Monthly Compliance and Legislation Update – January 2024


CPD hours: 2 Hours

Price: R380.00

Video Type: Single

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

Monthly Compliance and Legislation Update – January 2024

CPD Hours: 2

Price: R380.00


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Monthly Compliance and Legislation Update – January 2024


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) researches and summarises all relevant and important changes which she then presents in an easily understandable webinar. 

The webinar includes: 

  • A reference guide of all changes to share within the firm; 

  • Slide presentation 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: 

Accounting (IFRS, etc) 

  • Standards – What’s new? 

    • IFRS Monthly news summary 

  • Accounting issues 

    • Reminder: IAS 1 (Accounting Policies) is now effective 

    • FASB Issues Standard to Improve the Accounting for and Disclosure of Certain Crypto Assets 

  • Ethics 

    • Sustainability Exposure Draft and Tax Planning-related Ethics Standard completed 

  • Public Sector 

    • ED 205 on Social Benefits: Comment deadline extended 

Auditing (IRBA, IAASB, etc): 

  • Standards:  

    • Reminder: Effective Date of ISA 600 (Revised): Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) 

    • New ISA for LCE issued! 

    • The following documents were also issued/updated accordingly: 

      • ISA for LCE: Fact Sheet 

      • ISA for LCE: FAQs 

      • ISA for LCE: IAASB’s Overview presentation slides 

  • Legal/Ethics:  

    • Fit & proper policy gazetted 

    • The IRBA QM L&R Rules 

  • Other, Guides & Illustrative Reports:  

    • Audit & Assurance developments: what to expect in 2024 

    • Exposure Draft: Proposed Guide for Registered Auditors (Revised), Joint Audit Engagements 

    • Revised Illustrative Mutual Banks Act Regulatory Auditor's Reports 

    • IAASB: Guidance for Assurance Practitioners When Citing IFRS Accounting Standards 

CIPC: 

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

    • Notice 72 of 2023: Implementation of multi factor authentication for director amendments 

    • Notice 74 of 2023: Final de-registration of companies and CCs in the annual return de-registration process 

Anti-Money Laundering and FICA 

  • FIC Advisory & Guidance:  

    • FIC Annual Report: FICA non-compliance statistics & trends 

    • Learnings from the 2022/2023 FIC Annual Report 

    • Draft sector risk assessment – Assessment of the inherent money laundering and terrorist financing risks for accountants 

    • Draft sector risk assessment for dealers in precious metals and stones 

    • Consequences of non-compliance with FICA for all accountable institutions 

  • Important issues: 

    • Terrorist Financing: Prevention Guidelines issued for Banks 

    • FICA 2023 Round-Up: A Summary of Greylisting, New FICA Directives & Amendments 

    • FICA Documents needed to adequately perform Due Diligence 

    • The importance of continuous screening 

  • Guides: 

    • Guide to identifying and reporting suspicious behaviours and transactions 

Sustainability & Integrated Reporting 

  • Important issues: 

    • ISSB Standards requirements 

Labour Law: 

  • Employment law: 

    • Four-day working week trial run in South Africa  

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

  • Other acts and articles: 

    • Small Enterprise Amendment Bill: Revised Version available 

    • DoJ’s rescue plan for the Master’s Office 

SARS: 

  • Guides (new, updated & issued): 

    • Customs: South African Traveller Management System – 3 Guides 

  • Binding Rulings (Private/Class/General) issued:  

    • BPR 403 – Taxation of covered persons in respect of equity linked notes 

    • BPR 402 – Transfer of long-term insurance business to a local branch of a foreign reinsurer 

    • BPR 401 – Leasehold improvement allowance 

    • BPR 400 – Donations tax implications on the issue of shares at nominal value to enhance BBBEE credentials 

    • BGR 68 – Acceptable Documentation for Input Tax on Upward Adjustments on Imports 

  • Notices and other publications issued: 

    • 2023 Tax Amendment Acts gazetted 

    • Average Exchange Rates 

  • Taxpayers must be on the lookout for New Scams: 

    • Summons Notice via email 

  • High court case: 

    • Canyon Resources 

Regulator news: 

  • IRBA News & press releases: 

    • IRBA News#64 

  • SAICA press releases and other publications: 

    • Reminder: 2023 CPD Compliance declaration 

    • 2024 Training Regulations 

    • 2023 Medical Schemes Accounting Guide 

    • Comments on IRBA Exposure Draft: Proposed SAAPS 3 (Revised), Illustrative Reports 

  • CIBA press releases and other publications: 

    • Newsletters 

    • Various guides are available exclusively to members in good standing 

  • Companies Tribunal:  

    • 15 Cases finalised in Dec 2023  

    • Bulletin Newsletter 

  • Information Regulator:  

    • Media Statement: Joint Statement on Privacy and Democratic Rights 

  • PPRA:  

    • The property practitioners’ landscape: reminder of late submission penalties 

  • FSCA publications & press releases:  

    • eNewsletter 

    • FSCA Press Release - The FSCA welcomes Supreme Court of Appeal judgement against Fusion Guarantees (Pty) Ltd 

    • FSCA imposes an administrative penalty and debarment on Mr Jacobus Stephanus Geldenhuis (and Classic Financial Services has been liquidated) 

    • FSCA warns the public to be cautious of scams and fraudulent activities this festive season 

    • FSCA informs the public of an investigation into the business activities of BFG Engineering Brokers (Pty) Ltd 

    • Request for information from investors of BHI Trust 

    • 5 Warnings issued against fraudulent FSPs 

  • CGSO:  

    • Consumer Alert: eGadgets.co.za 

    • Newsletter 

  • OTO:  

    • Annual Report 2022/2023 

    • Special edition Newsletter - Nov 2023 

  • IFAC:  

    • Plan to Revise International Education Standards for Sustainability Reporting and Assurance 

  • SARS:  

    • Latest VAT Connect Newsletter  

General Announcements / News Releases: 

  • Media articles:  

    • Understanding Whistleblower Protection 

    • NHI means 31% more tax and 69% less benefits for medical scheme members 

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