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.

Your actions in Cyberspace can now land you in Prison!

10 January 2022
South African Accounting Academy

The Cybercrimes Act impacts all of us who process data or use a computer, including inter alia, individuals, parents, journalists, organisations, banks and many others, who will probably commit many offences daily…

The following cybercrimes, amongst others, will as of 1 December 2021 be punishable by fine or imprisonment:

unlawfully accessing a computer system or computer data storage medium; which allows the person to intercept data or interfere with data or the computer system;
unlawfully intercepting data, for example acquiring, viewing, capturing or copying any data that is non‑public so as to make it available to a person other than the lawful owner or holder of the data;
unlawfully interfering with a computer program, data program, or computer system, for example through deleting, altering, or damaging the computer program or system;
committing cyber fraud such as unlawfully gaining access to a victim’s personal identity, bank accounts, and other information to steal information or money;
cyber forgery, for example where digital signatures are unlawfully replicated;
cyber extortion, for example where a person uses another person’s sensitive information and threatens to share it publicly unless a demand is met such as paying a ransom; and
theft of incorporeal property such as shares in a company.

The rest of the Cybercrimes Act will commence on a future date that the President will announce by proclamation.

Click here to download the Gazetted Proclamation:

https://www.gov.za/sites/default/files/gcis_document/202112/45562re11363proc42.pdf

How does this affect you and your clients?

Relevance to Auditors, Independent Reviewers & Accountants:

The Cybercrime Act 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.
As an auditor and independent reviewer, you need to consider and assess your client’s susceptibility to cybercrime, as it may impact on your risk assessment and resulting field work.
As an operator in cyberspace, you also need to comply with the Cybercrimes Act to ensure that you are not committing punishable offences.

Relevance to Your clients:

An entity (company or close corporation) has a duty to comply with the Cybercrimes Act, and any other laws and regulations that impact on their business.
As an operator in cyberspace, or a person who uses a computer, your client also needs to comply with the Cybercrimes Act to ensure that they are not committing punishable offences.

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

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