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.

POPIA: Enforcement Committee established

31 August 2022
South African Accounting Academy

Section 93 of POPIA provides that the Enforcement Committee must consider all matters referred to it by the Regulator regarding a complaint, an investigation of a complaint, a finding in respect of the complaint, and as referred to in section 92 of POPIA, other matters or a recommendation in respect of the proposed action to be taken by the Regulator.

For the first time since its establishment in 2016, the Regulator will be able to enforce its powers and provide an effective remedy to the complainants whose right to privacy and the right of access to information have been infringed.”

The establishment of the Enforcement Committee is a shot in the arm to the Regulator's efforts aimed at confronting the increasing volume of complaints by the public regarding the processing of their personal information by responsible parties or the denial of access to information by public or private bodies. In the twelve months since the enforcement powers of the Regulator came into force, 150 access to information complaints and 544 protection of personal information complaints have been submitted to the Regulator. The Enforcement Committee will play a critical role in resolving some of these cases if they are not resolved at the earlier phases of the case management processes, such as the pre-investigation, investigation and mediation phases.

Click here to download the Media statement:

https://inforegulator.org.za/wp-content/uploads/2020/07/Media-Statement_Information-Regulator-Establishes-Enforcement-Committee.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.

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.

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