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CIPC: Delay in processing credit notes
- 30 March 2023
- Accounting
- South African Accounting Academy
Kindly note that CIPC is experiencing a delay in the processing of credit notes for
- incorrect calculation of penalties and
- incorrect calculation of outstanding years for Annual Return transactions for the period 9 to 20 January 2023.
The intention was to systematically credit such fees to customers, but unfortunately same is not feasible due to the complexity of such transactional platforms. The CIPC is still in the process of reconciling the financial information with the transactional information and will be attending to the customer enquiries (logged via the CIPC online ticketing system) on a case by case basis.
Customers can expect further delays in the processing of customer enquiries relating to this notice, but CIPC assures that they are working tirelessly in resolving same.
Click here to download Notice 16 of 2023:
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/customer letters 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/customer letters issued by CIPC as the regulator.
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/customer letters issued by CIPC as the regulator.
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https://accountingacademy.co.za/profession/monthly-legislation-update
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