Reporting on Insolvencies – what the auditor & accountant should know 2020

WHAT YOU WILL LEARN

By the end of this event the participant should:

• Understand the difference between commercial insolvency vs factual insolvency;
• Know potential legal consequences arising with insolvencies;
• Understand the legislation and other legal references to insolvencies;
• Understand what to consider regarding clients’ responses to factual solvency; and
• Know how to fulfil your obligations w.r.t reporting on insolvencies.

DESCRIPTION

There are severe consequences for auditors, accountants, independent reviewers, accounting officers and directors when dealing with companies which trade under insolvent circumstances. It is of utmost importance that these parties and their clients understand all their reporting duties.

The legislation governing reporting duties for directors and auditors is especially complex and there are many pitfalls one needs to be aware of. The practical problem is that we are sitting with lots of requirements and not enough guidance!

During this webinar Lettie Janse van Vuuren CA(SA), RA will discuss all the relevant legislation that auditors, independent reviewers, accounting officers, accountants, as well as their clients who are directors of companies, should be aware of.  Lettie will also clarify what your considerations and reporting should include.

Lettie has also compiled some bonus documents that will be provided to you and remember, in order to receive your two CPD hours, you will need to answer ten quick and easy assessment questions.

PRICE

The following pricing apply:
Ad hoc: R475.00
Subscription: N/A

CONTENT

Study Unit 1

Background to insolvencies

• Commercial vs Factual insolvency
• Potential legal consequences

Study Unit 2

Legal references

• Section 4 of the Companies Act – solvency and liquidity test
• Relation of Sec 4 to CIPC Compliance Checklist
• Section 22 of the Companies Act on Close Corporations
• Section 129 of the Companies Act on financially distressed companies
• Regulation 29 of the Companies Act
• Auditing and review standards
• Close Corporations Act

Study Unit 3

Client responses to factual insolvency and your consideration

• Subordination agreements
• Letters of support
• Guarantees

Study Unit 4

Reporting on insolvencies

• How, when and to whom?

Study Unit 5

Bonus Documents

• Subordination agreements format and checklist
• Possible reportable irregularity working paper template

PRESENTER

Lettie Janse van Vuuren

Lettie is a Chartered Accountant, Registered Auditor, as well as an Assessor and Moderator. As a professional trainer and webinar host, she is able to hold the attention of an audience with her relaxed and humorous presentation style.  She has a unique ability to communicate with delegates at their respective levels of knowledge and experience.  Over the last 20 years, she has trained thousands of partners, managers, trainee accountants and other professionals.

She is responsible for researching, compiling and presenting the SAIBA Quick Update Subscription package.

REQUIREMENTS

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

ADDITIONAL MATERIAL

By attending this webinar, you will be provided with:

•  Summarised slide presentation
•  Reference documents and / or course material where available
• Access to a technical knowledge base
• Recorded webinar that includes an expert presenter and participant interaction