Compilation Engagements VS Agreed-upon Procedures 2019 Presenter: Lettie Janse van Vuuren Learning objectives By the end of this webinar the participant should be aware of the process to prepare their entity for a financial audit, with reg ard to: The legislation that is applicable – with specific reference to the Companies Act and Regulations The standards that must be followed: ISRS 4400 – Agreed-upon Procedures Engagements ISRS 4410 – Compilation Engagements The requirements set out in these standards (e.g. Ethical requirements, documentation, etc) How to apply these standards in practice (including examples of engagement letters and practitioner’s reports) The key changes that are being proposed in the Revised ISRS 4400 on Agreed-upon Procedures Other useful documents to make your life easier Course content The following topics will be covered in detail during the event: The legislation that is applicable: In accordance with the requirements set out in the Companies Act and Regulations Who is responsible for compliance? (including the 6-month deadline) Public Interest Score What type of engagement is required? Who may perform the identified type of engagement? (including compilations) Financial Reporting Framework to be used Difference between internally compiled and independently compiled Consequences of non-compliance The standards that must be followed: ISRS 4400 – Agreed-upon Procedures Engagements ISRS 4410 – Compilation Engagements The requirements set out in these standards, including: Ethical requirements Quality Control requirements (including acceptance and continuance of clients) Professional Judgment Procedures to be performed Documentation How to apply these standards in practice: Reporting responsibilities (Practitioner’s report, reporting to CIPC & on NOCLAR) Using standardised documents (including examples of Engagement letters, Report of Factual Findings and a Practitioner’s Compilation Report) The key changes that are being proposed in the Revised ISRS 4400 on Agreed-upon Procedures: Professional judgment Independence Engagement acceptance and continuance Use of a practitioner’s expert AUP report restrictions Other useful documents to make your life easier: Choosing the Right Service: Comparing Audit, Review, Compilation, and Agreed-Upon Procedure Services Agreed-upon Procedures Engagements as a growth & value opportunity: The benefits to clients of offering such services; When such engagements are appropriate; Examples of financial and non-financial information AUP engagements; and 6 short case studies with example procedures that might be applied.
Accounting for trusts and deceased estates 2019 Presenter: Sonja Frank Learning objectives By the end of this event the participant should: Understand estate planning and trust law. Know all t he recent amendments to legislation. Know how to draft an estate plan and administer an estate. Know how to correctly create and administer a trust. Understand curatorship and the roles and responsibilities thereof. Know the Davis Committee recommendations. Content The webinar will cover the following topics: Background to estate planning and trust law; The Income Tax Act on trusts. Recent amendments to legislation related to trusts and estates; Creating a valid and lawful trust; The roles, responsibilities and liabilities of the trust founder and beneficiaries; Administering and terminating a trust; Pitfalls in trust deeds and their remedies; Taxation of resident and non-resident trust beneficiaries; The deceased estate administration process; Appointment as curator, roles and responsibilities; How to do a proper estate plan; Taxation of income in deceased estates; and An update on the Davis Committee recommendations.
Agricultural Accounting 2019 Presenter: Caryn Maitland CA(SA) Learning objectives By the end of this event the participant should: Understand IAS 41 – Agriculture. Understand amendments t o IAS 16 and IAS 41 on bearer plants. Be aware of the taxation effects from farning. Understand the Diesel Refund System. Content The webinar will cover the following topics: Introduction to IAS 41 - Agriculture; Scope and application of IAS 41 – Agriculture; Recognition and measurement of biological assets; Disclosure of fair value of biological assets; Treatment of government grants; Accounting for intangible assets related to agricultural activity; Agriculture: Bearer plants (Amendments to IAS 16 and IAS 41); Overview of the taxation of income from agricultural activity; the first Schedule of the Income Tax Act; and The Diesel Refund System:
Practical Payroll for Bookkeepers (Part 2 to Payroll for Bookkeepers) 2019 Presenter: Russel Ngobeni Learning objectives By the end of this event the participant should: Understand how to practically calculate em ployees’ taxable income. Understand how to complete and submit SARS returns. Be able to process and generate employee tax certificates. Understand how to perform payroll reconciliations. Be able to use the SARS e-Filing platform. Be able to use cloud payroll administration. Content The webinar will cover the following topics: Determining employee taxable income: What constitutes gross income? Calculating mandatory deductions; Incorporating other deductions; and Tax credits. Employer payment declaration – EMP201; Completion; and Timeous submission. Employee tax certificates – IRP5s; Processing and generation. Payroll reconciliation – EMP501; Accounting for payroll – a practical example; SARS e-filing; Cloud payroll administration; and General guide to submission deadlines and penalties and interests.
