Updated Guide on Retention of Records

29 April 2022
Accounting
South African Accounting Academy

This guide refers to the legislation and identifies the timeframe in which certain documents have to be kept.

Owing to various legislative requirements, documents must be retained for a certain number of years, depending on the legislation.

The guide does not attempt to include all legislation, but only refers to the general legislation that impact on a wide variety of entities.

The guide has been compiled to assist SAICA members to meet the legislative requirements when they deal with clients.

The guide is structured to refer to the relevant Act and then to the documents that should be kept and to the period of retention.

Click here to download the Updated Guide:

https://saicawebprstorage.blob.core.windows.net/uploads/resources/Guide-on-Retention-of-Records.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

There are numerous pieces 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.
Entities (company or close corporation) and individuals have a duty to keep records for a certain period of time – as stipulated in various Acts that apply to them.
Where applicable, you also need to retain records in accordance with the Acts – whether you keep these in your own capacity or on behalf of your clients.

Relevance to Your clients:

Entities (company or close corporation) and individuals have a duty to keep records for a certain period of time – as stipulated in various Acts that apply to them.

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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