CIPC Notice 33 of 2024: Preparation and approval of annual financial statements
Published: 10 April 2024
The Companies and Intellectual Property Commission (CIPC) is responsible for promoting compliance with the Companies Act, 71 of 2008. This includes the effective enforcement of the Act. CIPC has noted that many companies fail to comply with Section 30 (1) of the Act, which requires annual financial statements (AFS) to be prepared and approved within six months after the financial year-end.
Section 30 (1) mandates that companies must prepare AFS within six months after the end of their financial year. Public companies, state-owned companies, and certain other companies must also have their AFS audited within this period. Companies exempted from audit or independent review under Section 30 (2A) must still prepare AFS within six months but are not required to submit them to CIPC.
Failure to comply with these requirements may lead to investigations, enforcement actions, administrative penalties, and a negative compliance record as stipulated in Section 171 of the Act.
CIPC Notice 33
The Companies and Intellectual Property Commission (CIPC) is responsible for promoting compliance with the Companies Act, 71 of 2008. This includes the effective enforcement of the Act. CIPC has noted that many companies fail to comply with Section 30 (1) of the Act, which requires annual financial statements (AFS) to be prepared and approved within six months after the financial year-end.
Section 30 (1) mandates that companies must prepare AFS within six months after the end of their financial year. Public companies, state-owned companies, and certain other companies must also have their AFS audited within this period. Companies exempted from audit or independent review under Section 30 (2A) must still prepare AFS within six months but are not required to submit them to CIPC.
Failure to comply with these requirements may lead to investigations, enforcement actions, administrative penalties, and a negative compliance record as stipulated in Section 171 of the Act.
CIPC Notice 33
Updated on: 17/07/2024
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