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: Public Companies contravening AFS Filing Obligations

10 January 2022
South African Accounting Academy

Public companies that have contravened Section 33 of the Act by incorrectly filing a Financial Accountability Supplement during the period 1 April 2020 to 31 March 2021 are hereby required to file their audited annual financial statements within 20 business days from the date of publication of this Notice.

The list of companies that contravened Section 33 as alluded to above are published on our website, viz www.cipc.co.za

Click here to download Notice 59 of 2021:

http://www.cipc.co.za/files/1016/3826/2757/Notice_no_59_of_2021.pdf

How does this affect you and your clients?

Relevance to Auditors, Independent Reviewers & Accountants:

The Companies Act 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.
This CIPC notice only applies to public companies
As an auditor, you also need to monitor your client’s compliance with the Companies Act and all relevant notices/enforcements issued by CIPC as the regulator.

Relevance to Your clients:

This CIPC notice is only applicable to public companies;
The client has a duty to comply with the Companies Act, as well as relevant notices/enforcements published by the Regulator.

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