Monthly Compliance and Legislation Update - February 2023


Date: Feb 28, 2023 - Feb 28, 2023

CPD hours: 2 Hours

Time: 09:00 - 11:00

Event Type: Webinar

Presenter: Caryn Maitland CA(SA)
Owner, Maitland & Associates

Accountants and auditors must stay informed about changes in legislation and regulations that affect their firms and the business of their clients.

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 Caryn Maitland CA(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: 

 

IFRS: 

  • Standards – What’s new? 

    • IFRS Monthly news summary 

    • IASB Work Plan updated (again) 

    • IFRS 17 Insurance contracts  

  • Accounting issues 

    • JSE - Proactive monitoring of financial statements 

    • Proposed amendments to IAS 12 - comment deadline - 10 March 2023 

    • Tentative Agenda Decision : Definition of a Lease - Substitution Rights (IFRS 16) 

    • IFRS - IASB publishes its review of classification and measurement requirements relating to financial instruments 

  • Sustainability Reporting 

    • Article: Why accountants are the best choice to produce sustainability reports 

IRBA: 

  • Standards:  

    • IFAC - New implementation tool for auditors on identifying and assessing risks of material misstatement 

    • IAASB - Public consultation on Less Complex Group Audits 

    • IAASB - Fact Sheet: Quality management and group audits.  

    • IAASB - Consultation on proposed strategy and work plan 2024 - 2027 

  • Legal/Ethics:  

    • IAASB - Consultation on proposed strategy and work plan 2024 - 2027 

    • IESBA - Release of update on sustainability work 

    • IAASB Begins Work on Global Standards for ESG Assurance 

  • Technology 

    • NBA -  Practice Note: Soft controls relating to an audit of financial statements 

    • IRBA - Communique: Artificial Intelligence Audit Risks Mitigation 

    • IESBA - Technology Landscape - Robotics Process Automation 

    • IESBA Technology Landscape - Artificial Intelligence 

  • Other: 

    • IRBA - News Issue #60 

    • LPFF - Application for refund of bank charges and audit fees 

    • ICAEW - Good practice when taking on new audits 

    • ICAEW - Insights: ISA 600: what’s new in group audits? 

    • CPA Canada - Crypto-asset mining - what does it mean for auditors? 

CIPC: 

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

    • CIPC Guidance note 1 of 2023 

    • CIPC Practice note 3 of 2022 withdrawn 

    • Enhanced E-services and BizPortal platforms 

Labour Law: 

  • Employment law: 

    • Compensation for Occupational Injuries and Diseases Act: Return of earnings  

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

  • This month’s big 5: 

    • The latest SAICA Legal Update has been released and it covers relevant national laws up to 14 January 2023: 

      1. The Cybercrimes Act: Commencement 

      2. The Property Practitioners Act: Commencement 

      3. The South African Schools Act: Basic Education Laws Amendment Bill 2022 

      4. The Tourism Act: Norms and standards 

      5. The Value-added Tax Act: Electronic services supplier tax invoices. 

    • The latest SAICA Legal Update has been released and it covers relevant national laws up to 3 February 2023: 

      1. The Foodstuffs, Cosmetics and Disinfectants Act: Draft labelling and advertising of foodstuffs regulations 

      2. The National Health Act: Notifiable medical conditions 

      3. The Occupational Health and Safety Act: Major hazard installation regulations 2022 

      4. The Pension Funds Act: Employer contribution requirements 

      5. The Trust Property Control Act: Draft regulations relating to beneficial ownership registers and records of details of accountable institutions 

Other acts and articles: 

  • Trust Property Control Act draft regulations 

  • Companies Act: General Laws (Anti-money Laundering and Combatting Terrorism Financing) Amendment Act  

  • Financial Advisory and Intermediary Services Act: Crypto assets  

  • Financial Intelligence Centre Act: General Laws (Anti-money Laundering and Combatting Terrorism Financing) Amendment Act  

SARS: 

  • Refer to January 2023 Maitland and Associates Tax Newsletter distributed to attendees.  

