 No statutory audit requirement exists in respect of partnerships. Certain professions are however, governed by statute which prescribes audit requirements such as attorneys and auditors.
2.2.2. TYPES OF PARTNERSHIPS
 General/ordinary partnership
The partners are liable jointly and severally for the debts of the partnership.
 Anonymous (sleeping) partnership
The anonymous partner is not known to the public and is liable to his or her partners only for his or her pro-rata share of the debts or eventual shortfall.
 Commanditarian partnership
The partner en commandite is purely a financial participant with a restricted liability -similar to a shareholder in a company. Such a partner is not known to the public. He or she shares in the profits and losses but his or her liability is restricted to his or her specific contribution; or an agreed amount.
2.3. THE CLOSE CORPORATION
The close corporation is a business entity established in terms of the Close Corporation Act No. 69 of 1984, as amended ("the Close
Corporation Act"). It should be noted that the new Companies Act has amended the provisions of the Close Corporations Act to the effect that it is no longer possible to incorporate new close corporations. Close corporations which were incorporated before the coming into effect of the Companies Act however, continue to exist, subject to certain amendments imposed by the Companies Act.
2.3.1. CHARACTERISTICS
 It has a legal personality separate from its members. The members accordingly enjoy the benefit of continuity for its continued existence is not affected by changes in membership.
 The administration and operation of a close corporation are subject to a minimum number of formalities, administrative requirements and duties for its members.
 A close corporation may not have more than ten members.
 All the members