If a Close Corporation does not need to be audited, do we need to submit a CoR30.2?

Submission requirements depend on your Public Interest (PI) score and company regulations. SAAA's technical resource centre provides comprehensive documentation on independent reviews and CoR30.2 filing frameworks.

Is there a contradiction between the timeframe of submission of voluntary audited annual financial statements for a close corporation?

Section 58(1) of the Close Corporations Act outlines specific parameters regarding whether financial statements must be completed within 6 or 9 months. SAAA provides expert legal compliance resources to clarify these close corporation deadlines.

Differing approaches by CCMA & Labour Court to disputes with employees as a result of COVID-19

23 November 2021
South African Accounting Academy

2 separate cases are used to illustrate this point:

South Africa’s courts recently dealt with the case of an employee who did not follow Covid-19 regulations at work and was subsequently dismissed.

The court set aside the CCMA commissioner’s award and held that the employee’s dismissal was substantively fair.

This case emphasises the obligation placed on employees to always abide by Covid-19 health and safety protocols in the workplace, as the failure to do so may result in termination of their employment.

Durban woman fired for not attending work during lockdown last year wins case in the CCMA

She was awarded nine months of her salary, after the CCMA found that the woman’s dismissal was both substantively and procedurally unfair.

Employers are urged to take care of their employees during this time and called on all South Africans to act in the interest of the nation and not in their own selfish interests.

Click here to download the Media articles:

How does this affect you and your clients?

Relevance to Auditors, Independent Reviewers & Accountants:

The BCEA (Basic Conditions of Employment Act) and OHSA (Occupational Health & Safety Act) are both vital pieces 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.
You should also consider whether your client has quantified and properly disclosed provisions (or contingent liabilities) as a result of orders made (by the CCMA or Labour Court) in this regard
As an employer, you also need to comply with these acts and consider the principles set out in these court cases in your workplace

Relevance to Your clients:

An employer has a duty to comply with the Basic Conditions of Employment Act, the Occupational Health & Safety Act as well as the related consolidated OHS directive
Every employer should also consider quantifying and disclosing provisions (or contingent liabilities) as a result of orders made (by the CCMA or Labour Court) in this regard

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