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.

New Occupational Injuries and Diseases limit for 2023

29 April 2022
South African Accounting Academy

The following notices have been gazetted:

A Maximum Earnings on Actual Earning was R506 473 (1 March 2021 to 28 February 2022)
A Maximum Earnings on Provisional Assessment is R529 264 (1 March 2022 to 28 February 2023)
A Minimum Assessment for commercial employers is R1342
A Minimum Assessment for private domestic employers is R463

Click here to download the Gazette containing the notices:

https://www.labour.gov.za/DocumentCenter/Publications/Compensation%20for%20Occupational%20Injuries%20and%20Diseases/Notice%20of%20the%20Maximum%20Eanings%20and%20Minimum%20Assessment%202021.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

The COIDA 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.
Accountants, Auditors and Tax Practitioners may assist employers to complete their annual Return of Earnings, and thus should be aware of the latest thresholds.
As an employer, you also have a duty to consider the latest maximum and minimum earnings when completing the annual return of earnings.

Relevance to Your clients:

An entity (company or close corporation) has a duty to comply with the COIDA, otherwise they could be held liable.
An employer has a duty to consider the latest maximum and minimum earnings when completing the annual return of earnings.

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https://accountingacademy.co.za/profession/monthly-legislation-update

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