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Auditing Summary: Statutory Matters
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Comprehensive summary of key examinable sections in the Companies Act and Auditing Professions Act.
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1AUDITING SUMMARY
Sta
PART 2 – STATUTORY MATTERS
TOPICS COVERED
1. COMPANIES ACT
2. AUDITING PROFESSIONS ACT
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, 2
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
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* 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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