Regulator news: 

  • SAIBA 

    • Submission to the Minister of Finance relating to the budget speech 

    • CIBA Academy post on the disclosure of beneficial interest 

    • Course on the GLA Bill from December   

    • Weekly Newsletter  

    • CFO Talks 

  • SAICA 

    • SAICA guide on regulatory reporting duties 

    • Summary relating to provision of services 

    • Financial Intelligence Act changes 

    • Summary of changes brought by the General Laws Amendment Act 2 of 2022 

  • CGSO (Consumer Regulator) 

    • Press Release: CGCSA says ESKOM tariff hike must be accompanied by progress to improve electricity supply 

    • Press release: Open letter to President Cyril Ramaphosa From CEOSa of Members of CGCSA 

  • Competitions Commission 

    • Statement of Latest Decisions (24 Jan 2023 and 30 Jan 2023) 

    • Competitions Commission Prosecutes price fixing relating to PPE 

  • FIC Advisory & Guidance 

    • General Laws Amendment Act 2 of 2022 effective date published 

    • FICA reference guide 

    • FICA Amendment of Money Laundering and Terrorist Financing Controls Regulation 

    • Schedule 1 of FIC Act amended 

    • FIC Draft public compliance communication 6A 

  • Companies Tribunal 

    • Names Disputes: 3 granted, 1 refused 

    • Exemptions: 1 granted 

    • Other matters: 1 refused 

    • Eskom – AGM – granted (2 applications) 

  • Property Practitioners Regulatory Authority 

    • PPRA appoints a new CEO 

  • LPC 

    • SAICA information session held on 2 February 2023  

    • Liability of Legal Practitioners’ Fidelity Fund set down 

  • National Credit Regulator 

    • Press Release – Borrow wisely, Ts and Cs apply 

  • Information Regulator 

    • Media Release: International Data Privacy Day 2023 focuses on Children’s Privacy Rights and Online Safety 

Sustainability and Integrated Reporting 

  • Publications and news releases 

    • EFAA - Guidance for SMPs on sustainability reporting 

    • ISSB - Discussion on the transition from ESG to sustainability 

    • ISSB - Progress on IFRS S1 and S2, addressing natural ecosystems as it relates to climate and more. 

General Announcements / News Releases: 

  • Media articles and other thoughts:  

    • Possible legal consequences of wild animals roaming around the streets 

    • Unpacking some thoughts around share buyback transactions 

    • Be wary of beginning ‘side-hustles’ and moonlighting 

    • These businesses in South Africa need to fall in line with regulation changes – or face massive fines and jail time  

    • Start date for South Africa’s new finance laws – with more to come in 2023 

    • President Cyril Ramaphosa signs crucial antiterrorism acts into law 


Obtaining your CPD certificate   

This training is compliant with the International Education Standard (IES7) issued by the International Federation of Accountants and recognised for CPD by relevant professional bodies including ACCA, CIMA, IAC, IIA, SAIBA, SAICA and SAIPA. 

All attendees are issued with a CPD certificate available in an online profile.   


Who should attend? 

  • Accountants in practice: CA(SA), Professional Accountant (SA), BAP(SA), ACCA, CIMA, IAC, AGA(SA), FCCA.  

  • Practicing auditors, RA. 

  • Company secretaries. 

  • Legal advisors. 

  • Compliance officers. 


 Price:                     

  • Individual Booking: R380.00  

  • Company Booking: 

    • R699.00 - Group Price 1 (Maximum of 5 attendees). 

    • R1 350.00 - Group Price 2 (Maximum of 10 attendees) 

    • R1 950.00 - Group Price 3 (Maximum of 15 attendees) 

  • This webinar is available as part of a monthly or annual subscription plan, click here for more information.  


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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