Monthly Compliance and Legislation Update - May 2022


Date: May 24, 2022 - May 24, 2022

CPD hours: 3 Hours

Time: 09:00 - 12:00

Event Type: Webinar

Presenter: Lettie Janse van Vuuren CA(SA)
CA (SA), Registered Auditor

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 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;  

  • 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 

  • Accounting issues 

    • SAICA: Educational material on the application of IAS 12 – Income Taxes 

  • National Treasury (Office of the Accountant General):  

    • Modified Cash Standards FAQs 

    • Accounting Guideline on GRAP 1 

    • GRAP Accounting and Disclosure checklist 2022 

    • Update to GRAP 19 accounting manual published 

    • GRAP Tool on GRAP 13 

    • New FAQ on MCS published 

IRBA: 

  • Standards:  

    • IAASB: Revised standard for group audits 

    • IAASB: ISA 600 Fact sheet 

  • Legal/Ethics:  

    • IESBA: Final Pronouncement: Revisions to the Definitions of Listed Entity and Public Interest Entity (#PIE) in the Code 

  • Other:  

    • IFAC releases new implementation tool for auditors 

    • Issue of Illustrative Regulatory Reports in terms of the Insurance Act 

    • Revised Illustrative Section 15 Retirement Fund Agreed-upon Procedures Reports 

    • IFAC’s new IAASB Fact Sheet addresses engagement team definition 

CIPC: 

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

    • Practice Note 2 of 2022: Trademark Certificates 

    • Notice 9 of 2022 – Status update on file transition project 

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

  • This month’s big 5: 

    • Volume 17 Issue 7 (covers legislation up to 8 April 2022): 

    1. The Disaster Management Act: Transitional COVID-19 measures; 

    2. The Electronic Communications Act: End-users and subscribers; 

    3. The Electronic Communications Act: Equipment authorisation; 

    4. The Hazardous Substances Act: Industrial substances and pesticides; and 

    5. The National Environmental Management Waste Act: Extended producer responsibility. 

    • Volume 17 Issue 8 (covers legislation up to 22 April 2022): 

    1. The Compensation for Occupational Injuries and Diseases Act: Assessment of employer; 

    2. The Critical Infrastructure Protection Act: Draft interim critical infrastructure protection regulations; 

    3. The Electronic Communications Act: Limiting control and ownership; 

    4. The Electronic Communications and Transactions Act: ZA registry and registrar; and 

    5. The South African Post Office Soc Ltd Act: Draft Amendment Bill 2022. 

  • Other acts, Guides and articles: 

    • SAICA: FAQs on Legal compliance considerations in a virtual environment 

  • COIDA Update: 

    • COIDA: Notice of the Maximum Earnings and Minimum Assessment (OID limit) for 2023 

    • Deregistration from Compensation Fund 

  • Reminders:  

    • Dept. of Labour Return of Earnings 2021: Open from 1 April 2022 to 31 May 2022 

SARS: 

  • Guides (new, updated & issued): 

    • Third Party Data – updated  

    • Tax Directives legislative changes - updated 

  • Notices and other publications issued: 

    • Anti-fraud leaflet 

    • SARS Notice to employer changes on the PAYE Admin penalties and disputes process 

    • SARS PAYE BRS PAYE Employer Reconciliation_V21_1 

    • Reminder to Tax Practitioners of SARS online channel functionality 

    • Implementation of Tax Directives Enhancements 

    • 2022 Draft Rates Bill 

    • Transfer Duty applications 

    • Distribution of funds to non-resident trusts by resident trusts 

  • Taxpayers must be on the lookout for New Scams: 

    • SARS-SCAM-311 – SARS eFiling notification – 14 April 2022 

    • SARS-SCAM-310 – Letter of Demand email – 13 April 2022 

    • SARS-SCAM-309 – Customer PO Order – 6 April 2022 

Regulator news: 

  • IRBA News & press releases: 

    • IRBA News #57 

  • SAICA press releases and other publications: 

    • Retention of records guide updated 

    • 2022 Tax Debt Management Guide 

  • SAIBA press releases and other publications: 

    • Newsletters: 

      • CFO Talks (CFO Talks™ is devoted to sharing ideas and conversations between CFOs. It is a platform which facilitates insightful and powerful talks relevant to CFOs) 

      • Accounting Weekly (weekly newsletter) 

  • Companies Tribunal:  

    • 13 Cases finalised in APRIL 2022 

  • Information Regulator:  

    • Information Regulator monitors the Department of Health on POPIA compliance 

  • FSCA publications & press releases:  

    • FSCA fines Viva Cover (Pty) Ltd and Comit Technologies (Pty) Ltd both R110 000 for contravening financial sector laws 

    • FSCA fines Tempest Trading (Pty) Ltd R200 000 and Storm Elisio R200 000 for contravention of financial sector laws 

    • FSCA fines Mr Renault Otto Kay R500 000 and debar him for a period of 5 years 

    • 13 Warnings issued against fraudulent FSPs 

  • CGSO:  

    • CPA Guidelines: Did you know? Direct Marketing: info and tips for suppliers and consumers 

    • CPA Guidelines: Did you know? CPA tips for consumers & suppliers 

    • CGSO: Consumers warned against online supplier: Sassy Heels 

    • Quarterly newsletter 

  • Anti-Fraud Collaboration:  

    • Anti-fraud collaboration webpage 

  • PPRA:  

    • Draft Guidelines on Audit and Trust Accounts Requirements for Business Property Practitioners 

  • IFAC:  

    • New instalment in the Anti-Money Laundering: The Basics educational series: Instalment 9: Tools to fight back 

General Announcements / News Releases: 

  • Media articles:  

    • IFAC: Mindset and Enabling Skills of Professional Accountants – A Competence Paradigm Shift explores how the accountancy profession can stay relevant in a time of unprecedented change 


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. 


Previous Recording 

Preview the snippet below for a sneak peek at what you can expect from the webinar click here 

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