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SAICA: Summary of Companies Act amendments
- 10 February 2025
- Regulatory Compliance and Legislation
- South African Accounting Academy
Summary:
SAICA has published a short summary of recent Companies Act changes.
Article:
This includes sections of the Companies Act that are now in full effect and companies need to be aware of them.
The sections (set out in table format with a description of the change) of the Companies Act are now in full effect and companies need to be aware of them.
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.
Continuous training on the amendments to the Companies Act will be done in other SAICA interventions, e.g. Compliance in Practice, Techtalk and other training platforms.
Click here to download the 2-page Summary:
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.