Compliance and Legislation Update - September 2019


Date: Sep 18, 2019 - Sep 18, 2019

CPD hours: 2 Hours

Time: 09:00 - 11:00

Event Type: Seminar

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): 

    • New Tax guide for small businesses 2018/19 

    • New Guide on income tax and the individual (2018/19) 

  • Interpretation Notes (updated & issued): 

    • None 

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

    • BPR 324 – Disposal and acquisition of shares by a public benefit organisation  

    • BPR 325 – Liquidation distribution and amalgamation transaction between non-resident companies 

  • Notices and other publications issued: 

    • Practice Note 2 of 1996 withdrawn – Income Tax: Determination of taxable income where financial assistance has been granted by a non-resident of the Republic to a resident of the Republic 

  • Tax cases: 

    • High Court: Acti-Chem SA (Pty) Ltd v CSARS – Whether the rebate claimed by the appellant is warranted in terms of the Customs & Excise Act, 1964 

IFRS: 

  • Standards – What’s new? 

    • IFRS Monthly news summary 

IRBA: 

  • Standards:  

    • IRBA issues Guide for Registered Auditors: Auditing in the Public Sector (Revised August 2019) - effective from 2 September 2019 

    • IRBA issues SAAPS 4 (Revised 2019): Letters of Specific Inquiry to the Entity's External Legal Practitioner Regarding Litigation and Claims Involving the Entity - effective for letters of specific inquiry requested on or after 1 September 2019 

  • Legal/Ethics:  

    • Proposed Amendments to the IRBA Code of Professional Conduct relating to Registered Candidate Auditors 

    • IESBA Proposes Changes to Promote Role and Mindset Expectations of Professional Accountants 

CIPC: 

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

    • 2 notices issued (re Lists re Deregistration Notification to Companies and Close Corporations, Introduction of compliance checklist button on e-services website) 

  • Companies Tribunal: 

    • 9 Decisions reached on cases heard (6 Name disputes, 0 AGM, 2 Exemptions from SEC, 1 Directorship dispute) 

Labour Law: 

  • Employment law: 

    • The wholesale and retail sectoral determination 9 wage tables have been amended. 

    • Employees can soon check their UIF status via USSD. 

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

  • This month’s big 5 include: 

    • The Administrative Adjudication of Road Traffic Offences Act (Amendment Act 2019); 

    • The Constitution of the Republic of South Africa (Transfer of administration and powers and functions); 

    • The National Credit Act (Amendment Act 2019); 

    • The National Qualifications Framework Act (Amendment Act 2019); and 

    • The Public Finance Management Act (Standard rate on interest). 

  • Other Acts: 

    • The National Health Insurance Bill 2019 

    • Financial Sector Regulation Act (Reminder that the commencement date for chapter 14 (Ombuds) is now 1 September 2019) 

Regulator news: 

  • ISAICA Guidance & other publications: 

    • Top tips for SMPs (Small and Medium Practices) 

  • Companies Tribunal:  

    • Manual re on-line case management system  

    • Newsletter 

  • SAIBA:  

    • SAIBA talks to IRBA re accreditation 

    • SAIBA investigates ATA assurance engagements – inspectors vs auditors 

    • 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 

  • SARS media releases: 

    • VAT Fraudster sentenced to 15 years imprisonment 

    • Clarification Note on Donations 

  • FSCA publications & press releases: 

    • 6 Warnings issued to the public against fraudulent FSPs 

General Announcements / News Releases: 

  • Media articles:  

    • How you can save tax on school fees 


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 materials

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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