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CIPC: Filing of documents – Practice Note 4 of 2023
- 16 October 2023
- Accounting
- South African Accounting Academy
Applications filed with the CIPC, that comply with the Companies Act, and CIPC internal requirements, are processed accordingly. To that end, reasonable steps have been taken by the CIPC to ensure that filers are informed and guided on the Act and process requirements, through the publication of extensive step-by-step guides, guidance notes, etc.
It is however a reality that disputes arise within company structures, which necessitates the provision of remedies in the Act and its Regulations, for aggrieved parties. One such remedy is embodied in Regulation 168(6) of the Companies Act Regulations, which provides as follows: -
“(6) A company may challenge any document filed with the Commission within 10 business days by filing a notice in Form CoR 168.”
Any document filed and challenged successfully is a nullity and removed from the register as prescribed by regulation 168(7). Nullified filings are void and have no legal force or effect. No subsequent filings, based on the same documentation that was nullified, will be accepted by the CIPC.
Where disputes within company structures exist, companies are urged to refer the matter to an appropriate forum, or court for adjudication.
Click here to download the Practice Note:
https://www.cipc.co.za/wp-content/uploads/2023/10/PRACTICE-NOTE-COR168.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. Suppose they don’t comply with the relevant laws and regulations. In that case, 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.
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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 so that companies continue to meet their compliance obligations.
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.