According to the Companies Act, companies as well as closed corporations must prepare a set of annual financial statements within six months of their financial year-end. For example, if your financial year-end is February, your annual financial statements must be prepared by 31 August each year.

A closed corporation must appoint a registered accounting officer to prepare its annual financial statements.

Depending on the provisions of the memorandum of incorporation (MOI), and/or public interest score (PIS) annual financial statements are either prepared by an external accountant or may require independently reviewed or audited annual financial statements.