In South Africa, the requirements for keeping and maintaining proper accounting records are outlined in the Companies Act of 2008, the Income Tax Act of 1962, and the Generally Recognized Accounting Practice (GRAP) standards issued by the Accounting Standards Board (ASB) and International Financial Reporting Standards (IFRS) for listed companies. Here are the key requirements:

Books of Account: Every company must keep accurate and complete accounting records that sufficiently explain the financial position and transactions of the company. This includes records of income, expenses, assets, liabilities, and equity.

Generally Accepted Accounting Practice (GAAP): The accounting records must be prepared in accordance with the relevant GAAP, which includes IFRS for listed companies and GRAP for government entities.

Compliance with Laws and Regulations: The accounting records should comply with applicable laws, regulations, and accounting standards.

Timeliness: Accounting records must be updated in a timely manner to reflect all financial transactions. It is recommended to maintain records on a daily, weekly, or monthly basis.

Accuracy and Completeness: The records must be accurate, complete, and capable of being audited or reviewed. They should include supporting documentation, such as invoices, receipts, bank statements, and other relevant financial documents.

Retention Period: Accounting records must be retained for a minimum period of seven years. The records should be stored in a safe and secure manner to prevent loss, damage, or unauthorized access.

Consolidated Financial Statements: If a company is required to prepare consolidated financial statements, it must maintain records that enable the consolidation of financial information for all subsidiaries.

Auditor's Access: The accounting records should be accessible to the company's auditors or independent reviewers for examination and audit purposes.

Electronic Storage: South African law allows electronic storage of accounting records, provided they are accessible, can be reproduced in a legible form, and are retained for the required period.

Disclosure: Companies are required to disclose relevant financial information in their financial statements, including a summary of significant accounting policies and any changes in those policies ....Read more