SARS:

• Guides (updated & issued):
  • None
• Interpretation Notes (updated & issued):
  • None
• Binding Rulings (Private/Class/General) issued and updated:
  • None
• Notices and other publications issued:
  • None

• Tax cases:
  • None

IFRS:

• Standards – What’s new?
  • IFRS Monthly news summary

IRBA:

• Standards:
  • ED Proposed Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised) released for comments by 26 June 2019
• Legal/Ethics:
  • None
• Guidance:
  • AGSA Circular 1/2019, Guidelines on fees for audits done on behalf of the Auditor-General South Africa (AGSA) has been issued
  • Proposed Revised Guide for Registered Auditors: Auditing in the Public Sector released for comment by 7 June 2019

CIPC:

• Notices and Practice Notes issued (enforcement and to customers):
  • 3 notices issued re Co-operatives
• Guidance issued:
  • None
• Companies Tribunal:
  • 7 Decision reached on cases heard (6 Name Disputes and 1 AGM)

Labour Law:

• Employment law:
  • Do South Africans have to answer work calls and emails after hours?
  • CCMA receives over 6 000 wage disputes in 4 months

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

• This month’s big 5:
  • The Broad-based Black Economic Empowerment Act (Draft Chartered Accountancy Sector Code);
  • The Financial Intelligence Centre Act (Financial sanctions and Directive 5);
  • The Financial Matters Amendment Bill (Version B);
  • The Legal Practice Act (Code of Conduct); and
  • The Tourism Act (Draft Tourism Amendment Bill).
• Other Acts include:
  • The Draft Central Application Service Bill;
  • The Co-operatives Act (Regulations and Principles);
  • The National Heritage Resources Act (List of Types of Heritage Objects);
  • The Public Administration Act (Commencement); and
  • The Special Investigating Units and Special Tribunals Act (Investigations).

Regulator news:

• IRBA News & press releases:
  • IRBA Newsletter
  • 17% of JSE-listed companies have rotated auditors ahead of MAFR
• SAICA Guidance & other publications:
  • Top tips for SMPs (Small and Medium Practices)
  • SAICA Quarterly SMP Newsletter
  • 2019 Training Regulations
• Competition Tribunal:
  • None
• Companies Tribunal:
  • None
• SAIBA:
  • SAIBA participated in 2019 elections as observers - AUP reports issued by SAIBA members
• FIC Advisory & Guidance:
  • 2 General notices issued
  • SA Implements targeted financial sanctions (including the release of the Targeted Financial Sanctions List)
  • Money Laundering and Terror financing under spotlight with SA review
• EAAB:
  • None
• National Credit Regulator:
  • None
• CGSO & National Consumer Commission:
  • Ombudsman names and shames companies that you should think twice before buying from
• Tax Ombud:
  • Quarterly Newsletter
• SARS media releases:
  • None
• FSCA publications & press releases:
  • FSCA fines 3 companies with large administrative fines for various contraventions
  • FSCA’s update on the Steinhoff Investigation
  • FSCA responds to Public Protector’s report
  • 4 Warnings issued to the public against fraudulent FSPs

General Announcements / News Releases:

• Media articles:
  • Yes, SARS can make you pay for your own audit!
  • Vodacom to tackle the Competition Commission's ruling on data