Monthly Compliance and Legislation Update - August 2024


CPD hours: 2 Hours

Price: R380.00

Video Type: Single

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

Monthly Compliance and Legislation Update - August 2024

CPD Hours: 2

Price: R380.00


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Title / Topic

Monthly Compliance and Legislation Update - August 2024

Presenters : Caryn Maitland CA(SA)


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? 

    • IASB - Proposed amendments to IFRS 19 published 

    • IASB - Proposed IFRS Taxonomy Update (IFRS 18) 

    • IASB - Narrow scope amendments to IAS 21 published 

    • IASB - Impairment requirements and credit risk disclosure requirements 

    • IASB - Amendments to clarify the classification and measurement of financial assets with ESG and similar features published 

  • Accounting issues 

    • IFRS - Eight illustrative examples to improve reporting of climate-related and other uncertainties in financial statements published 

  • Public sector 

    • OAG - Accounting manuals for government departments 

    • OAG - AFS template for departments issued 

    • OAG - GRAP Disclosure Checklist for the 2024-25 financial year issued 

Auditing (IRBA, IAASB, etc): 

  • Other 

    • IRBA - Staff Practice Note 10: Acceptance and Continuance of Client Engagements 

    • FRC - Annual Tier 1 audit firm inspection results published 

CIPC: 

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

    • Notice 51 of 2024 CIPC CC transfer of member’s interest  

    • Notice 35 of 2021 Rotation of Auditors 

    • Notice 44 of 2024 Notice BR Status Reports 

    • Notice 46 of 2024 Delays in Re instatement applications and common causes 

    • Media Release Update Nova Sharemax inter reg investigation 

Financial Intelligence Centre (FIC) 

  • FIC Advisory & Guidance 

    • SA heightened terrorist financing rating  

    • Update on the risk and compliance return  

    • Notice PCC 59 issued on beneficial ownership 

    • Nedbank fraud warning for South African banking customers 

Sustainability & Integrated Reporting 

  • Important issues: Sustainability 

    • ISSB - Further harmonisation of the sustainability disclosure reporting landscape during the IFRS Foundation Conference 

    • ICMA - Release of new resources on Sustainability-Linked Bonds, Green Bonds and Sustainability-Linked Loans Financing Bonds 

    • EU - CSRD FAQ to Help Companies Implement New Sustainability Reporting Rules published 

  • Important issues: Technology (Articles) 

    • What are the main ethical challenges of implementing AI? 

    • Five steps accountants must take when adopting AI 

    • Building a Better Auditor: What AI Can’t Do 

    • Building a Better Auditor: The Powerful Synergy of EQ and AI 

    • AI Algorithm Audits: Key Control Considerations 

    • The Age of Generative AI: How Audit Committees Can Respond 

    • Audit Committee Oversight in the Age of Generative AI 

Labour Law: 

  • Employment law: 

    • SA unemployment rate up to 33.5%  

    • Landmark ConCourt judgment reinforces employee rights in transfer case 

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

  • Other acts and articles: 

    • Companies Act amendments 

    • Public Procurement Act 28 of 2024 

    • Climate Change Bill signed into Law 

    • Pension Funds Amendment Bill  

    • Extension of submission period for rule amendments giving effect to the Two-Pot System 

    • Public consultation on the draft Determination of Conditions for Legacy Retirement Annuity Policies to be excluded from the Two–Component System 

SARS: 

  • Guides (new, updated & issued): 

    • See Maitland & Associates Inc News Round Up - May 2024 distributed to attendees. 

Regulator news: 

  • CIBA 

    • Accounting Weekly Newsletter  

    • CFO Talks 

    • Various guides are available to members in good standing 

  • IRBA 

    • Judgement: IRBA Others v East Rand Member District 

  • Companies Tribunal 

    • 10 name disputes 

    • 3 directors' dispute 

    • 3 exemptions 

    • 1 AGM granted 

    • 1 Other matter 

  • Competitions Commission 

    • Commission prohibits transaction between United Container Depots and Kings Rest Container Park 

    • Tuberculosis patent complaint 

    • Statements on the latest decisions taken by the Commission 9, 16 and 25 July 

    • R21m administrative penalty 

  • FCSA publications  

    • FSCA Press Release - Freedom Capital Investment Managers Public Warning  

    • FSCA Press Release - FSCA warns public against individuals impersonating Bovest Wealth Management (Pty) Ltd 

    • FSCA Press Release - FSCA warns the public against Durban Forex Group 

    • FSCA Press Release - FSCA warns the public about FXMG MT4 Traders 

General Announcements / News Releases: 

  • Media articles and other thoughts:  

    • Copyright case - Court rules ex-staffer stole sensitive information for personal benefit  

    • Accounting talent shortage worsens  

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