Auditing Summary: Statutory Matters

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AUDITING SUMMARY
Sta




PART 2 – STATUTORY MATTERS



TOPICS COVERED
1. COMPANIES ACT
2. AUDITING PROFESSIONS ACT




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Statutory Matters


COMPANIES ACT OF 2008


Key Concepts
➢ Types of companies
➢ Different regulatory burdens
➢ Different reporting burdens
➢ Partial codification of directors’ duties
➢ Increased accountability of directors
➢ Probation
➢ Declared delinquent
➢ Liquidity and solvency not capital maintenance
➢ Business rescue provision
➢ Increased Accountability
➢ Companies’ secretary
➢ Audit committee
➢ Share capital
➢ Company distributions




How is PI score computed?
Sum of:
* Number of points equal to the average number of employees during the
year
* 1 point for every R1mil in third party liability at y/e
* 1 point for every R1mil in turnover for the year
* 1 point for every individual who directly or indirectly has an interest in
securities




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