Session 1: Overview and Foundational Framework
Topics Covered:
- Purpose and structure of the Companies Act, No. 71 of 2008
- Definitions and classifications of companies
- Overview of applicable Schedules (1–4)
- Roles of CIPC, the Companies Tribunal, and the Takeover Regulation Panel
- Focus Areas for Auditors and Accountants:
- Applicability to different entity types (private, public, NPOs)
- Key compliance touchpoints in the audit and advisory process
Session 2: Key Sections Applicable to Audit and Accounting Practice
Topics Covered:
- Section 30: Annual financial statements – preparation, approval, and disclosure requirements
- Section 29: Financial reporting standards and misleading financial statements
- Section 90–93: Appointment, rotation, and disqualification of auditors
- Section 94: Audit committee requirements and auditor independence
- Section 76–77: Standards of directors' conduct and personal liability
- Section 61–72: Shareholder meetings, resolutions, and governance structures
- Section 165: Derivative actions – auditor awareness and potential involvement
- Section 214–218: Offences and penalties – implications for non-compliance
Focus Areas:
- Auditor reporting duties
- Ethical obligations aligned with IRBA and IESBA Codes
- Legal exposure and risk management
Session 3: Recent Amendments & Practical Considerations
Topics Covered:
- Companies Amendment Bill updates (latest applicable version – e.g., 2024/2025)
- Proposed changes to remuneration disclosure and social/ethics committees
- Enhanced recordkeeping and reporting expectations
- Implications for independent review thresholds
- Streamlining of CIPC compliance and document submissions
Focus Areas:
- Adjusting audit and review procedures for amended disclosures
- Practical case studies for advisory and compliance functions
- Planning for regulatory reform implementation
Session 4: Case Studies and Application Exercises
Interactive Discussion:
- Application of key sections in real-life client or firm scenarios
- Auditor's approach to director misconduct or unlawful acts
- Common mistakes in AFS compliance under Section 30
