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.

Mandatory Covid-19 Vaccinations in the Workplace: Compensation for Injuries or Death

15 November 2021
South African Accounting Academy

Please take notice that the Compensation Fund will cover will cover employees for injuries, illness or death as a result of receiving a Covid-19 vaccine, only where an employee is required by the employer to receive vaccination as an inherent requirement of employment or where vaccination is required based on the OHS risk assessment conducted by the employer.

The notice sets out which requirements shall apply in this regard.

The claims will be adjudicated and compensation will be determined and paid in terms of the Act and the Guidelines of Compensation Fund.

Click here to download the Government Notice:

https://www.gov.za/sites/default/files/gcis_document/202110/45358gen629.pdf

How does this affect you and your clients?

Relevance to Auditors, Independent Reviewers & Accountants:

COIDA and the OHS Act are pieces 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 comply with COIDA and the OHS Act in your workplace, because you have a duty to provide and maintain, a working environment that is safe and without risk to the health of his employees.
As an employer, you are expected to act in accordance with the latest consolidated OHS Directive, with specific reference to the entity’s policies regarding mandatory vaccinations.
As an employer, you are expected to assist employees to claim from the Compensation Fund.

Relevance to Your clients:

An employer has a duty to provide and maintain, a working environment that is safe and without risk to the health of his employees.
The employer is expected to act in accordance with the latest consolidated OHS Directive, with specific reference to the entity’s policies regarding mandatory vaccinations.

The employer is expected to assist employees to claim from the Compensation Fund.

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