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Frequently Asked Questions about the Financial Accountability Supplement (FAS)

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?

  • Yes

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