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.

COIDA: Increase in monthly pensions

28 October 2022
South African Accounting Academy

This increase is with regards to accidents which occurred before 31 March 2022 as well as occupational diseases which were diagnosed before 31 March 2022.

The prescribed minimum and maximum compensation for accidents that occur from 1 April 2022 as well as occupational diseases diagnosed from 1 April 2022, are also set out in this Notice.

Click here to download the Government Gazette Notice:

https://www.gov.za/sites/default/files/gcis_document/202209/46884gen1275.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

The COID 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.
As an employer, you also need to adhere to the prescribed minimum and maximum compensation amounts, and increased monthly pensions.
If you are performing this function on behalf of your clients, you need to ensure that it is done accurately.

Relevance to Your clients:

As an employer, your clients also need to adhere to the prescribed minimum and maximum compensation amounts, and increased monthly pensions

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