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Guidelines: Sensitive Information exchange
- 03 March 2023
- Accounting
- South African Accounting Academy
This follows their release in September 2022 for public comment.
The purpose of the guidelines is to address uncertainty in some quarters about the difference between permissible and impermissible information exchange under section 4 of the Competition Act, 1998 (restrictive horizontal practices). This is noting that permissible information exchange should enhance efficiencies in the sector concerned, but that the exchange of certain types of information ‘may potentially be harmful to competition’.
Click here to download the Guidelines:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Competition 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.
Relevance to Your clients:
- An entity (company or close corporation) has a duty to comply with the Competition Act, and directors have to fulfil their duties accordingly, otherwise they could be held liable.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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