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.

CIPC and POPIA

09 September 2021
South African Accounting Academy

Section 187 of the Companies Act further describes in detail that the information contained in the registers mentioned above must be made available to any person.

Subsection 5 provides for any person to inspect a document, obtain a certificate from the Commission or obtain a copy of any document that forms part of the CIPC registers. The subsection also provides for electronic access to the CIPC registers.

Although every possible and all reasonable safeguards (such as recordal of access and/or requests to the CIPC database) are built into the CIPC systems to ensure that no unauthorized access is obtained, the information forms part of the public domain and is available for public consumption.

Important to note is the provisions of section 38 of POPIA, which explains that any personal information processed by a public body for the purpose of performing any relevant function of that body, is exempt from certain restrictions as described in POPIA, to the extent that applications of those provisions (restrictions) to the personal information would likely prejudice the proper discharge of that public body’s functions.

Click here to download Notice 45 of 2021:

http://www.cipc.co.za/files/1716/3039/4053/POPIA_ACT_AND_THE_CIPC.pdf

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