SAIT Members Accredited as Accounting Officers for Close Corporations

Posted 30 June 2025 Written by Acts Online
Category CIPC

Brought to you by SA Accounting Academy: The Department of Trade, Industry and Competition (the dtic) has formally recognized members of the South African Institute of Taxation (SAIT) as qualified accounting officers.

In terms of section 60(2) of the Close Corporations Act, No. 69 of 1984, the Minister of Trade, Industry and Competition has issued a notice confirming that members of the South African Institute of Taxation (SAIT) are qualified to perform the duties of an accounting officer for a Close Corporation. This accreditation is effective for a period of five years from the date of the notice.

The recognition is subject to members meeting specific professional and educational requirements as maintained by SAIT. Under the Close Corporations Act, No. 69 of 1984, every Close Corporation must appoint an accounting officer who is a member of a recognized professional body. The accounting officer’s duties, as detailed in section 62 of the Act, include:

  • Determining whether the annual financial statements are in agreement with the accounting records of the corporation;
  • Reviewing the appropriateness of the accounting policies applied in the preparation of the financial statements; and
  • Reporting to the corporation in respect of these matters.

The accreditation was published in Government Gazette No. 52892 under Notice 6335. This development expands the pool of professionals available to Close Corporations for statutory compliance, specifically allowing tax practitioners registered with SAIT to fulfill these regulatory roles.

Click here to download Government Gazette 52892: Notice 6335.

What this means for you, your business, or your clients

  • For yourself: If you are a member of SAIT, you may now accept appointments as an accounting officer for Close Corporations, provided you meet the specific membership criteria and professional standards set out in the Gazette notice.
  • For your business: Tax practices led by SAIT members can expand their service offerings to include statutory accounting officer duties for Close Corporations, requiring an update to professional indemnity insurance and engagement letter templates.
  • For your clients: Clients operating as Close Corporations now have the option to appoint their SAIT-registered tax practitioner as their statutory accounting officer, potentially consolidating their financial and tax compliance requirements with a single professional.

Originally published at https://accountingacademy.co.za/news/read/dtic-accreditation-of-sait-members-as-accounting-officers

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