Coida Audit - Letter of Good Standing
Have you tried to obtain a COIDA letter of good standing, only to find yourself stuck with a COIDA audit?
The COIDA letter of good standing can only be achieved, once and only, if the return of earnings has successfully passed the initial audit, and that the assessment fees generated, have been paid in full.
However, in the majority of cases, an assessment can just trigger an audit, even if the variance is less than 30%, in which case, it cannot be completed until such time that the audit discrepancy is resolved.
Our firm of accountants specializes in resolving COIDA audit queries in the shortest time possible so that you can move on with your life.
COIDA AUDIT ASSESSMENT DOCUMENTS REQUIRED
If a return of earnings has failed the initial audit assessment, here is the message that is displayed on the COIDA’s website.
“You have under declared the earnings from the previous years by more than 30% . Please do make an affidavit and also provide summary of audited financials. If you have made a mistake, give provide us the correct earnings“.
Sounds simple, however, it does not just end with just the provision of the above documents.
The assessment shall be stuck on the COIDA’s website, until, you make the physical journey to the compensation’s fund offices in Pretoria with the following documents.
- A SAPS certified affidavit with legitimate reasons for the 30% variance
- Latest Audited or independently reviewed annual financial statements
- A detailed payroll report
- The latest EMP501 employer reconciliation
- The latest tax clearance certificate
- The compensation funds manual return of earnings
- And finally, a power of attorney, if you are a director or employee of the affected company
Our approach in assisting clients with this particular problem, remains that of escalating the matter to senior management through persistence & persuasion.
We lodge complaints and present paper work & facts on a professional basis.
This leaves COIDA, no room to argue but rather, to authorise and reopen the online profile for the clients to be able to continue with the submission of their online return of earnings.
I must also stress, that prior to COIDA’s reopening of the online profile, all fees due to them have to be settled by the client prior to the profile being granted.
COIDA will send you a statement, in which case, fees due must be settled directly into their ABSA account and paying using the correct reference number.
Our services in this regard will include the study of your audit file to determine, the root cause of the problem, formulate a presentable solution.
We shall take this proof of payment back to them, and in about 2-3 days, the online profile will be active.
You can then download the COIDA letter of good standing directly from your online profile, which would have been reactivated by this time.