Accounting Officers’ Reporting Duties: CIPC Notice 56 of 2024 and Compliance under the Close Corporations Act

The Companies and Intellectual Property Commission (CIPC) issued Notice 56 of 2024, highlighting widespread non-compliance by Accounting Officers of Close Corporations (CCs) with mandatory reporting duties under Sections 62(3) and 62(4) of the Close Corporations Act 69 of 1984. These sections require immediate reporting of financial irregularities or contraventions identified in annual financial statements. Failure to comply may result in enforcement actions. The CIPC has set up a dedicated reporting channel via email and issued practice guidelines to ensure Accounting Officers meet these critical legal obligations.