Monthly Compliance and Legislation Update - November 2023


CPD hours: 2 Hours

Price: R380.00

Video Type: Single

Compliance
...

Monthly Compliance and Legislation Update - November 2023

CPD Hours: 2

Price: R380.00


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Monthly Compliance and Legislation Update - November 2023


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: 

  • Standards – What’s new? 

    • IFRS Monthly news summary 

  • Public Sector 

    • Proposed 2024/2025 MCS 

    • SCOA classification Circular 44 

Auditing: 

  • Standards:  

    • IAASB: New 2022 Handbook 

  • Legal/Ethics:  

    • 2023 IESBA Handbook now available 

    • IAASB new Listed PIE Standard re enhanced auditor reporting 

CIPC: 

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

    • Practice Note 4 of 2023: Filing of documents  

    • Notice: SARS non-compliance notices 

Anti-Money Laundering and FICA: 

  • FIC Advisory & Guidance:  

    • Accurate Completion of Risk and Compliance Return + Sanction Notice 

    • Guidance for Legal Practitioners 

    • Guidance for Registering as an AI 

Sustainability & Integrated Reporting: 

  • Important issues: 

    • IASB: to explore ways to improve reporting of climate-related and other uncertainties in the financial statements 

    • IAASB: ISSA 5000 Materiality FAQ 

Technology: 

  • Important issues: 

    • Cybersecurity special report 

Labour Law: 

  • Employment law: 

    • Persons with disabilities in the workplace: Code of Good Practice 

    • Any parent is entitled to four months parental leave, high court rules    

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

  • This month’s big 5: 

    • SAICA Legal Update 2023: 

    1. The Cybercrimes Act: Standard operating procedures for investigation, search, access or seizure; 

    2. The Financial Intelligence Centre Act: Draft regulations; 

    3. The Public Service Act (Public service regulations);  

    4. The Public Service Commission Bill; and  

    5. The South African Schools Act: Basic Education Laws Amendment Bill. 

  • Other acts and articles: 

    • SASSA Grant Increases for 2023 & 2024 

    • Masters Deceased Estate Online Registration System 

    • Chief Master Directive 8 of 2023: New Beneficial Ownership Register for Trust 

  • COIDA Update: 

    • Confirmation of Life  

SARS: 

  • Guides (new, updated & issued): 

    • Guide to Section 18A Approval of a Department in the National, Provincial and Local Sphere of Government 

    • Guide on the Taxation of Farming Operations 

    • VAT 409 – Guide for Fixed Property and Construction (Issue 7) 

    • Basic Guide to Section 18A Approval (Issue 5) 

  • Operational Guides (new, updated & issued): 

    • Guide to submit a dispute via eFiling 

    • Guide to the Tax Compliance Status functionality on eFiling 

    • SARS Online Query System Guide 

    • Comprehensive Guide to the ITR12 Income Tax Return for Individuals 

  • Interpretation Notes (updated & issued): 

    • Interpretation Note 112 (Issue 2) – Section 18A: Audit certificate 

    • Interpretation Note 24 (Issue 5) – Public benefit organisations: Partial taxation 

    • Interpretation Note 51 (Issue 6) – Pre-trade expenditure and losses 

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

    • Binding General Ruling 62 (Issue 2) – Value-added tax implications of securities lending arrangements 

    • Draft Binding General Ruling 16 (Issue 3) – Standard Turnover-based Method of Apportionment 

  • Notices and other publications issued: 

    • Publication of Explanatory Summary of the Tax Administration Laws Amendment Bill, 2023 

    • Discussion paper on VAT Modernisation 

  • Taxpayers must be on the lookout for New Scams: 

    • Tax Review 

    • Notice of Assessment 

  • Tax court cases:    

    • Media release – SARS welcomes veil of secrecy judgment  

  • Constitutional court cases: 

    • Media Release: Constitutional court decision on duty-free purchases 

    • Sasol Chevron Holdings Limited v CSARS (CCT 149/22) [2023] ZACC 30 (3 October 2023) 

  • SCA cases: 

    • Media release: Court confirms that false returns may attract administrative penalties and criminal prosecution 

    • Silverback Technologies CC & Others v CSARS (301/2022) [2023] ZASCA 128 (09 October 2023) 

Regulator news: 

  • IRBA News & press releases: 

    • News #63 

  • SAICA press releases and other publications: 

    • SAICA: Comments on the 2023 Companies Amendment Bill 

    • Draft Mergers and Acquisitions Guide 

    • Updated Guide on Retention of Records 

    • AUP Regulatory report for Legal Practitioner Refund 

  • CIBA press releases and other publications: 

    • Newsletters: 

      • CFO Talks (CFO Talks™ is devoted to sharing ideas and conversations between CFOs. It is a platform which facilitates insightful and powerful talks relevant to CFOs) 

      • Accounting Weekly (weekly newsletter) 

    • Various guides are available exclusively to members 

  • CIPC:  

    • Learn-I-Biz 

  • Companies Tribunal:  

    • 16 Cases finalised in Oct 2023  

    • Bulletin Newsletter 

  • Information Regulator:  

    • Info Regulator to probe daring cyberattack on SSA 

    • New PAIA forms & website compliance for private bodies 

  • CGSO:  

    • Newsletter 2nd Quarter 2023 

  • LPFF:  

    • Requirements to conduct AUP on the Application of Refund of Bank Charges and Audit Fees - Transitional Period article  

  • FSCA publications & press releases:  

    • FSCA statement on BHI Trust and Mr Craig Roy Warriner 

    • FSCA publishes its first Integrated Annual Report 

    • FSCA Clarification Statement on Salt Employee Benefits 

    • FSCA imposes administrative penalties on F A Allard and Sons Funeral Undertakers 

    • 3 Warnings issued against fraudulent FSPs 

  • SARS:  

    • Latest SMME Traders Connect newsletter – Edition 2 

    • Latest SMME Connect newsletter – Edition 6 

    • Latest Tax Practitioner newsletter – Issue 47 

    • Latest Government Connect newsletter – Issue 14   

General Announcements / News Releases: 

  • Media articles:  

    • Deloitte Auditors Got Caught Changing Their Computer Clocks to Backdate Workpapers 

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