The Department of Trade and Industry published the final Regulations on the Companies Act on 20 April 2011.

This document includes an overview of the new arrangements that will apply to close corporations regarding the audit requirement, independent review and the financial reporting standards applicable. For all year-ends up to and including 30 April 2011 CCs will comply with the existing requirements, viz. an Accounting Officer’s Report accompanying financial statements drawn up based on accounting policies chosen/designed by the CC in question.