Every Company must keep accurate and complete accounting records as required in terms of the Companies Act No. 71 of 2008 (“Act“). The records must be kept at, or be accessible from the registered office of the Company.

The following types of accounting records are required to be kept by all companies in terms of these regulations:

• Asset register;
• Liabilities register;
• Record of loans to directors, prescribed officers, shareholders, employees, and to any person related to any of them (including details of interest and repayment terms);
• A record of any property held by the company in a fiduciary capacity;
• Register of all revenues and expenditures;
• Daily records of cash in and out;
• Daily records of goods purchased and sold on credit;
• Statements of every account maintained in a financial institution in the name of the company with vouchers;
• Register of loans to the company from shareholders, directors, prescribed officers, employees, and any persons related to any of them;
• Stock in trade, statements of annual stocktaking;
• Register of guarantees granted in respect of an obligation to a third party incurred by any of the above; and
• A register of contractual obligations due to be performed in the future.

The records referred to must be kept at the registered office of the Company. If the records are kept at another location than the registered office, notice of such location must be given to the Commission in the manner and form prescribed by the Act.

30 July 2011