Relief from Audit requirement – Companies Act, 2008

Companies with financial year ends ending on or after 1 May 2011 to 30 June 2012, need to ensure that they have amended their existing Articles of Association (deemed Memorandum of Incorporation) to ensure that they can make use of certain provisions of the new Companies Act, 2008.

Companies that have not yet amended their existing articles may find themselves bound to certain requirements prescribed by the Companies Act, 1973 and which would lead to additional requirements having to be met that are no longer required in terms of the Companies Act, 2008 – such as all companies being required to appoint an Auditor.

Companies that do not wish to meet these stricter requirements must ensure that the following process is implemented:

  1. Approve a special resolution removing the requirement for a statutory audit.
  2. Complete Form CoR 15.2 – Notice of Amendment of Memorandum of Incorporation (MOI).
  3. Attach a copy of special resolution amending the MOI to Form CoR15.2.
  4. Ensure the date for the amendment is approved before the company’s year-end date and that the Notice is also filed prior to the year-end date. The Notice should be sent by Registered mail or ensure the CIPC stamp on date of filing (if it is filed at a later date, the later date will be the effective date).

Should you require any assistance with this, please do not hesitate to contact Karen Venter our offices.

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