Compliance and Legislation Update - July 2019


Date: Jul 24, 2019 - Jul 24, 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): 

    • 112 – Section 18A: Audit certificate 

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

    • BPR 320 – Conversion of association to private company 

    • BGR 51 – Cancellation of registration of a foreign electronic services supplier 

    • BCR 067 – Tax consequences for members arising out of conversion of association to private company 

  • Notices and other publications issued: 

    • Notice 342 – Notice in terms of section 25 of TAA for submission of 2019 income tax returns 

    • 2019 Draft TLAB 

IFRS: 

  • Standards – What’s new? 

    • IFRS Monthly news summary 

IRBA: 

  • Standards:  

    • Illustrative Banks Act Regulatory Auditor's Reports - Effective for banks and affected entities with year ends on or after 28 February 2019 

  • Legal/Ethics:  

    • IRBA Rules Regarding Improper Conduct (Revised 2019) - Effective from 1 January 2020 

    • Final Amendments to the IRBA Code of Professional Conduct for Registered Auditors in respect of Second Opinions - Effective for engagements commencing on or after 15 January 2020 

  • Guidance:  

    • SAICA Guide: Summary of changes to IFAC Guide Using ISAs 

    • Revised Guide for RAs: Assurance Engagements on FSPs’ Separate Accounts (Section 19(3)) and Reporting Requirements (Section 19(4)) of the FAIS Act - effective for engagements commencing on or after 1 July 2019 

    • Guide for Registered Auditors: Assurance Engagements on the Fresh Produce Agents' Trust Accounts - effective for year-ends ending on or after 31 December 2020 

CIPC: 

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

    • 2 notices issued (re B-BBEE Certificates issues resolved, Processing requirements for the removal of directors) 

  • Companies Tribunal: 

    • 6 Decision reached on cases heard (1 Name dispute, 1 AGM, 4 Exemptions from SEC) 

Labour Law: 

  • Employment law: 

    • Resignation with immediate effect 

    • COIDA - A win for domestic employees in South Africa  

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

  • This month’s big 5 include: 

    • The Broad-based Black Economic Empowerment Act (General Code amendments); 

    • The Competition Act (Land based public passenger transport market inquiry); 

    • The Foodstuffs, Cosmetics and Disinfectants Act (Reduction in sodium levels); 

    • The Foodstuffs, Cosmetics and Disinfectants Act (General hygiene requirements); and 

    • The Local Government Municipal Finance Management Act (Municipal cost containment regulations). 

  • This month’s little 5 include:  

    • The Competition Act (Land based public passenger transport market inquiry completion date); 

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

    • The Long-term Insurance Act (Draft exemption for assistance, funeral or microinsurance policies); 

    • The Merchandise Marks Act (Parma Ham); and 

    • The Draft Tourism Bill (Comment deadline extension). 

  • Other Acts: 

    • Amendments to the B-BBEE Codes 

Regulator news: 

  • IRBA News & press releases: 

    • IRBA seeks feedback on implementing SAAEPS 1 

    • Assurance Fees Payable to the IRBA with effect from 1 April 2019 

  • SAICA Guidance & other publications: 

    • Top tips for SMPs (Small and Medium Practices) 

    • SAICA Guide on Regulatory Reporting Duties (Updated June 2019) 

    • SAICA Comments on the UIF’s updated website 

    • SAICA FAQs on Ufiling 

    • SAICA’s progress with the recommendations of the Ntsebeza Inquiry Report 

  • 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 

  • CGSO & National Consumer Commission:  

    • CGSO re Suppliers Failing to Provide Good Quality Services 

  • SARS media releases: 

    • Tax Practitioners: Changes to the eFiling system: Multiple Profiles 

    • Enhancements to the Income Tax Return for Trusts (ITR12T) and SARS eFiling 

  • FSCA publications & press releases: 

    • Update on the progress made with the implementation of Legal Entity Identifiers  

    • FSCA files court papers in response to Public Protector report 

    • Report by the FSCA on the status of the NEPI Rockcastle plc investigation 

    • FSCA releases Guidance Notice on retirement funds sustainability of investments and assets 

    • Guidance note on requirements for Continuous Professional Development (CPD) 

    • Cypres SEC impersonated in a fraudulent scam 

    • FSCA appoint the new Divisional Executive for Conduct of Business Supervision 

    • 7 Warnings issued to the public against fraudulent FSPs 

General Announcements/ News Releases: 

  • Media articles:  

    • Whatsapp: The new Email for SMEs 

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
  • Free if you are already an SAAA CPD subscriber

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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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