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CIPC: New customer verification process UPDATE
- 11 March 2024
- Legal and Compliance
- South African Accounting Academy
This is relevant for SA ID holders as well as Foreign passport holders.
Refer to our previous Alert dated 6 March 2024 on the CIPC Notice 18 of 2024, which sets out the detailed process that needs to be followed.
All customers with pending transactions are urged to verify your customer code urgently in order to process the pending transaction.
For any challenges with ID verification, please send an email to [email protected] with the relevant customer code in the subject line.
CIPC has asked customers to kindly bear with them in the process of securing each customer code, and has apologised for any inconvenience caused.
Click here to download Notice 22 of 2024:
https://www.cipc.co.za/wp-content/uploads/2024/03/20240307-Notice_New-verification-process-v0.1.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.