Overview   

There are severe consequences for auditors, accountants, independent reviewers, accounting officers and directors when dealing with companies which trade under insolvent circumstances. It is of utmost importance that these parties and their clients understand all their reporting duties.  

The legislation governing reporting duties for directors and auditors is especially complex and there are many pitfalls one needs to be aware of. The practical problem is that we are sitting with lots of requirements and not enough guidance! 

During this webinar Lettie Janse van Vuuren CA(SA), RA will discuss all the relevant legislation that auditors, independent reviewers, accounting officers, accountants, as well as their clients who are directors of companies, should be aware of.  Lettie will also clarify what your considerations and reporting should include. The webinar will be presented on 27 February 2020  from 11:00 am to 1:00 pm. giving you two CPD hours.  

Lettie has also compiled some bonus documents that will be provided to you and remember, in order to receive your two CPD hours, you will need to answer ten quick and easy assessment questions.  

Learning objectives  

By the end of this event the participant should: 

• Understand the difference between commercial insolvency vs factual insolvency; 

• Know potential legal consequences arising with insolvencies; 

• Understand the legislation and other legal references to insolvencies;  

• Understand what to consider regarding clients' responses to factual solvency; and 

• Know how to fulfil your obligations w.r.t reporting on insolvencies. 

Content 

The webinar will cover the following topics:  

• Background to insolvencies. 

  • Commercial vs Factual insolvency. 

  • Potential legal consequences.  

• Legal references. 

  • Section 4 of the Companies Act – solvency and liquidity test. 

  • Relation of Sec 4 to CIPC Compliance Checklist. 

  • Section 22 of the Companies Act on Close Corporations. 

  • Section 129 of the Companies Act on financially distressed companies. 

  • Regulation 29 of the Companies Act. 

  • Auditing and review standards. 

  • Close Corporations Act. 

• Client responses to factual insolvency and your consideration. 

  • Subordination agreements. 

  • Letters of support. 

  • Guarantees. 

• Reporting on insolvencies – how, when and to whom? 

• Bonus Documents. 

  • Subordination agreements format and checklist.  

  • Possible reportable irregularity working paper template.   

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. The SAAA CPD policy is compliant with IFAC IES7 and is recognised by all relevant professional bodies. 

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

Lettie Janse van Vuuren CA(SA), RA 

Technical expert Lettie Janse van Vuuren CA(SA), RA has over the last 20 years trained thousands of partners, managers, trainee accountants and other professionals. She has assisted numerous audit practices in preparation for IRBA inspections – both on firm level and individual engagement level.  She has also assisted in the formulation of the resulting remedial action process, including the root-cause analysis and action plans.  

She has a unique ability to communicate with delegates at their respective levels of knowledge and experience.    

Lettie is passionate about improving the efficiency and standardisation at audit practices and training offices. She has extensive experience on a variety of technical and practical topics which she consults on, including: SAICA re-accreditation requirements, assistance and preparation, IRBA firm and engagement inspection assistance and preparation, CaseWare issues, audit file reviews (post-issuance monitoring and EQCR), quality control manuals and implementation, HR and other office-specific policies and procedures as well as FASSET skills development facilitation.

Who should attend 

The following persons will benefit from attending this webinar: 

• Professional Accountants including: RA(SA), CA(SA),PA(SA) and BAP(SA); 

• Accounting officers; and 

• Directors of companies. 

Price      

• R 475.00 - Online admission - Individual. 

• R 950.00 - Online admission - Company. 

Steps to register for the event:  

If you already have a profile, login and register for the webinar. 

If you don’t have a profile, create a free profile then login and register for the webinar. 

Click here 

 to create a free profile (There is no charge to create a profile and gain access to our free Monthly Practice Management Series). 

Click here 

 to find out about the Technical Resource Centre & CPD Subscription options.