Coida Letter of Good Standing – Failed Audit ROE Assessments
Have you tried to obtain a COIDA letter of good standing, only to find yourself stuck with a failed return of earnings audit discrepancy?
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 due, are paid in full.
However, once in a while, the compensation fund does trigger an audit, in which case an assessment cannot be raised until such time the audit discrepancy is resolved.
On top of that, time may not be on your side due to the closing date of the tender, and we fully understand this.
THAT'S WHY WE ARE HERE TO HELP YOU.
Fixonate is a specialist tax accounting firm, specializing in payroll, tax, COIDA as well as in the preparation of audited financial statements.
We are here to help you with the unfortunate event of a failed COIDA return of earnings due to an audit discrepancy.
Our fees are not cheap but we are fast in getting you out of this situation.
We charge a minimum of R5,000 for our services.
If we won’t be able to deliver your COIDA certificate within the agreed time, we shall not take your money.
COIDA FAILED ROE 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, member or employee of the affected company
THE COIDA SAPS CERTIFIED SWORN AFFIDAVIT
The sworn affidavit to be made at the South African Police Services has to meet a certain minimum criteria with the compensation fund.
We have provided the minimum requirements that the affidavit has to meet with the compensation fund by including the following circular that was released by the compensation fund itself. You may view the circular by clicking here.
Fixonate also offers to its clients a number of SAPS sworn affidavit templates which meet the minimum requirements as required by the compensation commissioner which can be downloaded by clicking here.
THE ANNUAL FINANCIAL STATEMENTS
The compensation fund shall accept a set of audited or independently reviewed annual financial statements for the financial year in which the audit discrepancy arose.
In certain cases, this discrepancy can stretch over 3 financial years, in which case, 3 sets of annual financial statements are required.
Fixonate is a fully fledged accounting firm and we can be able to assist with the compilation of a set of financial statements required by the commissioner.
THE DETAILED PAYROLL REPORT
Once again, clients must be reminded the minimum requirements to be met when submitting a payroll report.
Even if you are self employed or employed with one or a few employees, the payroll must still meet the minimum requirements.
At Fixonate, we offer a number of templates for the payroll reports that are acceptable by the commissioner.
They can be viewed or downloaded by clicking here.
THE EMP501 EMPLOYER RECONCILIATION
The EMP501 is the SARS annual employer reconciliation required by the compensation fund commissioner.
You can view an example by clicking here.
We can assist with either, doing your employer reconciliation, if you haven’t done it yet or we can extract one from your e Filing credentials. Just indicate so on our application form.
THE LATEST TAX CLEARANCE CERTIFICATE
The commissioner shall require the latest tax clearance to verify your UIF number. Please ensure that you submit a tax clearance that will not at least expire during the audit stage. Hence at Fixonate, we encourage the submission of the latest tax clearance certificate. We can also assist in the obtaining of a valid tax clearance.
ROE MANUAL RETURN OF EARNINGS
Since the online return of earnings would have failed in the first place, you will be required to revert to the manual submission.
You will have to download and submit the manual return of earnings together with all the supporting documents mentioned above to the compensation fund in Pretoria.
Obviously, if you use our services, we shall assist you in this regard.
The manual return of earnings is available by clicking here. Either way, we shall help you in filling out this form to circumvent the original problems that gave rise to the audit in the first place.
THE POWER OF ATTORNEY
Finally, as a director or member of the company which has been affected by the compensation fund audit, you will have to give us authority to act on behalf of your company.
This you will have to do, by downloading the power of attorney, fill it in and scan it back to us.
To download the form, please click here.