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Quick Guide to Companies Act Amendments
- 10 February 2025
- Regulatory Compliance and Legislation
- South African Accounting Academy
Summary:
Werksmans Attorneys has issued a useful, quick reference guide on the recent amendments to the Companies Act.
Article:
The guide provides information on noteworthy amendments to the Companies Act No 71 of 2008 that are in effect in a table-format.
A short summary of the amendments not yet in effect is also provided.
Certain provisions of the Companies Amendment Act No 16 of 2024 and the whole of the Companies Second Amendment Act No 17 of 2024 came into force on 27 December 2024.
Werksmans noted that the Companies Regulations have not, as yet, been updated to take into account the amendments referred to in the table. This, together with the partial implementation of the Companies Act amendments, has resulted in certain inconsistencies in the legislation. These inconsistencies are not addressed in this reference guide.
Click here to download the 6-page Reference Guide:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Companies Act (including the relevant amendments) 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 auditor, independent reviewer and accountant, you need to consider your client’s compliance with the Companies Act.
- As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for companies and company secretarial practitioners to keep abreast of such changes in so that companies continue to meet their compliance obligations.
- You should be aware of useful summaries that are published by regulators and stakeholders.
Relevance to Your Clients:
- An entity (company or close corporation) has a duty to comply with the Companies Act, and directors have to fulfil their duties accordingly, otherwise they could be held liable.
- As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for companies to be aware of the latest changes that may affect their compliance obligations.