In the leap year of 2016, the EAABs system either rejected, did not recognise or automatically changed the year end date of audit reports which were dated 29th February. The IT system was not configured to change the effective month end date to accommodate the Leap Year.
This caused enormous headaches for firms who were sent notifications that their audit reports could not be verified and accompanied by requests for documents to be submitted, failing which they would be in contravention of the Act.
Rebosa has brought this to the attention of the EAAB CEO to avoid this happening again in June when audit reports will be submitted by Firms with February financial year end.
Where possible it will be advantageous to submit your audit reports long before the cut-off date.
We will keep you updated on the developments around this issue.