CIPC Practice Note on Independent Review

10 June 2022
Accounting
South African Accounting Academy

It is requested from Accounting Professional Bodies that a sample of the work (2-5 as a minimum) of independent reviewers be subjected to review/inspection to ensure that they are in adherence with the prescribed standards and regulations when engaging in the independent review process.

All recognized Accounting Professional Bodies are therefore required to conduct the abovementioned reviews/inspections and that the outcomes of these reviews/inspections should form part of their annual reports that are submitted to CIPC from the 2023 reporting period.

Click here to download the Practice Note:

http://www.cipc.co.za/za/wp-content/uploads/2022/05/Independent-Review-Practise-Note_-3-of-2022.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, you also need to monitor your client’s compliance with the Companies Act and all relevant notices/enforcements issued by CIPC as the regulator.

Relevance to Your clients:

This CIPC practice note clarifies certain operational issues that must be complied with.
The client has a duty to comply with the Companies Act, as well as relevant notices/enforcements published by the Regulator.

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