The aim of this session is to remind auditors, independent reviewers and accounting professionals of their and their clients reporting requirements arising from certain legislation
The applicable reporting requirements are legally enforceable and are located within the following legislation and standards:
• ISA 250 Consideration of Laws and Regulations in an audit of financial statements
• Section 45 of the Auditing Profession Act, 2005
• Close Corporations Act, no. 69 of 1984
• Regulation 29 of the Companies Act no. 71 of 2008
• Section 19(4) Financial Advisory and Intermediary services act, no. 37 of 2002
• Section 28, 28A and 29 of the Financial Intelligence Centre Act, no. 38 of 2001 (FICA)
• Regulation 67 and 68 of the National Credit Act, no. 34 of 2005
• Section 12 of the Protection of Constitutional Democracy against Terrorist and Related Activities Act, no. 33 of 2004 (POCDATARA)
• Section 34 of the Prevention and Combating of Corrupt Activities Act, no. 12 of 2004 (PRECCA)
• Section 225 of the Code of Conduct for Professional Accountants. - Non-Compliance with Laws and Regulations (NOCLAR)
During this session I will explain whose duty it is to report, what must be reported, the maximum penalties for failing to report and the Regulator/ Entity to which the report should be made to.
The following issues regarding the reporting requirements will be discussed and explained:
• The auditor and independent reviewer’s consideration of Laws and Regulations during an audit and independent review
• Reportable irregularities identified during an audit
• Reportable irregularities identified during an Independent Review
• Contravention of a provision of the Close Corporations Act
• Irregularities or suspected irregularities identified in the conduct or the affairs of an authorised financial services provider
• Reporting of cash transactions by accountable and reportable institutions to the Financial Intelligence Centre
• Reporting by accountable institutions who has in its possession or under its control property owned or controlled by or on behalf of, or at the direction of: any entity which has committed, or attempted to commit an offence as defined in the Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004
• Reporting of suspicious transactions by all businesses to the Financial Intelligence Centre
• Reporting in terms of regulation 67 when performing an assurance engagement in accordance with the guidelines issued by the National Credit Regulator
• Reporting the offence of theft, fraud, extortion, forgery or uttering a forged document, involving an amount of R100 000 i.t.o PRECCA
• Responding to Non-Compliance with Laws and Regulations (NOCLAR)
The seminar will be of interest to all professional accountants in public practice.
