Compliance and Legislation Update - August 2019


Date: Aug 21, 2019 - Aug 21, 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, CBA(SA) 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;  

  • PPT 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. 

 
 


Course content  

The following legislative, regulatory, industry standards, items and guides have been issued and/or updated during the preceding month and will be covered in the webinar: 

SARS: 

  • Guides (updated & issued): 

    • VAT FAQs: Supply of electronic services (Issue 3) 

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

    • BPR 321 – Surplus retirement fund assets  

    • BPR 322 – Equity linked note 

    • BPR 323 – Debt reduction by means of set-off 

    • BCR 068 – Surplus retirement fund assets 

  • Notices and other publications issued: 

    • Notice 997 – SARS’s Manual on the Promotion of Access to Information Act, 2000 

    • Table 3 of Interest rates has been updated (Rates at which interest-free or low interest loans are subject to income tax) 

    • 2019 Draft TLAB & TALAB published for comment 

  • Tax cases: 

    • IT 14287 – Whether the Appellant is liable for tax in terms of section 64 of the Income Tax Act 

IFRS: 

  • Standards – What’s new? 

    • IFRS Monthly news summary 

IRBA: 

  • Standards:  

    • Important Alert: Updated Illustrative Wording - Implications of the effective dates of the IRBA Code of Professional Conduct for Registered Auditors (Revised November 2018) on the Assurance Provider’s Report 

  • Legal/Ethics:  

    • IESBA Launches the eCode 

  • Guidance:  

    • Illustrative Auditor's Report for Engagements on the Compliance of the Attorneys' Trust Accounts with the Attorneys Act and the Rules for the Attorneys' Profession, as well as the Legal Practice Act and Legal Practice Council Rules 

CIPC: 

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

    • 3 notices issued (re Commencement of Deregistration Notification to Companies and Close Corporations, Unauthorised use of CIPC name, abbreviations and logo, 2019 XBRL Taxonomy) 

  • Companies Tribunal: 

    • 5 Decisions reached on cases heard (2 Name disputes, 1 AGM, 1 Exemption from SEC, 1 Directorship dispute) 

Labour Law: 

  • Employment law: 

    • How will legislation change for domestic employees in South Africa? 

Other Laws & Regulations affecting your client AND impact on NOCLAR: 

  • This month’s big 5 include: 

    • The Competition Act (Amendment Act commencements); 

    • The Income Tax Act (Draft Tax Administration Laws Amendment Bill 2019); 

    • The Income Tax Act (Draft Taxation Laws Amendment Bill 2019); 

    • The Tax Administration Act (Draft Tax Administration Laws Amendment Bill 2019); and  

    • The Value-added Tax Act (Draft Taxation Laws Amendment Bill 2019). 

  • This month’s little 5 include:  

    • The Competition Act (Definition of small and medium business); 

    • The Skills Development Act (Re-establishment of SETAs); 

    • The Financial Services Board Act (Levies on financial institutions); 

    • The National Water Act (General authorisations for water use); and 

    • The Special Investigating Units and Special Tribunals Act (Investigations). 

Regulator news: 

  • IRBA News & press releases: 

    • Operations: Clarification of 2019 Fees Payable to the IRBA 

    • Executive: IRBA News #46 (includes the NEW CPD policy for Registered Auditors – planned effective date = 1 January 2020)  

  • SAICA Guidance & other publications: 

    • Top tips for SMPs (Small and Medium Practices) 

    • SAICA: Analysis of the Changes to the Legal Profession relevant to Accountants and Auditors (issued in July 2019) 

    • SAICA SMP Newsletter 

  • Companies Tribunal:  

    • New on-line case management system launched 

  • SAIBA:  

    • SAIBA objects to the Draft CA Charter 

    • SAIBA makes practical suggestions: 

      • To CIPC: to have RI for IRs included when you do the submission of your annual return 

      • To the Companies Tribunal: to have an automatic extension to submit financial statements, from 6 to 9 months, where a company/CC has a PIS<100 

  • FIC Advisory & Guidance:  

    • Financial Action Task Force public statement on jurisdictions with strategic anti-money laundering and counter-terror financing deficiencies 

    • FATF ongoing process to improve global AML/CFT compliance 

    • Outcomes of the June 2019 meeting of the FATF 

    • 2019 FIC Awareness Roadshow 

  • CGSO & National Consumer Commission:  

    • The CGSO warns the public about S.A. Trampoline 

    • CGSO Stakeholder Newsletter 

  • SARS media releases: 

    • eFiling Changes – 2019 Filing Season 

    • Update on 2019 Filing Season 

  • FSCA publications & press releases: 

    • Statement on successful recoveries on MCPF (Municipal Councilors Pension Fund) 

    • FSCA provisionally withdraws license of Stringfellow Financial Services (Pty) Ltd 

    • 4 Warnings issued to the public against fraudulent FSPs 

General Announcements / News Releases: 

  • Media articles:  

    • None 


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 399.00 - Online admission - Individual. 

  • R 699.00 - Online admission - Company. 

  • Choose Individual if you would like to attend this event yourself or choose Company if you would like to share this event to with your entire firm. 

  • This webinar is free if you are already an SAAA CPD subscriber. 

    • Click here to find out about the Technical Resource Centre & CPD Subscription options. 

    • Click here to create a profile and then register for the event (There is no charge to create a user profile and gain access to our free Monthly Practice Management Series).   


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. 

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