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Under the old companies act, there is a requirement for an audit, although not necessarily a full scale audit ... negative assurance was fine (I stand corrected, haven't studied old companies act for 2 years) ... under the new companies act however, you will not require an audit if you are below certain criteria, only a basic review ... same as a CC ... reason is because CC's are falling away in new Co. Act ... so you will not be able to register a CC when it comes into effect, although if you already have a CC you can keep it or convert.
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My understanding is that all PTYs must still be audited. As mentioned above, this requirement is supposed to fall away for the smaller ones once the new companies act comes into effect. But no changes yet.
When will this happen? I don't even think Government knows. I hear a different date from whomever I ask. Generally the answer is within the next 6 months, but I've been hearing that for almost 2 years now.
There have been numerous errors in the draft legislation, with the submissions made by SAICA (South African Institute of Chartered Accountants) to the minister.
The minister has to consider the changes and then revise the legislation, etc. so far the last indication is the end of 2010 or Q1 2011.
Pty's in future will have to be audited (public entity) or "independently reviewed" (non public entity) (possibly similar to that as allowed per the old Close Corporations Act). What constitutes an " independent review" is still however being debated.
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