Accounting Officers to Close Corporations

An accounting officer is a person who has qualified with a Professional Body such as the South African Institute of Professional Accountants (SAIPA). This person may issue an accounting officer report and other reports on the financial statements and information of close corporations, companies and other entities such as trusts, schools, and non-profit organizations and on certain instances body corporates.

Accounting officers are also responsible for helping businesses with their financial planning, budgeting, business plans and providing advice on how to improve their profits. They also offer their expertise on taxation, internal controls, management accounting and corporate governance.

Accounting officers also offer Exempted Micro Enterprise BBBEE certificates. The BBBEE Codes of Good Practice prescribes that any enterprise, including a sole propriety with annual total revenue of R5 million or less qualifies as an Exempt Micro Enterprise (EME). In certain instances the sectors or industries threshold for qualification as an EME may be different from the generic threshold of R5 million.

The New Companies Act provides for an accounting officer to perform independent reviews on companies that comply with the New Companies Act of 2008. Accounting Officers play a major role in providing financial services and growth to Small Medium Micro Enterprises.