Barriers to the Adoption of Independent Reviews By Non- Public Interest Entities in South Africa 

The South African Companies Act no. 71 of 2008 introduced independent reviews as an additional option for providing assurance on non-public interest entities (non-PIEs). Though it has been in effect since 1 May 2011, some companies that qualify for reviews still choose to have their annual financial statements (AFS) audited.|The study aims to understand why companies that qualify for independent reviews still have their AFS audited. The research took a qualitative approach and collected data from a series of 19 detailed semi-structured interviews held with South African professional accountants.|The findings showed that audits are retained to reduce agency costs and appease the demands of various stakeholders, specifically lenders. They are retained due to a lack of understanding of the scope of independent reviews, misconceptions and resistance to change. Furthermore, the respondents highlighted a lack of guidance on how to perform independent reviews.