Monthly Update – Compliance and Legislation October 2022

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

• IFRS Monthly news summary
• IFRS for SME’s exposure draft
• IFRS Foundation Work Plan update

Study unit 2 – IFRS – Accounting Issues

• IFRS – IASB issues narrow-scope amendments to requirements for sale and leaseback transactions
• ED 405 – Proposed revisions to the Headline Earnings Circular September 2022
• Financial Reporting Analytics – 5 Use Cases for CFOs 

Study Unit 3 – Public Sector

• Office of the AG – Latest publications
• National Treasury – Tabling of annual reports, AFS and audit reports
• Improvements to Standards of GRAP 2020 soon to be effective – ASB

Study unit 4 – IFRS – Sustainability Reporting

• IFRS – ISSB Consultation on Agenda Priorities
• Is sustainability a burden or an opportunity for CPAs

Study unit 5 – IRBA – Standards & Legal/Ethics/Other

• IAASB – Overview of the latest communications 
• FAQs on ISRS 4400 Agreed Upon Procedures 
• ICAEW – Quality management – ISQM 1 in practice 
• Auditing Profession Act –  Maximum monetary fines 
• IFAC – IESBA Sustainability Questionnaire
• IRBA Staff Audit Practice Alert 7 – Content of a Transparency Report
• 2022 Trust Account Audit Report Template Changes – Property Practitioners Regulatory Authority
• Body Corporates Auditor Reports 
• PCAOB Inspections Reports
• IOSCO encourages standard-setters’ work on assurance of sustainability-related corporate reporting
• Digital Transformation & Innovation in Auditing –  Insights from a Review of Academic Research  (IFAC)

Study unit 6 – CIPC – Notices and Practice Notes issued (Enforcement and to customers)/Articles

• List of accredited bodies whose members are eligible as business rescue practitioners as from 22 September 2022 
• Foreign assurance – relates to location of records

Study unit 7 – Labour Law – Employment law

• Employment Equity Amendment Act
• Institutional Sector Classification Guide 2022
• A critical analysis of the BBBEE Commission in adjudicating fronting cases
• Compensation for Occupational Injuries and Diseases Act – Increase in monthly pensions and Amendment of Schedule 4 -Manner of Calculating Compensation

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

• The latest SAICA Legal Update has been released and it covers relevant national laws up to 2 September 2022:
  1. The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill 
  2. The Competition Act: Draft block exemption regulations for small, micro and medium sized businesses 
  3. Special Investigating Units and Special Tribunals Act: National Student Financial Aid Scheme 
  4. Superior Courts Act: Intermediaries
  5. The Draft Unlawful Entry on Premises Bill
• The latest SAICA Legal Update has been released and it covers relevant national laws up to 16 September 2022:
  1. The Auditing Profession Act: Financial Matters Amendment Bill 2022 
  2. The Border Management Authority Act: Transfer of powers from other laws
  3. The Municipal Fiscal Powers and Functions Act: Amendment Bill 2022
  4. The National Environmental Management Biodiversity Act: Draft game meat strategy
  5. The Traditional Courts Bill

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

• Financial Intelligence Centre Act: General laws 
• Draft of Unlawful Entry of Intruders Bill 
• The new certificate businesses in South Africa need to know about – or risk facing a R5 million fine and jailtime
• Companies Act: General Laws (Anti-money Laundering and Combatting Terrorism Financing) Amendment Bill 
• Competition Act: Draft block exemption regulations for small, micro and medium sized businesses 
• Draft Extradition Bill  
• Financial Sector Regulation Act: Ownership
• Labour Relations Act: Protest action to promote or defend socio-economic interests of workers 
• Non-profit Organisations Act: General Laws (Anti-money Laundering and Combatting Terrorism Financing) Amendment Bill 
• Trust Property Control Act: General Laws (Anti-money Laundering and Combating Terrorism Financing) Amendment Bill The General Laws (Anti-money Laundering and Combatting Terrorism Financing) Amendment Bill
• National Health Act: Notifiable conditions
• Non-profit Organisations Act: Draft Amendment Bill 2021 

Study unit 10 – SARS

Refer to August and September 2022 Maitland and Associates Tax Newsletter distributed to attendees.  

Study unit 11 – Regulator News – SAIBA

• SAIBA’s submission to the Dept of Trade Industry and Competition on PIS. 
• SAIBA’s response to SARS proposal to replace telephonic services.
• Accounting Weekly Newsletter 
• CFO Talks

Study unit 12 – Regulator News – CGSO, Competitions Commission, FIC Advisory & Guidance, Companies Tribunal, National Credit Regulator, Information Regulator, FSCA

• Gareth Ackerman Saya Business Sector has to step up to help solve Country’s economic infrastructure problems
• Price fixing and collusion under the Competition Act 
• New AML Bill for comment 
• Name disputes (7 granted 2 refused)
• Director disputes (1 granted)
• Exemptions (1 refused)
• Media release Stats: September 2022 
• PAIA Forms released  
• FSCA Communication 28 of 2022 (INS)
• SARB Joint Communication 2 of 2022 – Joint Discussion Document
• SARB Prudential Authority Proposed Directive-Proposed amendments to the Regulations
• SARB Full Quarterly Bulletin – No 305 – September 2022

Study unit 13 – General Announcements / News Releases – Media articles

• Constitutional Court declares provisions of Copyright Act unconstitutional
• Control of Tobacco Products Bill heading for Parliament
• Formation of valid and enforceable contracts in South Africa
• Protect yourself from cyber scammers with these 10 tips
• The next normal: What does the office look like?
• Unanswered summons – Default judgment is your next step
• Uniform Rule 42(1)(b) – Ambiguities, errors and omissions in judgments

Certificate

The following CPD is awarded: Financial Reporting 2 units, Ethics 1 unit.

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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