Did you know that even though the new Companies Act exempts certain companies from an audit, it is NOT an automatic exemption? In actual fact, you are required to amend company documentation to effect this change! Should your company fail to adopt and submit this document prior to its year end, it will still have to be audited in terms of the “old” Companies Act.

The South African Institute of Chartered Accountants (SAICA) has issued a circular, explaining the process in more detail. The essence of this circular is to explain that the process of adoption and submission of the modified Memorandum of Incorporation (MOI) has to happen PRIOR to the company’s year end. To read an extract from the circular click here.

If we can assist you to have your MOI changed so that you are not require to be audited, please complete this form, and we will contact you asap. Do take note that the modified MOI needs to be stamped by the CIPC prior to your company’s year end as well, to ensure adoption of it, and to exempt your current financial year from an audit.

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