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Close Corporations are subject to the PI Score in relation to the audit function.
Close Corporations must comply with the financial reporting standards of Section 29(5).
Close Corporations must have a Social and Ethics Committee if their PI Score is greater than 500 points.
Close Corporations with fiduciary assets in excess of R5m at any stage during the financial year must be audited.
Close Corporations are subject to the Business Rescue provisions of the Companies Act.
Close Corporations must comply with responsible governance, including the reckless trading provisions of Section 22.