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.

So don't hold your breath....