2018 - CIPC Audits On Annual Financial Statements
Overview
Not preparing your financial statements within 6 months of year-end can cost you 10% of your Revenue in penalties.
This is the result of a recent High Court order (CIPC v Citiconnect 9503/18) that confirmed the CPC's authority to issue administrative penalties for general non-compliance to the Companies Act, 2008.
In addition, CIPC now requires Companies to institute a criminal and legal action against directors that caused financial statements to be misleading or falsify accounting records (CIPC v Steinhoff).
The webinar will be presented by Adv Rory Voller from CIPC, and representatives from the Corporate Disclosure Regulation and Compliance Unit.
Learning outcomes
Attending this webinar will provide you with an understanding of the:
- Compliance provisions of the Companies Act, no. 71 of 2008.
- Obligations of Companies to report errant directors.
- Type and amount of penalties.
- How to avoid penalties.
- The effect on your PI Insurance.
Course content
The webinar will cover the following topics:
- The requirements of section 28, 29 and 30 of the Companies Act.
- What constitutes misleading financial statements.
- What constitutes falsification of accounting records.
- The requirement to prepare annual financial statements within 6 months of year end.
- How to apply for condonation.
- The requirements of section 175, 184 and 214 of the Companies Act.
- Conditions that will result in CIPC issuing an administrative penalty to your company.
- Type and amounts of penalties.
- What to do if you receive a Compliance Notices from CIPC.
- How to object to the penalties.
- The effect on your PI Insurance as a professional accountant
Related Webinars
IFRS for SME - A guided tour through the Illustrative Financial Statements