Draft IN 112 (Issue 2): Section 18A audit certificate
Issue 2 of interpretation note (“IN”) 112 has been published in draft by SARS, for public comment. The draft IN provides guidance on the interpretation and application of section 18A(2B) and (2C) in relation to the audit certificate that must be obtained and retained in specified circumstances for section 18A receipts issued by an approved organisation or a department.
Issue 2 of IN 112, which has been issued in draft, provides guidance on what would be regarded as acceptable information on an audit certificate and from whom such a certificate may be obtained. The IN has been updated to specifically emphasise that the person issuing the audit certificate is not limited to a registered auditor as defined in the Auditing Profession Act, however, that person must be independent of the approved organisation, suitably qualified, and appropriate work must have been performed to enable that person to provide the required confirmation on the use of donations for which section 18A receipts were issued in the audit certificate.
The draft IN can be accessed here.
The due date for comment is 14 October 2022.
16/09/2022
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