Monthly Update – Compliance and Legislation August 2021

Study unit 1 -IFRS – Standards – What’s new?

IFRS Monthly news summary 

Study unit 2 – IFRS – Accounting Issues

Focus on sustainability reporting
IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments
Reviewing disclosure requirements for subsidiaries
ED Disclosure Requirements in IFRS Standards– a Pilot approach

Study unit 3 – IRBA – Standards & Legal/Ethics

Auditing of Less Complex Entities (ED)
Quality Management Standards  – implementation guides and other related material
Auditing Profession Amendment Act signed in
IESBA Global Ethics Webinars on the Non-Assurance Services and Fee-Related Revisions to the IESBA Code of Ethics

Study unit 4 – IRBA – Other

IRBA to refer non audit complaints to professional bodies
IRBA heeds stakeholder calls and opens consultation on Enhancing Disclosures in Audit Reports
Auditing Profession Act (Inspection fees) Fees payable from 1 April 2021 to 31 March 2022, for an inspection or review by IRBA, gazetted
Access to the Recording of South Africa’s Launch Event of the IAASB’s Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements

Study unit 5 – CIPC – Notices and Practice Notes issued (enforcement and to customers)

Notice No. 35 of 2021: Rotation of Auditors in terms of S92 of Companies Act
Notice No. 36 of 2021 Discontinuation of enterprise search on the CIPC e-services website
Notice 38 of 2021: CIPC File Transition Project
Notice No 39 of 2021 Accounting and Auditing Professional Bodies (independent Review)

Study unit 6 – Covid-19 Updates – New announcements/guidance:

Declaration of COVID-19 as a national disaster extended to 15 September 2021 “taking into account the need to continue augmenting the existing legislation and contingency
Disaster Management Act (COVID-19) COVID-19 regulations amended (adjusted level 4 regulations as at 12 July 2021, table and forms).

Study unit 7 – Labour Law – Employment law

Unemployment Insurance Act (Looting and damage temporary financial relief)
The legal timing of a financial incentives in lieu resignation (case law)
Workplace attendance by employees during the Covid-19 pandemic
Employee discipline in the face of Covid-19 workplace protocols
Exemption from minimum wage rule
UIF and Covid-19:  How to ensure you meet your obligations

Study unit 8 – Other Laws & Regulations affecting your client AND impact on NOCLAR: This months Big 5

Up to 9 July 2021:

• • The Disaster Management Act (COVID-19 workplace safety directions)
  • The National Environmental Management Act (Environmental impact assessments)
  • The Promotion of Access to Information Act (Information manual exemption)
  • The Protection of Personal Information Act (Prior authorisation processing)
  • The Upstream Petroleum Resources Development Bill.

Up to 26 July 2021:

• • The Competition Act (Exemption of essential goods);
  • The Disaster Management Act (Regulations and directions);
  • The National Health Act (Certificates of need);
  • The National Water Act (Hydraulic fracturing and underground gasification); and
  • The Occupational Health and Safety Act (Draft pressure equipment regulations).

Study unit 9 – Other Laws & Regulations affecting your client AND impact on NOCLAR – Other acts and articles

The Cybercrime Act 

Study unit 10 – SARS

Refer to July and August 2021 Maitland and Associates Tax Newsletter distributed to attendees.  

Study unit 11 – Regulator News – SAICA 

Impact on recent unrest on Auditing Standards
Emergency Room project

Study unit 12 – Regulator News – SAIBA

Accounting Weekly Newsletter
CFO Talks

Study unit 13 – Regulator News – CIPC

Broken register between Companies Register and Trade Mark Register (article) 

Study unit 14 – Regulator News – LPC

Attorney Trust Engagement Deadline
Managing assets in a fiduciary capacity – a discussion

Study unit 15 – Regulator News – National Credit Regulator

Financial assistance – Must companies register as a Credit Provider? 

Study unit 16 – Regulator News – FSCA publications and press releases

Financial Advisory and Intermediary Services Act (Reports)
Insurance Act (Contingent business interruption claims)
Insurance Law – Business insurance policies to rescue businesses (article)
Should an insured be penalised for untrue information supplied (article)

Study unit 17 – Regulator News – Information Regulator 

POPIA Alert: When does public interest trump your right to privacy?
Maintaining compliance with POPIA – Application and Exceptions
The POPIA prior authorisation conundrum – What is it and do you need it?
POPIA – Prior authorisation processing

Study unit 18 – Regulator News – SARS

Tax implications from devastating insurrection and carnage (article) 

Study unit 19 – General Announcements / News Releases – Media articles

Why mark documents and correspondence “Without Prejudice)
Electronic signatures and email – What you need to know
Protecting your IP – Think outside the box but make sure the box is locked
Dealing with the Small Claims Court
Understanding contracts and dealing with contractual disputes

REQUIREMENTS

There are no preconditions for this course.
Moderate level.
Recorded webinar made available on a specified date.

PRESENTER

Caryn Maitland is a Chartered Accountant (SA). She has been a member of IRBA as a registered auditor and accountant since 2002, Caryn has lectured Auditing and Accounting at various institutions and has conducted independent workshops and seminars for professional accountants since 2006 on various topics.

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