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.

NPO Act Amendment Bill

30 May 2022
South African Accounting Academy

The last Draft NPO Amendment Bill was gazetted on 1 Oct 2021.

The draft Bill seeks to strengthen the existing regulatory regime and make it more "relevant" to the prevailing "environment" without "constraining its strategic intent". Among other things, this is expected to:

increase efficiencies
reduce red tape, and
facilitate "conversations" on access to information.

Comments are due by 10 July 2022.

Click here to download the Gazette containing the Bill:

https://www.gov.za/sites/default/files/gcis_document/202205/46349gon2074.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

Applicable to their NPO clients.
The Non-profit Organisations Act and Amendment Bill 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.

Relevance to Your clients:

Applicable to all Non-profit Organisations.

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