Compliance and Legislation Update - October 2019 Presenter: Lettie Janse van Vuuren CA (SA), RA Learning objectives: After attending this webinar you will: Be aware of the latest legislative changes and what it means for your busines s, 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: SARS: Guides (new, updated & issued): New Guide: Taxation in South Africa 2019 Updated: Comprehensive guide to dividends tax (Issue 3) Operational Guides re EMP Reconciliation process (updated & issued): Guide for Completion and Submission of Employees’ Tax Certificates 2020 (Revision 7) Guide for Validation Rules Applicable to Reconciliation Declarations 2020 (Revision 8) Guide for Codes Application to Employees’ Tax Certificates (Revision 7) Interpretation Notes (updated & issued): Draft Interpretation Note 18 (Issue 4) – Rebates and deduction for foreign taxes on income Binding Rulings (Private/Class/General) issued: Draft BGR – Determination of the threshold for applying the higher rate of donation tax BPR 326 – Group restructuring transactions in a foreign jurisdiction BPR 327 – Tax implications of a group restructuring BPR 328 – Consecutive asset-for-share transactions BPR 329 – Tax consequences of intra-group restructuring and subsequent sale of assets to third party Notices and other publications issued: Tables 1 and 2 of Interest rates have been updated Tables A and B of Average Exchange rates have been updated Tax cases: Supreme Court of Appeal: BMW SA (Pty) Ltd v CSARS – Whether payment by employer to tax consultants to render assistance to expatriate employees is considered a taxable "benefit or advantage" IFRS: Standards – What’s new? IFRS Monthly news summary IRBA: Standards: Alert: 3 months to go before the effective date of ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures - effective for audits of financial statements for periods beginning on or after 15 December 2019 Overview of the new and revised requirements of ISA 540 (Revised): Link to video setting out technical overview on how to audit accounting estimates in terms of ISA 540 (Revised) – effective for audits of financial statements for periods beginning on or after 15 December 2019 CIPC: Notices and Practice Notes issued (enforcement and to customers): Media Release 6 of 2019 – Unisa CFO and ex NECSA director disqualified from serving as a director and declared delinquent Companies Tribunal: 10 Decisions reached on cases heard (5 Name disputes, 0 AGM, 2 Exemptions from SEC, 3 Directorship dispute) Labour Law: Employment law: PAYE Employer Interim Reconciliation Employment Equity Online Reporting for 2019 is open Other Laws & Regulations affecting your client AND impact on NOCLAR: This month’s big 5 include: Financial Sector Regulation Act (Commencement date for Ombuds provisions); Draft Housing Consumer Protection Bill 2019; National Health Insurance Bill (Comment deadline); National Regulator for Compulsory Specifications Act (Canned meat products); and Special Investigating Units and Special Tribunals Act (PRASA. Other Acts and articles: Director duties and Generally applicable laws / Legal register / Regulatory universe Reduction in the Prescribed rate of interest Why the RICA Act was found unlawful Investor’s remorse: Can you take action against your investment broker for a failed investment? COIDA update: Implementation of new claims system explained Regulator news: SAICA Guidance & other publications: Top tips for SMPs (Small and Medium Practices) Training Office Communiqué Competition Commission: Newsletter FIC Advisory & Guidance: Joint Consultation Paper: FATF recommendations for EFTs Call for comments on JCP on processing of EFTs Information Exchange Agreement signed between FIC & SAPS FIC Role clarified re FIC Reports CGSO & National Consumer Commission: NCC Newsletter Tax Ombud: Quarterly Newsletter (and Special Edition commemorating 6 years of bridging the gap of fairness and taxpayer rights) SARS media releases: SARS extends their operating hours during October 2019 FSCA publications & press releases: Report on the status of the Fortress REIT Limited and Lighthouse Capital investigation FSCA fines Steinhoff International Holdings FSCA fines 4 Africa Exchange (Pty) Ltd 7 Warnings issued to the public against fraudulent FSPs General Announcements / News Releases: Media articles: Urgent warning re Sim Swap Scam
The new amended B-BBEE codes Presenter: Yugen Pillay Learning objectives By the end of this event the participant should: Have an overall understanding of the B-BEEE Act; Understand 2019 amendments to B-BBEE codes; Know how to perform required calculations; Know how to prepare required reports; and Understand how to budget for B-BBEE. Content The webinar will cover the following topics: Overview of the B-BBEE Act. Amendments to the B-BBEE Codes 2019. General Principles; Skills Development; Enterprise and Supplier Development; and Interpretations and Definitions. Performing calculations in B-BBEE scoring. Required reporting formats. Preparing for a B-BBEE audit. Repercussions for non-compliance .
