The Companies Act, applied to the work the firm already does
Section 30 statements and the directors' report from the client's figures, the Public Interest Score from its records, the securities and beneficial ownership registers from one corporate record, and annual returns prepared for a person to file with CIPC.
The Companies Act 71 of 2008 governs what a company's financial statements contain, who signs them and whether they are audited or reviewed. Achekam carries those rules into the statements, the Public Interest Score assessment and the company secretarial records, and says what still needs a person.
What it covers
- Section 30 statements and the directors' report — Statements built from the trial balance under the client's framework, with the directors' report, the directors' approval and signatures, and the statement of the level of assurance that section 29(1)(e) asks for. The automated review checks that the directors' report and the directors' emoluments are disclosed.
- Regulation 26 to 29: the score and the requirement — One Public Interest Score assessment per client and year, from the trial balance, payroll and share records, prepared by one person and reviewed by another, determining audit, independent review or exempt.
- Registers from one corporate record — Directors, shareholders and beneficial owners are roles on one record of the client's people and organisations; the securities register is kept from share transactions, and beneficial ownership is worked out through the holding structure.
- Annual returns prepared for CIPC — Each company's and close corporation's annual return is scheduled, checked for readiness and handed to a person to file on the CIPC portal, who records the submission and the confirmation with their evidence.
What it does not do
- Achekam does not file with CIPC: annual returns and iXBRL statements are prepared here and filed by a person, who records the reference.
- Beneficial ownership is worked out from the records the firm keeps; Achekam does not query the CIPC register.
The standard behind it
Companies Act 71 of 2008 and the Companies Regulations, 2011, Sections 24, 28, 29, 30 and 33; Regulations 26 to 30. The duties to keep accounting records, prepare and approve financial statements, have them audited or reviewed where required, and file annual returns.
Questions
- Does it support close corporations, non-profit companies and trusts?
- Yes. The statements have templates for companies under IFRS for SMEs or full IFRS, close corporations, non-profit companies and organisations, trusts, body corporates, public entities and municipalities under GRAP, and special-purpose frameworks.
