Nova breaches the Companies Act for the eighth straight year

The 2024 AFS is critical to gauge whether Nova’s financial position has improved or further deteriorated. Image: Moneyweb

Nova’s most recent AFS reflected its financial position on 28 February 2023 — more than 18 months ago. It reflected a technically insolvent company facing significant cash flow challenges. In response to questions Moneyweb put to Myburgh earlier this month, he said: “As you are fully aware, the subject matter of your email under reply was dealt with conclusively last year, by both our auditors and us, when you harassed our auditors and us in a similar fashion, regarding the same issue.

“It is important to note that not all breaches of the Companies Act automatically result in an RI, as the auditor must use professional judgment and discretion to consider whether the breach meets the definition of an RI and then act according to the stipulations of the Auditing Profession Act . The RIs filed in 2019 and 2022 were not resolved, and Irba referred them to the CIPC and Sars for possible investigation.Imre Nagy, CEO of Irba, said in response to questions that Irba could not investigate the company and that its mandate is limited to investigating the auditor’s “working papers”.

“As from 2012 up to and including 2024, only the 2015 AFS was signed off by the auditors within six months of the end of its financial year,” Tromp said.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Companies Amendment Act slammed for not being business friendlyThe Companies Amendment Act was published in the Government Gazette on 30 July, but no promulgation date has been announced.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Information Regulator says there are limitations to force big tech companies to complyThe Regulator said that it is currently looking into Google, Meta and X formerly known as Twitter, for breaches to the Promotion of Access to Information Act (PAIA).
Source: ewnupdates - 🏆 30. / 53 Read more »

SA companies better move quickly on AI policyAndile Ngcaba urges businesses to adopt and enforce AI policies that ensure ethical practices and data security.
Source: ITWeb - 🏆 45. / 51 Read more »

These companies will build South Africa’s power transmission networkThe National Transmission Company South Africa has named 19 companies that will accelerate the rollout of new transmission infrastructure.
Source: mybroadband - 🏆 11. / 67 Read more »

Cyber extortion: Ransomware results in R140 million loss for SA companiesExpert says the figures that came out of the study are not a surprise.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Private Security Companies Use Drones To Patrol Hiking Trails In Cape TownPrivate security companies are increasingly utilizing drones to monitor hiking trails in Cape Town, aiming to deter crime and ensure safety for their clients. While SANParks is collaborating with volunteers and increasing ranger presence, the use of drones by private companies raises questions about legality and authorization.
Source: TheStar_news - 🏆 26. / 59 Read more »