CIPC: Annual submission of reports and filling of Annual Returns for Co-operatives

CIPC: Annual submission of reports and filling of Annual Returns for Co-operatives

• 23 October 2024
• CIPC
• South African Accounting Academy

Summary:

The Companies and Intellectual Property Commission (CIPC) has announced the introduction of online filing for annual returns and submissions, as required under Section 26A and Section 47 of the Co-operatives Act.

Article:

This initiative aims to streamline the submission process and ensure compliance with regulatory requirements.

As part of its mandate to regulate and ensure compliance with relevant laws, the CIPC would like to notify Co-operatives of the requirement to submit their annual reports and file annual returns with the Registrar online with effect from 25 October 2024.

This innovation aims to streamline annual returns and annual submissions of reports into one seamless experience to reduce the cumbersome paperwork and compliance burden associated with the manual filling of forms.

The amended Co-operatives Act makes provision for various categories of co-operatives, and this provision of various categories aims to simplify compliance and regulatory requirements among different Co-operatives. Various categories are listed in the notice.

Co-operatives must file annual submissions, which may include audited financial statements or independently reviewed reports, depending on their category.

With this streamlined process and clear guidelines, it will be easier for Co-operatives to comply with their annual filing obligations and meet regulatory requirements efficiently.

Click here to download Notice 67 of 2024:

https://www.cipc.co.za/wp-content/uploads/2024/10/NOTICE-TO-CUSTOMERS-AR-signed.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 clients’ (who are co-operatives) compliance with the Co-Operatives 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.

Relevance to Your Clients:

• 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.
• Entities who are co-operatives) compliance with the Co-Operatives Act and all relevant notices/enforcements/practice notes issued by CIPC as the regulator.

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