If a Close Corporation does not need to be audited, do we need to submit a CoR30.2?

Submission requirements depend on your Public Interest (PI) score and company regulations. SAAA's technical resource centre provides comprehensive documentation on independent reviews and CoR30.2 filing frameworks.

Is there a contradiction between the timeframe of submission of voluntary audited annual financial statements for a close corporation?

Section 58(1) of the Close Corporations Act outlines specific parameters regarding whether financial statements must be completed within 6 or 9 months. SAAA provides expert legal compliance resources to clarify these close corporation deadlines.

Beware of the employment of illegal foreigners!

08 August 2022
South African Accounting Academy

During the recent global mobility conference that was held by Xpatweb, the Department of Home Affairs reiterated their intention to adopt a zero-tolerance approach regarding the employment of illegal foreigners in South Africa.

The Department of Home Affairs is now calling upon all employers to ensure that their expatriate staff are in possession of legally obtained work visas and have confirmed that it will be taking a ‘no-mercy’ stance in respect of employers who do not comply.

Ensure that you refer to the International/Cross border Labour Migration work visa application procedure and form

Click here to download the Procedures and Application form:

https://www.labour.gov.za/international-cross-border-labour-migration-(icblm)-management-work-visa-application-procedure-application-form

Relevance to Auditors, Independent Reviewers & Accountants:

When your client employs expatriate staff, they have to ensure that they are in possession of legally obtained work visas.
This is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
Where relevant, you may need to advise your client on the correct International/Cross border Labour Migration work visa application procedures to follow, as well as which application form to use.
As an employer, you also need to comply with the International/Cross border Labour Migration work visa application procedures in your workplace.

Relevance to Your clients:

When your client employs expatriate staff, they have to ensure that they are in possession of legally obtained work visas.
As an employer, your client also needs to comply with the International/Cross border Labour Migration work visa application procedures in your workplace, otherwise they could be held liable.

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