CIPC Compliance: Prescribed Standards and Regulations Conducting Independent Review Engagements
CPD Hours: 4
Price: R575.00
CIPC Compliance: Prescribed Standards and Regulations Conducting Independent Review Engagements
Presenters : Jako Liebenberg CA(SA)
Overview
The landscape of regulation and compliance with respect to the auditing of companies was changed in 2011 with the introduction of the independent review. Not to be confused with an audit which gives a high level of assurance with the expression of a positive opinion on the financial statements, an independent review expresses a negative opinion and provides limited assurance.
With this introduction, the "new" Companies Act provided for close corporations, schools, trusts, partnerships and sole proprietorships to perform this less onerous and voluntary assurance engagement. Although less onerous, licenced independent review practitioners need to strictly follow laid out regulations that are closely guarded by the CIPC.
Learning objectives
By attending this webinar you will gain the following competencies:
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Understand what an independent review is and the business entities that qualify for one.
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Knowledge of specific sections of the Companies Act that pertain to independent reviews.
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Understand the procedure to follow when you encounter reportable irregularities.
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Know the full requirements for qualifying to become a licenced independent reviewer.
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Be able to correctly report on an independent review engagement.
Content
The webinar will cover the following topics:
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ISRE2400 (Revised) - Engagement to Review Financial Statement.
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Companies Act 71 of 2008.
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Accounting standards.
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Who can perform an independent review?
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The Public Interest Score (PIS) threshold.
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How to compile an independent review engagement report.
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Reportable irregularities.
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How to obtain an independent reviewer licence.
