ready for SARS, CIPC, or your bank.

Ready to get started?

Let us prepare your Annual Financial Statements accurately and on time.

Visit Our Office

231 Pine Avenue, Ferndale, Randburg 2194

Call Us

078 331 2163 / 078 746 8768
info@cornerstoneadvisors.co.za
cornerstoneadvisory01@gmail.com

Business Hours

Mon – Sat: 8:00am – 6:00pm
Sun & Holidays: Closed

Frequently Asked Questions

Who is legally required to prepare Annual Financial Statements?

Under the Companies Act 71 of 2008, all registered companies are required to prepare Annual Financial Statements. Public companies and state-owned entities must have them audited; private companies meeting certain thresholds must have them reviewed or audited, while smaller entities may have them independently compiled.

What is the difference between compiled, reviewed, and audited statements?

Compiled statements are prepared from client-provided information without verification , suitable for most small private companies. Reviewed statements involve limited assurance procedures. Audited statements provide the highest level of assurance and are required for public companies, listed entities, and high-turnover private companies.

How far back can you prepare financial statements?

We can prepare backdated financial statements for multiple years. This is often needed to resolve SARS queries, update CIPC records, or apply for funding. We’ll assess the availability of records and advise on the most efficient approach.

Do I need financial statements to submit my company tax return?

Yes. SARS requires that your ITR14 (company income tax return) be supported by Annual Financial Statements. Without them, you cannot accurately complete your return or claim allowable deductions , and SARS may request them during a verification or audit.