Who is required to file a Financial Accountability Supplement (FAS)?
All companies not required by the Act to have their Annual Financial Statements audited.
What is a Financial Accountability Supplement?
A web-form that captures information about:
- the person primarily responsible for recording day to day financial transactions and maintaining the company’s financial records
- the person primarily responsible for compiling financial information and preparing reports and statements
- the person who provides advice to the company concerning the maintenance of financial records
- the person who performs an independent review of the company’s Annual Financial Statements (if applicable)
- the manner in which the company maintains its financial records as required in terms of Section 28
- whether the company holds any assets in a fiduciary capacity for persons not related to it, as contemplated in Regulation 28 (2)(b)
Must dormant companies or those with zero turnover/revenue submit a Financial Accountability Supplement?