IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

• Accounting issues 

  • Focus on sustainability reporting 

  • IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments 

  • Reviewing disclosure requirements for subsidiaries 

  • ED Disclosure Requirements in IFRS Standards– a Pilot approach 

IRBA: 

• Standards:  

  • Auditing of Less Complex Entities (ED) 

  Quality Management Standards  - implementation guides and other related material 

• Legal/Ethics:  

  • Auditing Profession Amendment Act signed in 

  • IESBA Global Ethics Webinars on the Non-Assurance Services and Fee-Related Revisions to the IESBA Code of Ethics 

• Other:  

  • IRBA to refer non audit complaints to professional bodies 

  • IRBA heeds stakeholder calls and opens consultation on Enhancing Disclosures in Audit Reports  

  • Auditing Profession Act (Inspection fees)  
    Fees payable from 1 April 2021 to 31 March 2022, for an inspection or review by IRBA, gazetted 

  Access to the Recording of South Africa’s Launch Event of the IAASB’s Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements 

CIPC: 

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

  • Notice No. 35 of 2021: Rotation of Auditors in terms of S92 of Companies Act  

  • Notice No. 36 of 2021 Discontinuation of enterprise search on the CIPC e-services website 

  • Notice 38 of 2021: CIPC File Transition Project 

  • Notice No 39 of 2021 Accounting and Auditing Professional Bodies (independent Review) 

COVID-19 Updates: 

• New announcements/guidance: 

  • Declaration of COVID-19 as a national disaster extended to 15 September 2021 "taking into account the need to continue augmenting the existing legislation and contingency  

  • Disaster Management Act (COVID-19) COVID-19 regulations amended (adjusted level 4 regulations as at 12 July 2021, table and forms).  

Labour Law: 

• Employment law: 

  • Unemployment Insurance Act (Looting and damage temporary financial relief)  

  • The legal timing of a financial incentives in lieu resignation (case law) 

  • Workplace attendance by employees during the Covid-19 pandemic 

  • Employee discipline in the face of Covid-19 workplace protocols 

  • Exemption from minimum wage rule 

  • UIF and Covid-19:  How to ensure you meet your obligations 

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

• This month’s big 5: 

  • Up to 9 July 2021: 

    • The Disaster Management Act (COVID-19 workplace safety directions) 

    • The National Environmental Management Act (Environmental impact assessments) 

    • The Promotion of Access to Information Act (Information manual exemption) 

    • The Protection of Personal Information Act (Prior authorisation processing) 

    • The Upstream Petroleum Resources Development Bill. 

  • Up to 26 July 2021: 

    • The Competition Act (Exemption of essential goods); 

    • The Disaster Management Act (Regulations and directions); 

    • The National Health Act (Certificates of need); 

    • The National Water Act (Hydraulic fracturing and underground gasification); and 

    • The Occupational Health and Safety Act (Draft pressure equipment regulations). 

• Other acts and articles: 

  • The Cybercrime Act 

SARS: 

• Refer to July and August 2021 Maitland and Associates Tax Newsletter distributed to attendees.  

Regulator news: 

• SAICA 

  • Impact on recent unrest on Auditing Standards 

  • Emergency Room project  

• SAIBA 

  • Accounting Weekly Newsletter  

  • CFO Talks 

• CIPC 

  • Broken register between Companies Register and Trade Mark Register (article) 

• LPC 

  • Attorney Trust Engagement Deadline 

  • Managing assets in a fiduciary capacity – a discussion 

• National Credit Regulator 

  • Financial assistance – Must companies register as a Credit Provider? 

• FSCA publications & press releases: 

  • Financial Advisory and Intermediary Services Act (Reports) 

  • Insurance Act (Contingent business interruption claims) 

  • Insurance Law - Business insurance policies to rescue businesses (article) 

  • Should an insured be penalised for untrue information supplied (article) 

• Information Regulator 

  • POPIA Alert: When does public interest trump your right to privacy? 

  • Maintaining compliance with POPIA - Application and Exceptions 

  • The POPIA prior authorisation conundrum - What is it and do you need it? 

  • POPIA - Prior authorisation processing 

• SARS 

  • Tax implications from devastating insurrection and carnage (article) 

General Announcements / News Releases: 

• Media articles:  

  • Why mark documents and correspondence "Without Prejudice) 

  • Electronic signatures and email - What you need to know 

  • Protecting your IP - Think outside the box but make sure the box is locked 

  • Dealing with the Small Claims Court 

  • Understanding contracts and dealing with contractual disputes