Articles

The legal and strategic mandate for submission of financial statements to the CIPC is prescribed by the Companies Act, No. 71 of 2008, as amended by Companies Act 3 of 2011 (“the Act”). Section 30 Annual Financial Statements and Regulation 30 Annual Financial Statement makes provision for submission of financial statements. Regulation 30 (5)(a) requires the Commission to establish a system to review financial statements with the objective of monitoring compliance with the Act. According to Section 6 (13)(a)(iii), the system to be established by the Commission may use any means of electronic communication to facilitate the automated filing of any information contemplated by the Act. This includes a determination to use XBRL.

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Organizations are shifting towards a customer-centric approach where the reliance on customer data quality is increases dramatically and the risks of poor data become more significant.

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