The aim of this session is to remind auditors and independent reviewers of their and their clients reporting requirements arising from certain legislation

The 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.