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Categories
Tag Archives: Companies Act
Business rescue VS liquidation: What is the difference?
South Africa has been experiencing very slow economic growth and international rating agencies have subsequently downgraded South Africa’s investment outlook to “junk status”. This, and a myriad of other factors, have negatively impacted South African businesses, especially small and medium … Continue reading
Posted in Commercial Law
Tagged Companies Act, liquidator, rescue plan
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The difference between having your annual financial statements reviewed as opposed to audited
JOHANNESBURG – With the current state of the national and global economy, companies are trying to better manage their expenses. Audit fees tend to make up a significant portion of a company’s annual expenses and therefore some businesses specifically focus … Continue reading
Posted in Finance
Tagged annual financial statements, Audits, Companies Act, Finance, Financial statements, public interest score
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WHEN SHOULD FINANCIAL STATEMENTS BE AUDITED, REVIEWED OR COMPILED?
The Companies Act of South Africa (the Act) requires all companies to prepare financial statements within 6 months after the end of its financial year. A very popular question among business owners with regards to financial statements is whether the … Continue reading
Posted in Accountants
Tagged AUDIT, Companies Act, Financial statements
Comments Off on WHEN SHOULD FINANCIAL STATEMENTS BE AUDITED, REVIEWED OR COMPILED?
TO AUDIT OR NOT TO AUDIT?
The new Companies Act stipulates that only listed companies, and companies deemed to be in the public interest, are required to be audited and that non-public companies may choose between an independent review or an audit. Given the value of … Continue reading
FINANCIAL ASSISTANCE BY COMPANIES TO ISSUE SHARES
Section 38 of the Companies Act, 61 of 1973 (now repealed) contained a prohibition against companies issuing shares to prospective shareholders on loan account. This was identified as one of the hurdles in the way of BEE empowerment deals specifically … Continue reading
Posted in Finance
Tagged Companies Act, Financial assistance, Shares
Comments Off on FINANCIAL ASSISTANCE BY COMPANIES TO ISSUE SHARES