Although the accounting profession is not formally regulated, designated professional accountants in South Africa enjoy statutory recognition for services rendered as envisaged under various national legislation.
Statutory Recognition of Accounting Professionals:
Provisions of various Acts of Parliament apply to the professional work and engagements undertaken by independent accounting professionals, including:
Companies Act No. 71 of 2008
Close Corporations Act No. 69 of 1984.
Sectional Titles Schemes Management Act No. 8 of 2011.
South African Schools Act No. 84 of 1996
Financial Advisory and Intermediary Services Act No. 37 of 2002
Co-operatives Amendment Act No. 6 of 2013
Further, the services and reporting engagements of accountants are regulated by specific international standards and frameworks, including:
ISRS 4410: Compilation engagements (preparation of financial statements).
ISRS 4400: Agreed-upon-procedure engagements (accounting officer report on the financial statements).
ISRE 2400: Conducting independent review engagements.
By attending this CPD webinar you will develop the following competencies:
Successfully implement the different types of reporting engagements.
Be competent to accept, perform, and complete the various types of reporting engagements.
Understand common law, law of contract, and relevant statutory law obligations applicable to accounting professionals in South Africa.
Apply the frameworks and standards applicable to each professional accountancy engagement.
Understand independence and other ethical considerations related to each type of reporting engagement.
The webinar will cover the following topics:
What is a reporting engagement?
Assurance vs non-assurance engagements.
Audit vs Independent Review vs Compilation vs Agreed-upon Procedures.
Reporting engagement standards:
ISRS 4410 - for compilations.
ISRS 4400 - for agreed-upon-procedures.
ISRE 2400 - for independent reviews.
Practical procedures for reporting engagements:
Code of conduct and quality control requirements.