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.

Employment Equity Public Register 2021

09 June 2022
South African Accounting Academy

The list consists of 5 824 large employers & 21 193 small employers.

The Report is available in 5 parts.

Click here to access the Register:

https://www.labour.gov.za/employment-equity-public-register-2021

Relevance to Auditors, Independent Reviewers & Accountants:

The Employment Equity 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 auditor and independent reviewer, you need to consider whether your client is a designated employer, and confirm that they have submitted their EE Report accordingly.
Should you be a designated employer, you also need to comply with the Employment Equity Act in your workplace, and submit your EE report, as prescribed.

Relevance to Your clients:

An entity (company or close corporation) who is a designated employer, has a duty to comply with the Employment Equity Act in your workplace, and submit their EE report, as prescribed.
An entity might wish to confirm that a prospective client/supplier is compliant with the EE Act before, e.g. awarding a tender.

To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update

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