CC Registration and Close Corporation Information

Accounting Officer of the Close Corporation (CC)

One of the advantages of a Close Corporation is that the financial statements are not required to be audited by a Chartered Accountant.

Every CC is obligated to appoint an Accounting Officer by the Close Corporation Act, the Accounting Officer must be a member of a recognized accounting profession.

The Accounting Officer has a number of important duties such as submitting financial statements to the members of the CC as well as reporting on the financial statements. The Accounting Officer will also help to meet the  Accounting Requirements of the CC.

The Close Corporation Act requires an Accounting Officer to:

  • Determine whether the annual financial statements are in agreement with the accounting records,
  • Report to the members regarding the financial statements,
  • Determine whether the appropriateness of the accounting policies are applied in the preparation of the financial statements and, if necessary, to revise the statements.
If you do not have an accounting officer, many CC registration companies 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.

Accounting Officer Tips and Information:
  • It is important to note that if the accounting officer of the CC resigns, then the CC must appoint a new Accounting Officer 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.
  • An Accounting Officer cannot perform the duties of an Auditor.
The Accounting Officer of the Close Corporation 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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