The Companies Act places specific demands on auditors, independent reviewers and accountants in the pursuance of their duties. Whether you conduct full audits, independent reviews or compile annual financial statements, you need to know your specific functions and perform them according to legislation, reporting standards and regulatory body requirements. This webinar is specifically designed to help you prepare a compliance checklist list that you can use for each client engagement. It will ensure that you provide your professional services in line with the Act.
Join technical expert, Lettie Janse van Vuuren CA(SA), RA(SA) on this webinar as she helps you understand and apply your statutory duties.
Lettie will also help you develop a compliance checklist to be used by all staff in your firm and integrate the requirements of the Act and Regulations with those of SARS, CIPC, and IRBA.
By the end of the webinar the participant should understand:
- The requirements pertaining to accounting records, financial statements and reporting engagements in the Companies Act.
- The criminal sanctions related to accounting records and financial statements.
- The different responsibilities and liabilities of directors vs accountants vs auditors.
- How to integrate the Companies Act, SARS and IRBA requirements for professional engagements.
The following topics will be covered in detail during the event:
- The requirements pertaining to accounting records and how they can land you in jail.
- The criminal sanctions applicable if you draft financial statements that are not fairly presented.
- The different responsibilities of directors vs accountants vs auditors.
- Who owns the working papers?
- Under what conditions can you be held liable for the debts of your client's company?
- Audit, Review, and Compilation requirements of the Companies Act and Companies Regulations.
- When to audit, or review, and when not to.
- The different requirements related to the Auditor, Reviewer, and Compiler.
- How to select the appropriate financial reporting framework applicable to different companies.
- How to select the engagement (audit, review, other) applicable to different companies.
- What is the Public Interest Score (PIS) and how to calculate a client's PIS.
- How requirements change if the client's PIS is:
- below 100,
- more than 100,
- below 350,
- above 350 or
- above 500?
- When to appoint a Social and Ethics Committee and what this committee should do.
- The independence requirements of Section 90:
- Statutory prohibition on auditors.
- Can the voluntary auditor compile the AFS?
- Can the independent reviewer compile the AFS?
- Examples of services that are allowed and those that are not allowed.
- Audit rotation.
- Audit tenure.
- When to file XBRL, Financial Supplement or annual returns to CIPC.
- The sanctions related to accounting records and financial statements.
Obtaining your CPD certificate
Attendance of this 2-hour webinar series will accrue 2 CPD hours for members of a relevant professional body such as ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA. The SAAA CPD policy is compliant with IFAC IES7 and is recognised by SAICA, AAT, SAIPA, SAIBA, IAC, CIS and others.
Complete the free online assessment at the end of the event and receive an additional 1 CPD hour.
Who should attend
The following persons will benefit from attending this webinar:
- Registered auditors, (RA).
- Independent Reviewers.
- Accountants in Practice: CA(SA), PA(SA), BAP(SA), ACCA, CIMA, IAC, AGA(SA), CIS, ICBA.
- Company secretaries.
- Accounting officers.
- Accounting support staff.
By attending this webinar you will be provided with:
- Summarised slide presentation, detailed course material and reference documents.
- You can ask questions during the webinar via the online portal, and you will also have access to the presenter via e-mail after the webinar.