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CIPC Notice: Rotation of Auditors
- 16 July 2021
- Auditing and Assurance
- South African Accounting Academy
In May 2011 the Companies Act came into effect, which came with many new provisions which were not part of the 1973 Act. Amongst the new provisions is the rotation of auditors after the expiration of 5 years.
Subsection 1 of the abovementioned Section provides that, the same individual may not serve as the auditor or designated auditor of a company for more than 5 consecutive financial years.
In 2016 it was the first rotation for the auditor or designated auditor, the next 5-year cycle started May 2021 and CIPC reminds companies to comply accordingly. CIPC advises companies to make use of their on-line transaction for the change of auditors available on their website for quick turnaround times.
Click here to download Notice 35 of 2021:
http://www.cipc.co.za/za/wp-content/uploads/2021/07/Notice_35_of_2021.pdf
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