Regulatory Alerts2018-03-31
Information Circular 12 of 2007: Submission of Financial Statements for Small Funds
The Registrar of Pension Funds has authorized small pension funds to submit unaudited annual financial statements by the statutory deadline to address widespread audit capacity constraints. This temporary concession applies specifically to funds meeting the criteria outlined in Board Notice 43 of May 2006 and requires electronic submission by the due date. The Registrar retains full discretion to subsequently mandate a formal audit and require the submission of audited statements for any fund under this provision.
Board Members Dr CDR Rustomjee (Chairperson) AM Sithole (Deputy Chairperson) BM Hawksworth Ms JV Mogadime Ms AMM Mokgabudi Ms LM Mojela Prof PJ Sutherland Ms HS Wilton Executive Officer RJG Barrow Rigel Park 446 Rigel Avenue South Erasmusrand Pretoria 0181 South Africa PO Box 35655 Menlo Park Pretoria 0102 South Africa Tel +27 12 428 8000 Fax +27 12 347 0221 E-mail info@fsb.co.za Toll free 0800 110443 Internet http://www.fsb.co.za ENQUIRIES: Alta Marais D. DIALLING NO.: (012) 428 8065 OUR REF: 12/12/1 FAX: (012) 347 0874 DATE: 5 December 2007 E-MAIL: altam@fsb.co.za (To all approved administrators, privately administered funds and insurers who underwrite pension funds) INFORMATION CIRCULAR 12 OF 2007 SUBMISSION OF FINANCIAL STATEMENTS FOR SMALL FUNDS AS DEFINED IN BOARD NOTICE 43 OF 30 MAY 2006 This Circular is issued to facilitate the submission of the annual financial statements for small funds as defined in Board Notice 43 of 30 May 2006. This Office has been inundated with requests to accept unaudited financial statements for small funds as the capacity constraints in the audit profession is affecting these funds’ ability to meet the submission deadline. The Registrar has therefore agreed to accept unaudited financial statements for small funds set out in Annexure E or Annexure F of the abovementioned Board Notice. It must however be noted that the Registrar can, without providing any specific reason, instruct any such fund to perform an audit within a reasonable period and to submit such audited financial statement to this Office.
The said annual financial statements referred to above, must be submitted electronically by the due date. Yours faithfully JURGEN BOYD REGISTRAR OF PENSION FUNDS
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