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Payment of Pension Fund Contributions
- 09 January 2023
- Accounting
- South African Accounting Academy
The Financial Sector Conduct Authority (FSCA) published FSCA RF Notice 14 of 2022: Determination of format of documents in respect of requirements related to the payment of pension fund contributions (Determination).
The format of documents required in terms of various paragraphs contained in FSCA Conduct Standard 1 of 2022 (RF) – Requirements related to the Payment of Pension Fund Contributions, 2022, are set out in the Schedule to this Notice.
Click here to download the Notice documents:
Relevance to Auditors, Independent Reviewers & Accountants:
- The FAIS Act (Financial Advisory and Intermediary Services) 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.
- You need to be aware of General Notices that are gazetted by relevant regulators, such as the FSCA.
- As an auditor and independent reviewer, you need to consider whether the format of documents (in respect of requirements related to the payment of pension fund contributions) has been correctly applied by your relevant clients.
Relevance to Your clients:
- An entity (company or close corporation) has a duty to comply with the FAIS Act, and must ensure that requirements related to the payment of pension fund contributions has been met.
- Entities should therefor consider whether the format of documents (in respect of requirements related to the payment of pension fund contributions) has been correctly applied.
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