Compliance and Legislation Update July 2019 Presenter: Lettie Janse van Vuuren 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. Content These are examples of the topics covered that will include legislative, regulatory, industry standards, items and guides that have been issued and/or updated during the preceding month and will be covered in the webinar: SARS: Interpretation Notes (updated & issued): 112 – Section 18A: Audit certificate Binding Rulings (Private/Class/General) issued and updated: BPR 320 – Conversion of association to private company BGR 51 – Cancellation of registration of a foreign electronic services supplier BCR 067 – Tax consequences for members arising out of conversion of association to private company Notices and other publications issued: Notice 342 – Notice in terms of section 25 of TAA for submission of 2019 income tax returns 2019 Draft TLAB IFRS: Standards – What’s new? IFRS Monthly news summary IRBA: Standards: Illustrative Banks Act Regulatory Auditor's Reports - Effective for banks and affected entities with year ends on or after 28 February 2019 Legal/Ethics: IRBA Rules Regarding Improper Conduct (Revised 2019) - Effective from 1 January 2020 Final Amendments to the IRBA Code of Professional Conduct for Registered Auditors in respect of Second Opinions - Effective for engagements commencing on or after 15 January 2020 Guidance: SAICA Guide: Summary of changes to IFAC Guide Using ISAs Revised Guide for RAs: Assurance Engagements on FSPs’ Separate Accounts (Section 19(3)) and Reporting Requirements (Section 19(4)) of the FAIS Act - effective for engagements commencing on or after 1 July 2019 Guide for Registered Auditors: Assurance Engagements on the Fresh Produce Agents' Trust Accounts - effective for year-ends ending on or after 31 December 2020 CIPC: Notices and Practice Notes issued (enforcement and to customers): 2 notices issued (re B-BBEE Certificates issues resolved, Processing requirements for the removal of directors) Companies Tribunal: 6 Decision reached on cases heard (1 Name dispute, 1 AGM, 4 Exemptions from SEC) Labour Law: Employment law: Resignation with immediate effect COIDA - A win for domestic employees in South Africa Other Laws & Regulations affecting your client AND impact on NOCLAR: This month’s big 5 include: The Broad-based Black Economic Empowerment Act (General Code amendments); The Competition Act (Land based public passenger transport market inquiry); The Foodstuffs, Cosmetics and Disinfectants Act (Reduction in sodium levels); The Foodstuffs, Cosmetics and Disinfectants Act (General hygiene requirements); and The Local Government Municipal Finance Management Act (Municipal cost containment regulations). This month’s little 5 include: The Competition Act (Land based public passenger transport market inquiry completion date); The Income Tax Act (Draft Taxation Laws Amendment Bill 2019); The Long-term Insurance Act (Draft exemption for assistance, funeral or microinsurance policies); The Merchandise Marks Act (Parma Ham); and The Draft Tourism Bill (Comment deadline extension). Other Acts: Amendments to the B-BBEE Codes Regulator news: IRBA News & press releases: IRBA seeks feedback on implementing SAAEPS 1 Assurance Fees Payable to the IRBA with effect from 1 April 2019 SAICA Guidance & other publications: Top tips for SMPs (Small and Medium Practices) SAICA Guide on Regulatory Reporting Duties (Updated June 2019) SAICA Comments on the UIF’s updated website SAICA FAQs on Ufiling SAICA’s progress with the recommendations of the Ntsebeza Inquiry Report SAIBA: SAIBA objects to the Draft CA Charter SAIBA makes practical suggestions: To CIPC: to have RI for IRs included when you do the submission of your annual return To the Companies Tribunal: to have an automatic extension to submit financial statements, from 6 to 9 months, where a company/CC has a PIS<100 CGSO & National Consumer Commission: CGSO re Suppliers Failing to Provide Good Quality Services SARS media releases: Tax Practitioners: Changes to the eFiling system: Multiple Profiles Enhancements to the Income Tax Return for Trusts (ITR12T) and SARS eFiling FSCA publications & press releases: Update on the progress made with the implementation of Legal Entity Identifiers FSCA files court papers in response to Public Protector report Report by the FSCA on the status of the NEPI Rockcastle plc investigation FSCA releases Guidance Notice on retirement funds sustainability of investments and assets Guidance note on requirements for Continuous Professional Development (CPD) Cypres SEC impersonated in a fraudulent scam FSCA appoint the new Divisional Executive for Conduct of Business Supervision 7 Warnings issued to the public against fraudulent FSPs General Announcements/ News Releases: Media articles: Whatsapp: The new Email for SMEs
Business Valuations 2019 Presenter: Dr John W.Hendrikse Learning objectives: By the end of this event the participant should: Know what business valuation is. Understand business valuation drivers. Understand all the business valuation methods. Know the business valuation process from start to finish. Be able to perform a business valuation. Content: The webinar will cover the following topics: What is business valuation? Business valuation drivers; Business valuation methods; How risk and return affect business valuation; Measuring returns; Factors affecting business valuation: Competition; Financial performance; Risk factors; Economic environment; Investment alternatives; and History of the business. Risk factors explained: Systematic and unsystematic risks; and Industry risk. Valuation of the intangible assets of a business; and The Gordon Growth Model.