Expiry of COIDA Letters of Good Standing

Expiry of COIDA Letters of Good Standing

• 26 April 2024
• Regulatory Compliance and Legislation
• South African Accounting Academy

No LOGS will be issued to businesses that have failed to timeously file, submit and pay their assessment based on their annual Return of Earnings (ROEs).

The time for submission of annual ROEs is open from 1 April 2024 until 30 June 2024.

With an annual letter of good standing, a business has been assessed and all outstanding amounts have been settled before the letter is applied for. Once it is received, certification is valid for 12 months.

Please visit https://cfonline.labour.gov.za/OnlineSubmissions/ for more information on how to easily generate a letter of good standing.

Click here to download the Process flow for generating a LOG:

https://www.labour.gov.za/DocumentCenter/Publications/Compensation%20for%20Occupational%20Injuries%20and%20Diseases/Letter%20of%20good%20standing.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• The COID 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 employer, you also need to submit your Return of Earnings on time, and obtain a letter of good standing, if needed.
• If you are performing this function on behalf of your clients, you need to ensure that the deadline is met.

Relevance to Your clients:

• As an employer, a client of yours would need to submit your Return of Earnings on time, and obtain a letter of good standing, if needed.

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