Compliance and Legislation Update - April 2019


Date: Apr 17, 2019 - Apr 17, 2019

CPD hours: 2 Hours

Time: 09:00 - 11:00

Event Type: Webinar

Presenter: Lettie Janse van Vuuren
CA (SA), Registered Auditor

Our Monthly Legislation and Standards Update provides a summary of some of the most important legislation updates from the previous month. This helps you, our client to stay up-to-date on recent and important legislation developments in auditing, accounting, tax, SARS operations, CIPC operations, Labour and other relevant laws.

Overview

Accountants and auditors must stay informed about changes in legislation and regulations that affect their firms and the business of their clients.

Technical expert Lettie Janse van Vuuren CA(SA), RA researches and summarises all relevant and important changes on a monthly basis and presents this in an easily understandable webinar.

The webinar includes:

  • A reference guide of all changes to share within the firm;
  • Slide presentation summary of all new amendments;
  • Interactive session with the presenter; and
  • Online Q&A.

Learning objectives 

After attending this webinar you will:

  • Be aware of the latest legislative changes and what it means for your business, practice, and your clients;
  • Be able to inform your staff and clients on how to stay compliant;
  • Adapt business models to fit new legislative landscapes;
  • Receive references to documents and guides; 
  • Have access to your own technical resource; and 
  • Have access to the presenter via email for follow-up Q & A.

Content 

These are examples of the topics covered that will include legislative, regulatory, industry standards, items and guides that have been issued and/or updated during the preceding month and will be covered in the webinar: 

SARS:

Interpretation Notes (updated & issued):

  • 17 (Issue 5) – Employees' tax: Independent contractors
  • 14 (Issue 4) – Allowances, advances and reimbursements
  • 111 (Issue 1) – No-value provision in respect of the rendering of transport services by any employer
  • Draft – Apportionment of surplus and minimum benefit requirements – Pension Funds Second Amendment Act

Binding Rulings (Private/Class/General) issued and updated:

  • BPR 319 – Tax implications of group restructuring transactions
  • BGR (VAT) 49 – The supply and importation of sanitary towels (pads)
  • BGR 50 – No-value provision in respect of the rendering of transport services by any employer

Notices issued:

  • 268 – Subsistence amounts

Other publications issued:

  • Tables A and B of Average Exchange rates have been updated
  • Electronic Services:
    • Explanatory Memorandum
    • Regulation 429
    • FAQs: Supply of electronic services

IFRS:

Standards – What’s new?

  • IFRS Monthly news summary

IRBA:

Standards:

  • Implications of the effective dates of the IRBA CPC for RAs (Revised November 2018) on the Auditor's and Assurance Provider's Reports
  • ED Proposed SAAPS 4, Letters of Specific Inquiry to the Entity's External Legal Practitioner Regarding Litigation and Claims Involving the Entity

Legal / Ethics:

  • Proposed Amendments to rules regarding improper conduct

Guidance:

  • Attorneys Trust Accounts: Notice from LPFF re sweeping of 5% interest earned
  • Disclosure of assurance status on IRBA website and how to change your status

CIPC:

Notices and Practice Notes issued (enforcement and to customers):

  • Mandatory submission of financials when filing Annual Returns (“Hard-stop”)
  • Successful launch of auto shares
  • How to legally change directors Companies Act Sec 66, 70 and 71
  • State-Owned Companies re Filing of AFS

Guidance issued:

  • Guidance on application of Note 1 of 2019: appointment, resignation and removal of directors.

Companies Tribunal:

  • 7 Decision reached on cases heard (6 Name Disputes and 1 Directorship Dispute)
Other laws and regulations:

This month’s big 5:

  • The Draft Conduct of Financial Institutions Bill (Financial Services, Promotion, marketing and disclosure);
  • The Critical Infrastructure Bill (Version D);
  • The Financial Intelligence Centre Act (Draft regulations);
  • The National Small Enterprise Act (Thresholds); and
  • The Value-added Tax Act (1 April amendments).

Other Acts include:

  • The National Minimum Wage Act (Draft Amendment Bill);
  • The Political Party Funding Act (Draft Regulations);
  • The Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill 2019; and
  • The Road Accident Benefit Scheme Bill.
Regulatory news:

IRBA News & press releases:

  • IRBA investigation into Steinhoff auditors will recommence once restated financials are released
  • Linkway Trading auditor deregistered - ordered to contribute to costs

SAICA Guidance:

  • Top tips for SMPs (Small and Medium Practices)
  • Information session hosted in February – slides now available for 2019 ED ISRS 4400 Agreed upon Procedures

Competition Tribunal:

  • Tribunal confirms power cable company’s settlement and R1.3 million fine for price fixing, collusive tendering in Eskom tenders

SAIBA:

  • SAIBA the lead endorser of the Accounting and Finance Show

FIC Advisory & Guidance:

  • Directive on using an Automated Transaction Monitoring System for the detection and submission of Regulatory Reports
  • Commencement of certain provisions of the Financial Intelligence Centre Amendment Act, 2017
  • Typologies and Case Studies – March 2019
  • Updated Guidance relating to Terrorist Financing and Terrorist Property Reporting Obligations
  • Updated Guidance on Suspicious and Unusual Transaction Reporting
  • Consultation Paper relating to the Commencement of Section 31 of the Financial Intelligence Centre Act and Draft Regulations, and the Amendment of Regulations in respect of Cash Threshold Reporting and Aggregation (increase from existing R25000)

SARS media releases:

  • KZN VAT vendor imprisoned for seven years for VAT fraud

FSCA publications & press releases:

  • FSCA’s update on the Steinhoff Investigation
  • FSCA statement on discrimination allegations against FNB
  • Successful conviction of Ndlangisa Funeral Services
  • FSCA Market Abuse Investigations
  • FSCA provisionally suspends the licence of Merger Chen Solutions
  • 4 Warnings issued to the public against fraudulent FSPs

Obtaining your CPD certificate  

This webinar qualifies for 2 CPD hours with your professional body including: ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA.
All webinar attendees are issued with a CPD certificate available in an online profile. 


Who should attend

  • Accountants in Practice: CA(SA), PA(SA), BAP(SA), ACCA, CIMA, IAC, AGA(SA), CIS, ICBA. 
  • Practicing auditors, RA
  • Company secretaries
  • Legal advisors
  • Compliance officers

Price:

  • R 475.00 Online admission - Individual
  • R 950.00 Online admission - Company
  • Free for CPD Subscribers

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Additional material 

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 me the presenter via e-mail after the webinar.

Previous Recording

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