In October 2019, the Companies and Intellectual Property Commission (CIPC) issued a notice pertaining to Regulation 28(2)(a) of the Companies Regulations, 2011 (Companies Regulations) to the Companies Act, 2008 (the Companies Act). This opinion applied to legal practitioners who are registered as companies in terms of the Companies Act.
Incorporated Law Firms with R5 million in trust must audit business accounts.
As a result of the withdrawal of the opinion, the business accounts of legal practitioners who are subject to the Companies Act i.e. are registered companies, and who hold assets in trust in excess of R5 million at any time during the financial year are now required to be audited.
Find more info here: https://www.saica.org.za/resources/119885