Monthly Update – Compliance and Legislation October 2021

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

IFRS Monthly news summary
Board workplan update

Study unit 2 – IFRS – Accounting Issues

Investor perspectives: Disclosures in financial statements reflect investor needs
Right-of-use assets (Conceptual Framework issues)

Study unit 3 – IRBA – Standards & Legal/Ethics

Quality Management Standards: IFAC – First-time Implementation Guide for ISQM 1 Updated and Reissued
ISA315 (Revised): Identifying and assessing the risks of material misstatement – Effective date reminder.
Staff Audit Practice Alert 6: Protection and Retention of Client Data

Study unit 4 – CIPC – Notices and Practice Notes issued (enforcement and to customers)

Companies Act Amendment Bill
Re-registration of companies and CCs due to failure to submit returns
Notice No. 48 of 2021: Notice to accounting and auditing professional bodies: Independent Review Survey 2021
Notice No. 49 of 2021: Important changes to CIPC electronic platforms relating to short standard private and short standard non-profit without members company registrations
Notice No. 50 of 2021: Filling of joint business rescue practitioner appointments

Study unit 5 – Covid-19 Updates – New announcements/guidance:

IFAC COVID-19 Response to Recovery
Lockdown adjusted to Alert Level 1
Vaccines registrations open for 12 to 17 year-olds
The right to refuse a vaccination is not cast in stone (article)

Study unit 6 – Labour Law – Employment law

Is your company conducting disciplinary hearings in line with legislation? (article)
Is it fair discrimination to exclude unvaccinated people (article)
To be or not to be.… vaccinated against Covid-19 (article)
Quantifying compensation for unfair dismissal – Labour Relations Act (article)

Study unit 7 – Other Laws & Regulations affecting your client AND impact on NOCLAR: This months Big 5

This month’s issue 17 Vol 16 covers new national laws up to 1 October 2021

The big 5 include:

• • The Companies Act (Draft Companies Amendment Bill)
  • The Constitution of the Republic of South Africa (Constitution Eighteenth Amendment Bill)
  • The Disaster Management Act (COVID-19 regulations)
  • The Financial Sector Laws Amendment Bill 2020
  • The Liquor Products Act (Liquor Products Amendment Act)

Study unit 8 – SARS

Refer to September and October 2021 Maitland and Associates Tax Newsletter distributed to attendees.  

Study unit 9 – Regulator News – IRBA

48% of JSE Listed Entities have rotated auditors
Fraud and the role of auditors – what more can be done to detect fraud risk?

Study unit 10 – Regulator News – SAIBA

Accounting Weekly Newsletter
CFO Talks

Study unit 11 – Regulator News – CIPC

CIPC enforces Sec 30 of the Companies Act: High Court orders JCI Ltd to pay the CIPC an administrative fine of R1 million
Considering business rescue for financially distressed companies (article)
Revisiting blockchain technology and intellectual property (article)

Study unit 12 – Regulator News – Consumer Regulator (CGSO)

Can money in your account be used when it belongs to someone else (article)   

Study unit 13 – Regulator News – Information Regulator 

The impact of the Cybercrimes Act on electronic communication (article)
Further obligations of an information officer in terms of PAIA (article)
Disclosure of medical or confidential information – when it is permitted (article)

Study unit 14 – General Announcements / News Releases – Media articles

Artificial intelligence identified as inventor of a patent
Don’t mess with neighbourhood watches in communities
Department of Agriculture takes steps to prevent misleading descriptions
Are influencers inciting their followers to buy counterfeit products?
Are tests for provisional and final liquidation orders really different?
Understanding the legal implications of property sale agreements

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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ADDITIONAL MATERIAL