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CIPC: Verification of customers when appointing directors
- 08 April 2024
- CIPC
- South African Accounting Academy
In line with the CIPC continually reviewing and streamlining its processes to make it more efficient to transact with the CIPC, but also bearing in mind the need to maintain integrity of Registry Data, with the Customer Verification process which had been introduced recently, CIPC has noted that some clients are struggling with the second phase of verification when doing the director changes.
CIPC has further noted the frustration this has caused to our citizens and we have reviewed the process of director verification and same will happen in the back end and will not impact the citizens when processing director changes.
CIPC has apologized for any inconvenience caused by this.
For further information and any enquiries, visit https://www.cipc.co.za/?p=20734
Click here to download Notice 31 of 2024:
https://www.cipc.co.za/wp-content/uploads/2024/04/Customer-Verification-Notice-31-of-2024.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.