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Why do I need an Accounting Officer?
Firstly every Close Corporation is deemed by law to appoint a recognized Accountant by the Close Corporation Act of 1985. The Accountant will assist you to meet the Accounting Requirements of the CC.
The Duties of an Accounting Officer for a Close Corporation Registration is explained below:
1. The registered accountant will determine whether the annual financial statements are in agreement with the accounting records.
2. The registered accountant will report to the members of the CC regarding the financial statements of the close corporation.
3. Determine whether the appropriateness of the accounting policies are applied in the preparation of the financial statements and, if necessary, to revise the statements.
4. An Accountant cannot perform the duties of an Auditor which will apply to a company..
5. An employee or a member of the CC can be appointed as the Accounting Officer, but this fact must be stated in the financial statements.
N.B.
If you do not have an accounting officer, our online CC registration service will be able to assist in appointing an accounting officer. This will speed up the registration process, remember that you can your Accounting Officer at any time change.
Tips:
It is important to note that if the accountant of your CC resigns, then the CC must appoint a new Accountant within twenty eight days. If the position is left vacant for a period of six months or longer then the members of the CC will become jointly liable for all debts of the CC.
Conclusion
The Accounting Officer of the CC plays a vital and necessary part of the CC. The financial statements and reporting need to be completed on time and in a reasonable manner. The information represented by the financial statements can be analyzed and used in future planning and budgeting.
Michael is a webmaster and author who writes about small business start-ups and provides good resources for aspiring entrepreneurs via his website.Firstly every Close Corporation is deemed by law to appoint a recognized Accountant by the Close Corporation Act of 1985. The Accountant will assist you to meet the Accounting Requirements of the CC.
The Duties of an Accounting Officer for a Close Corporation Registration is explained below:
1. The registered accountant will determine whether the annual financial statements are in agreement with the accounting records.
2. The registered accountant will report to the members of the CC regarding the financial statements of the close corporation.
3. Determine whether the appropriateness of the accounting policies are applied in the preparation of the financial statements and, if necessary, to revise the statements.
4. An Accountant cannot perform the duties of an Auditor which will apply to a company..
5. An employee or a member of the CC can be appointed as the Accounting Officer, but this fact must be stated in the financial statements.
N.B.
If you do not have an accounting officer, our online CC registration service will be able to assist in appointing an accounting officer. This will speed up the registration process, remember that you can your Accounting Officer at any time change.
Tips:
It is important to note that if the accountant of your CC resigns, then the CC must appoint a new Accountant within twenty eight days. If the position is left vacant for a period of six months or longer then the members of the CC will become jointly liable for all debts of the CC.
Conclusion
The Accounting Officer of the CC plays a vital and necessary part of the CC. The financial statements and reporting need to be completed on time and in a reasonable manner. The information represented by the financial statements can be analyzed and used in future planning and budgeting.
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