CATEGORIES
- (2)Account / Profile
- (499)Accounting
- (6)Audit
- (119)Auditing and Assurance
- (1)Business
- (3)Business Rescue
- (59)CIPC
- (6)Compliance
- (6)Ethics and Professionalism
- (33)Financial Reporting
- (3)Guides
- (2)Law
- (36)Legal and Compliance
- (2)Management
- (12)Money Laundering
- (1)Personal & Professional Development
- (1)Practice Management
- (1)Professional Ethics
- (1)Public Sector
- (72)Regulatory Compliance and Legislation
- (26)SARS Issues
- (10)Sustainability Reporting
- (20)Tax
- (1)Tax Update
- (1)Technology
- Show All
CIPC: Additional automation of filing of BR documentation
- 20 September 2024
- CIPC
- South African Accounting Academy
Summary:
The Companies and Intellectual Property Commission (CIPC) has issued a notice to introduce additional automation of filing of status reports, substantial implementations and terminations regarding Business Rescue, from 1 September 2024.
Article:
To ensure excellent, efficient and effective customer service are fulfilled, the Commission has embarked on the process of automation of the filing of status reports, substantial implementations and terminations in the actualization of its efforts and commitments to all concerned stakeholders.
As from 1 September 2024, the Commission has launched the following additional automation:
- the filing of status reports (COR125.1),
- terminations (COR125.2) and
- substantial implementation (COR125.3).
These services are available on the New-E Services portal and this is the only available platform from 1 September 2024 that will be used for the filing of the above mentioned applications.
The Commission kindly informs all stakeholders, clients and citizens that the filing of these applications via the dedicated [email protected] mailbox will not be processed and people are advised to use New Eservices.
Further information pertaining to these processes the step by step guides are available on the website under Step by step guide on the New Eservices folder.
Click here to download Notice 63 of 2024:
https://www.cipc.co.za/wp-content/uploads/2024/09/Notice-cor125.1cor125.2-and-cor125.3.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- The Companies 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, independent reviewer and accountant, you also need to monitor your client’s compliance with the Companies Act and all relevant notices/enforcements/practice notes issued by CIPC as the regulator.
- Where you perform these compliance tasks on behalf of your client, you need to ensure that you comply with all relevant notices/enforcements/practice notes and that you are aware of the latest media statements issued by CIPC as the regulator.
- Company Secretarial staff play a critical role in bridging the gap between entities and CIPC. As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for companies and company secretarial practitioners to keep abreast of such changes in so that companies continue to meet their compliance obligations.
- Business Rescue Practitioners (BRPs), and all relevant stakeholders should be aware of the additional automation relating to some BR documents.
Relevance to Your Clients:
- Business Rescue Practitioners (BRPs), and all relevant stakeholders should be aware of the additional automation relating to some BR documents.
- An entity (company or close corporation) has a duty to comply with the Companies Act, and all relevant notices/enforcements/practice notes and to be aware of the latest media statements issued by CIPC as the regulator.