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.

PAIA forms

31 October 2022
South African Accounting Academy

The following PAIA forms are available:

Form 01: Request for a Guide from the Regulator [Regulation 2]
Form 01: Request for a Copy of the Guide from an Information Officer [Regulations 3]
Form 02: Request for Access to Record [Regulation 7]
Form 03: Outcome of request and of fees payable [Regulation 8]
Form 04: Internal Appeal Form [Regulation 9]
Form 05: Complaint Form [Regulation 10]
Form 13: PAIA Request for Compliance Assessment Form [Regulation 14(1)]

Click here to access and download the PAIA forms:

https://inforegulator.org.za/paia-forms/

Relevance to Auditors, Independent Reviewers & Accountants:

PAIA is 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, accountant and independent reviewer, you need to consider updated information that is published by the Information Regulator (as they are responsible for PAIA in SA) – especially as it relates to operational functionalities, such as the latest forms to use to request access to information.
As an employer, you also need to comply with PAIA in your workplace.

Relevance to Your clients:

An entity (company or close corporation) has a duty to comply with PAIA, and directors have to fulfil their duties accordingly, otherwise they could be held liable.
Your clients need to consider updated information that is published by the Information Regulator (as they are responsible for POPIA and PAIA in SA) – especially as it relates to operational functionalities, such as the latest forms to use to request access to information.

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

Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more:
https://cpd.accountingacademy.co.za.