What is Section 41 of Act, No. 69 of 2008?
Section 41 of Act, No. 69 of 2008 is a provision under the Companies Act of South Africa. It deals with the requirements and procedures for conducting independent reviews of company financial statements. According to this section, companies with a public interest score of 100 or less must undergo an independent review if they opt not to be audited. The review must be conducted by a registered auditor or a qualified accountant who is a member of a professional body recognized by the Independent Regulatory Board for Auditors. The review report must be submitted to the Companies and Intellectual Property Commission within four months of the end of the company's financial year. Failure to comply with Section 41 can result in penalties and legal action against the company and its directors.
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