Attendance at this seminar will secure 2 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)
Jeanmari Van der Schyff
0118861395
gillian@probetatraining.co.za
What are the consequences if you trade under insolvent circumstances?
Directors must be aware of their duties, responsibilities, and the circumstances where they could be held personally liable for the company's debt.
The accounting professional must consider different types of insolvencies.
Accounting professionals must report these insolvencies while performing certain types of engagements.
Information about these insolvencies and how to deal with them are not always readily available. Therefore I have put together this presentation to assist practitioners.
During this presentation, I will be answering the following questions.
• What is the difference between the following?
1. Technical or factual insolvency
2. Commercial insolvency
3. Financially distressed
4. Going concern problems
5. Fraudulent or reckless conduct
6. Common law fraud
• When does any form of insolvency become an irregularity?
• When does insolvency constitute an offense or infringe a statutory or common rule?
• When should the auditor report insolvencies?
• When should the independent reviewer report insolvencies?
• When should the accounting officer report insolvencies?
• When must the directors of a company perform a solvency and liquidity test?
• Under which circumstances will the Commission issue a notice to a company to cease trading?
• What effect will the following have on the insolvency position of a company?
1. Subordination agreements
2. Letter of comfort
3. Guarantees
4. Letter of support
• What type of liability could an auditor, independent reviewer, accounting officer, or director of a company incur for not dealing appropriately with any form of insolvency?
This presentation will benefit all accounting professionals, directors, and their staff.
