SAICA Guide on Close Corporations (Revised May 2015 - Version 2)

This guide has been developed primarily to give guidance to members and associates on the accounting and reporting requirements of the Close Corporations Act, No. 69 of 1984. The guide has been updated in line with the Companies Act, No. 71 of 2008, and the subsequent changes to the Close Corporations Act as per Schedule 3 of the Companies Act.

Warning to readers

SAICA members are alerted to the fact that this guide has not been updated for amendments to legislation that has been referenced or for amendments to relevant pronouncements of the International Auditing and Assurance Standards Board (IAASB) that became effective after this guide was revised (May 2015). This includes, but is not limited to, amendments to:

• ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, effective for audits of financial statements for periods ending on or after 15 December 2016
• ISA 720 (Revised), The Auditor’s Responsibilities Relating To Other Information, effective for audits of financial statements for periods ending on or after 15 December 2016
• ISA 800 (Revised), Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, effective for audits of financial statements for periods ending on or after 15 December 2016
• ISRS 4400 (Revised), Agreed-Upon Procedures Engagements, effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after 1 January 2022.
  
  If reports are issued in terms of this guide they should be updated in terms of the applicable pronouncements.