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CIPC: Compliance Checklist Report
- 05 September 2023
- Accounting
- South African Accounting Academy
The Compliance Checklist Data indicates a year-on-year improvement in the levels of compliance and the Report aims to:
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Serve as a knowledge tool for directors in guiding them with regard to their responsibilities in terms of the Companies Act.
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Allow for third parties who provide company secretarial services to have a more focused engagement with their clients (i.e. directors) on the statutory obligations thus saving time and scarce resources and ensuring accurate date filings are made to the CIPC.
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Strengthen the corporate governance of these entities and thereby assist in growing the economy.
Contents:
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Introduction
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How does the Compliance Checklist work
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Overview of the Compliance Checklist Data and Reasons for Non-compliance - 24 Sections/Regulations of the Companies Act are discussed in detail
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Conclusion
The reasons given for non-compliance require interventions and the CIPC will, inter alias, engage with external stakeholders including the Companies Tribunal and the Independent Regulatory Board for Auditors (IRBA) in areas relating to auditor appointment and rotation and social and ethics committees.
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Provide corporate education in areas including but not limited to section 26 – Access to company records; section 27 - financial year of company and section 50 – Share registers and numbering.
Click here to download the Report:
https://www.cipc.co.za/wp-content/uploads/2023/09/Compliance-Checklist-Report-22-08-2023-pdf.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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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.
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It creates an opportunity for practitioners who provide company secretarial services to have a more focused engagement with their clients (i.e. directors) on the statutory obligations thus saving time and scarce resources and ensuring accurate date filings are made to the CIPC.
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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.
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It is important to stay informed on publications issued by the regulators, e.g. CIPC.
Relevance to Your Clients:
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An entity (company or close corporation) has a duty to comply with the Companies Act, and directors have to fulfil their duties accordingly, otherwise, they could be held liable.
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This report serves as a knowledge tool for directors in guiding them with regard to their responsibilities in terms of the Companies Act.
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It is important to stay informed on publications issued by the regulators, e.g. CIPC.