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 and PAIA online portals go live

22 September 2022
South African Accounting Academy

The regulator said the online portals intend to improve efficiency, as they will be user-friendly and afford quick turnaround time for submission of section 32 reports and registration of information officers.

Manual applications will continue to be administered to accommodate special circumstances. However, all public and private bodies are strongly encouraged to use the portals because it is cost-effective and saves time.

Section 32 of PAIA applies to public bodies, which are any departments of state or administration in the national, provincial, and local municipalities or any other public institution exercising power in terms of the Constitution. The Information Officers are obligated to submit section 32 reports to the regulator annually.

The Regulator had previously introduced a manual process for registration of Information Officers (IOs), which was used whilst it was reconfiguring the online system that had technical glitches in 2021.

Public and private bodies who had registered using the manual registration and received their certificates are advised not to re-register. The portal has been upgraded and will have the functions to register IOs, allow for amending, and updating details of the respective bodies.

Public and private bodies should comply with these requirements and use the portals made available. It is to be noted that non-compliance with these statutory requirements is a contravention of the law.

For any further enquiries on the section 32 reports, email PAIACompliance@inforegulator.org.za and for the IO registration email Registration.IO@inforegulator.org.za

The Regulator may also be contacted during office hours 8am - 4pm on 010 023 5200. The portals are accessible on the following link https://inforegulator.org.za/portal/

Click here to download the Media Statement:

https://inforegulator.org.za/wp-content/uploads/2020/07/MEDIA-STATEMENT-THE-INFORMATION-REGULATOR-POPIA-AND-PAIA-ONLINE-PORTALS-GO-LIVE.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

POPIA and PAIA are additional pieces 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 POPIA and PAIA in SA) – especially as it relates to operational functionalities.
As an employer, you also need to comply with POPIA and PAIA in your workplace.

Relevance to Your clients:

An entity (company or close corporation) has a duty to comply with the POPIA and PAIA Acts, 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.

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

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https://cpd.accountingacademy.co.za.