Reporting

High Court ruling: CIPC may impose a 10% turnover-penalty on companies failing to promptly lodge their annual financial statements

The CIPC won a High Court order empowering them to impose a 10% of annual revenue penalty on companies that fail to prepare their annual financial statements within 6 months of year-end. Failure to submit annual financial statements to the CIPC contravenes Act, 71 of 2008. Continuous non-compliance may lead to a formal investigation by [...]

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In-depth details on CIPC 10% turnover-penalty for failure to lodge annual financial statements

The CIPC won a High Court order empowering them to impose a 10% penalty of annual revenue on companies that fail to prepare annual financial statements (within 6 months of year-end). Failure to submit annual financial statements to CIPC contravenes Act, 71 of 2008. Continuous non-compliance may lead to a formal investigation by the CIPC. [...]

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King IV™ – A Synopsis of Principle 5: Pertaining to Reporting

Melanie TeBrugge — Senior Board Consultant, Kilgetty Statutory Services Principle 5 of King Report on Corporate Governance for South Africa™ prescribes that a governing board should ensure that reports issued by the organisation enable stakeholders to make informed assessments of the organisation’s performance, and its short, medium and long-term prospects. King IV™ clearly articulates the [...]

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