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.

Guidelines: POPIA Section 22 Security Compromise Notification

27 September 2022
South African Accounting Academy

This is guidance to responsible parties and information officers/deputy information officers on how to complete the Security Compromise Notification Form provided by the Information Regulator (Regulator) in terms of section 22 of POPIA.

The use of the form will be effective immediately, upon publication on the Regulator’s website. All information officers/deputy information officers will be required to use this pdf fillable Form. Not doing so may result in the notification being regarded as non-compliant.

The process to be followed is also set out, and the parts of the form is explained in detail.

Click here to download the Guidelines:

https://inforegulator.org.za/wp-content/uploads/2020/07/Guidelines-on-completing-a-Security-Compromise-Notification-ito-Section-22-POPIA.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

POPIA 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.
Suspected compromises of security must be reported to the Information Regulator SA in the prescribed format.

Relevance to Your clients:

An entity (company or close corporation) has a duty to comply with the Protection of Personal Information Act, and directors have to fulfil their duties accordingly, otherwise they could be held liable.
Suspected compromises of security must be reported to the Information Regulator SA in the prescribed format.

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