QuickBooks Online Certification Exam Prep Part 2 Presenter: Innocent Shongedza Key Learnings: Banking and tools: using bank feeds, excluding bank transactions, creating bank rules, reconciling reports, recurring transactions. Diving int o reports, practice management, and preparing clients’ books QuickBooks solutions for clients.
QuickBooks Online Certification Exam Prep Part 1 Presenter: Innocent Shongedza Key Learnings In Module 1 we will look at Creating a QuickBooks Online company, company settings, sales settings, expense settings, payment settings, advanced s ettings, chart of accounts, products and services, adding customers and vendors, managing team and client access. In Module2 we will cover delayed charges, online invoices, undeposited funds, deposit transactions, journal entries, transfers, other transactions and tools. Best Practice workflows, price rules, and projects. *At the end of this course you should log in and take Sections 1 and 2 of the exam while the information is fresh in your mind
Top 5 Engagement Inspection Themes 2019 Presenter: Lettie Janse van Vuuren CA(SA) Learning objectives By the end of this event the participant should: Be aware of the latest Top 5 IRBA engagement inspection s themes, including: Detail on exactly what other auditors do wrong; and An understanding of what could be done to rectify the deficiencies. Know how to identify similar shortcomings within own audit practice; Know the actions necessary for good quality IRBA inspections; Be able to inform audit and other assurance staff how to improve and maintain audit quality; Be able to adapt standardised working papers to incorporate documents addressing deficiencies identified in this webinar; Be aware of important information communicated at the SAICA Information Session – held on 20 February 2019; and Be aware of important information communicated at the IRBA Information session on Lack of Evidence – held on 21 June 2018. Content The webinar will cover the following topics: Background to the annual Public Inspections Reports. Overview of the IRBA 7th inspections cycle and process. Review of the Top 5 Engagement Inspection Themes for 2019. IFIAR Survey of audit inspection findings. Helpful resources: IRBA Information Session on Lack of Evidence. SAICA Information Session on 2018 IRBA Inspections Report. Tips for avoiding IRBA re-inspections.
Attorney Trust Accounts Update 2019 Presenter: Lettie Janse van Vuuren Learning objectives By the end of this webinar the participant should be aware of the requirements applicable to legal practitioner’s trust accounts with regard t o: Existing guidance on ATA engagements New requirements contained in the LPA (Legal Practices Act) and LPC (Legal Practice Council) Rules that replaced the Attorneys Act and the Uniform Rules; The new illustrative reasonable assurance auditor's report which was issued by the Legal Practice Council for use by registered auditors when reporting on ATAs for the 28 February 2019 year end; Including the updated illustrative wording for the assurance provider's report (issued by the IRBA) to include the correct references to the Revised IRBA Code of Conduct (because the wording contained in the Revised SAAPS 3 is only applicable to audits); The new SAICA publication which provides an overview of the key differences between the Attorneys Act and Legal Practice Act as well as the related Rules Course content The following topics will be covered in detail during the event: Existing guidance for engagements on attorneys’ trust accounts, including SAICA FAQ New guidance issued (to be used for the February 2019 reporting period), including: New requirements contained in the LPA (Legal Practices Act) and LPC (Legal Practice Council) Rules that replaced the Attorneys Act and the Uniform Rules; and The new illustrative reasonable assurance auditor's report which was issued by the Legal Practice Council for use by registered auditors when reporting on attorneys' trust accounts for the 28 February 2019 year end; and The updated illustrative wording for the assurance provider's report (issued by the IRBA) to include the correct references to the Revised IRBA Code of Conduct (because the wording contained in the Revised SAAPS 3 is only applicable to audits); Reference to the new SAICA publication which provides an overview of the key differences between the Attorneys Act and Legal Practice Act as well as the related Rules; Other important changes, including: New processes for trust interest paid (manual payment as well as sweeping of 5% interest earned on trust investments); Information on the latest scams affecting ATA (with specific reference to money laundering); ATA deficiencies highlighted by the IRBA; and Link to SAICA webcast