Chapter 2: Formation, Administration and Dissolution of Companies
Part C: Transparency, accountability and integrity of companies

s28: Accounting records

  • (1) A company must keep accurate and complete accounting records in one of the official languages of the Republic:
    • (a) as necessary to enable the company to satisfy its obligations in terms of this Act or any other law with respect to the preparation of financial statements; and
      • (b) including any prescribed accounting records, which must be kept in the prescribed manner and form.
      • (2) A company’s accounting records must be kept at, or be accessible from, the registered office of the company.
        • (3) It is an offence for:
          • (a) a company:
            • (i) with an intention to deceive or mislead any person:
              • (aa) to fail to keep accurate or complete accounting records;
                • (bb) to keep records other than in the prescribed manner and form, if any; or
                • (ii) to falsify any of its accounting records, or permit any person to do so; or
                • (b) any person to falsify a company’s accounting records.
                • (4) For greater certainty, the Commission may issue a compliance notice, as contemplated in section 171, to a company in respect of any failure by the company to comply with the requirements of this section, irrespective whether that failure constitutes an offence in terms of subsection (3).

                  Related Sections

                  s171: Issuance of compliance notice

                  Related Regulations

                  R25: Company financial year and accounting records
                  R26: Interpretation of regulations affecting transparency and accountability

                  Related Notes

                  Guidance Note 1 of 2012: Change of financial year end

                  Related Forms

                  CoR25: Notice of Change of Financial year end