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CIPC: Customer Refunds
- 02 November 2023
- Accounting
- South African Accounting Academy
CIPC has noted a significant increase in refund requests that have been rejected due to missing documentation.
To speed up the refund process, here is some important information:
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For refund requests older than 10 days, please review the status and update the necessary outstanding information of the CIPC inquiry system (QRS).
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To initiate a refund request, please follow the steps set out in this CIPC notice, specifically regarding the Submission method, Certified ID Document, Proof of payment, Bank details, and Letter of request.
CIPC is dedicated to expediting full refund requests within 5-7 business days to ensure timely reimbursements.
It is imperative that CIPC adhere to these guidelines. Non-compliance could lead to potential delays in processing refund requests.
It is recommended that you merge the documents into a single PDF file for uploading (and the system also accommodates individual attachments).
If you have a balance in your customer account that has remained there for a period of 60 days, CIPC requests that you follow their refund process.
It is vital that CIPC remains fully compliant with the Banking Act of SA by not holding funds that are not for CIPC transactions.
Click here to download Notice 60 of 2023:
https://www.cipc.co.za/wp-content/uploads/2023/11/Notice-customer-refunds.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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The Companies Act and Regulations 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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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/customer letters issued by CIPC as the regulator.
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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/customer letters issued by CIPC as the regulator.
Relevance to Your Clients:
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An entity (company or close corporation) has a duty to comply with the Companies Act, and all relevant notices/enforcements/practice notes/customer letters issued by CIPC as the regulator.