CIPC: Masking of information on COR39 proposed changes

CIPC: Masking of information on COR39 proposed changes

• 11 June 2024
• CIPC
• South African Accounting Academy

As the custodian of company registers, CIPC collects the information of directors and such information becomes available to the public when filed with the Commission.

Therefore, the information of directors of companies will now be masked e.g. ID numbers, passport numbers, addresses, etc when filing for director amendments.

The filer will be able to update information, where necessary, and the output document CoR39 will display the correct information.

Click here to download Notice 40 of 2024:

https://www.cipc.co.za/wp-content/uploads/2024/06/Notice-40_Re-Masking-of-information-on-CoR39.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 client’s compliance with the Companies 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.

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