Is it true that unaudited AFS are not required to be sent to CIPC?
True, there is no requirement, but if the entity is not required to submit audited AFS, they may choose to submit unaudited AFS instead of a Financial Accountability Statement (FAS).
Per the CIPC website: "It should be noted that only the audited financial statements must currently be filed with the CIPC. A company or close corporation, that is not required to file its audited financial statements, may still file such or its reviewed financial statements via [email protected]
Companies and close corporations that is neither required to file its audited financial statements, nor voluntarily filed its audited financial statements or reviewed financial statements, must file a financial accountability supplement (CoR30.2) with its annual returns.
Disclaimer:
Please note that the information provided does not constitute legal or professional advice, but rather the applicability of existing theory to a given practical situation. Due care is taken to ensure that the information is correct, but it remains subjective and an interpretation of application of information.