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Audit Exemptions in terms of the New Companies Act

Section 30(2A) provides an exemption to both audit and review if every person who holds or has a beneficial interest in the securities of a company is also a director of that company, unless the company falls into a class that is specifically required to do so in terms of the Companies Act, other legislation or any agreement to which it is a party.  If a company is not required to be audited and not exempt in terms of section 30(2A), its annual financial statements must be independently reviewed.