New Notice of Assessment: Compensation Fund

01 November 2022
South African Accounting Academy

This relates to form W.As.6

New important provisions have been added to remind employees to apply for revision within 60 days.

Click here to download the Example:

https://saicawebprstorage.blob.core.windows.net/uploads/resources/2022-10-03-CF-Notice-of-Assessment-Invoice-Sample-v2.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

COIDA (Compensation for Occupational Injuries and Diseases 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.
If you are advising your clients on COIDA, you need to be aware of the latest requirements – as communicated by the Compensation Fund.
As an employer, you also need to comply with COIDA in your workplace.

Relevance to Your clients:

An employer has a duty to comply with COIDA, otherwise they could be held liable.

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