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"A library of latest developments"

Acts, Regulations, Standards, guides, notices, PPTs, examples and CPD topics issued by ministers, regulators, commissioners, and CIBA.

Detail Library

Law

  • Common law dictates that accountants should implement technical best practice.
  • As a professional body CIBA is empowered to provide standards, frameworks and guides as suggested best practice.

Guides and Circulars

  • We regularly update the Practice Support Library with HelpSheets and post them under the various practice support categories.

CIBA

  • We regularly update the Practice Support Library with HelpSheets and post them under the various practice support categories.

CPD

Law

  • Common law dictates that accountants should be accountable to ethical best practice.
  • As a professional body CIBA is empowered to prescribe ethical rules for members.
  • CIBA prescribes that all members should abide by the IESBA’s Code of Ethics for Professional Accountants.

Guides and Circulars

  • The IESBA’s ethics handbook as adopted by CIBA.
  • Webinar: The new IESBA’s ethics handbook with Diane Jules IESBA Deputy Director.

CIBA

  • Refer to IESBA guides and circulars.

CPD

Law

  • Common law dictates that accountants should be accountable to ethical best practice.
  • As a professional body CIBA is empowered to prescribe ethical rules for members.
  • CIBA prescribes that all members should abide by the IESBA’s Code of Ethics for Professional Accountants.

Guides and Circulars

CIBA

  • Refer to IESBA guides and circulars.

CPD

Disaster Management

During 2021 many South Africans struggled in unprecedented ways with the Covid19 pandemic and rioting of businesses during July 2021 in Gauteng and KwaZulu Natal. CIBA as a community felt the responsibility to stand up and offer aid where possible. CIBA offered a webinar with industry experts to assist members with preparing or recovering from a disaster and equip them with the tools to be as effective as possible in times of disaster. The webinar was offered in conjunction with the Durban Chamber of Commerce (DCC) and included:

  • Mitigation actions that any business should take to prepare for unexpected challenges and disasters
  • Considerations of commercial legal policies and procedures, responses
  • Proactive steps that should be taken to protect your business and financial prudence
  • Guidance on how to draft a Disaster Management Plan
  • Ruidance on how to draft a Emergency Communications Plan
  • Understand the importance of community and the support of community during a crisis.
  • Advice on how to make informed decision about present and future financial activities, both in a personal and business capacity.

Sponsorship for the event and guide included:

  • Draftworx
  • Kreston Tax Advisory Services
  • UIP Security
  • La Fondazione Marketing and Emergency Communication Consultants
  • PPS
  • Custodiet Cyber Risk Advisor
  • The Red Cross
  • Mazars Financial and Advisory Services

CIBA’s Business-Accountant-in-Practice (SA) designation holders can assist businesses in developing a Disaster Management Guide and ensuring that all businesses address all the necessary risk.

Disaster Planning and Recovery Guide for SMMEs

  • Click here to download a copy of the Guide.

Webinar Presentation

Webinar

How to become part of a community

Not a member: click here

Members: Join or Practice Support Network

Law

  • Common law dictates that accountants should implement technical best practice.
  • As a professional body CIBA is empowered to prescribe technical best practice for members.
  • CIBA prescribes that all designated members should abide by the IAASB’s handbook for professional engagements.

Guides and Circulars

  • The IAASB has provided a number of guides, videos and PowerPoint slides that will assist accountants with understanding their responsibilities in terms of Quality Control:
  • QC Guide—Orientation, a PowerPoint slide deck to introduce users to the structure, features, and key topics in the Guide.
  • Companion Manual to the QC and ISA Guides on how member bodies and other professional accountancy organizations can make the best use of the Guide.
  • Guide to Quality Control for Small- and Medium-Sized Practices, Third Edition 
  • The IAASB’s is proposing to update of ISQC1 to quality management standards ISQM1 and ISQM2:
  • Webinar: Webinar 1: Background and new risk based approach with IAASB Board member. Karin French.
  • Webinar: Webinar 2: Governance, leadership, resources, communication, monitoring and remediation with IAASB Board member. Karin French.

CIBA

  • Refer to IAASB guides and circulars.

CPD

Law

  • Common law dictates that accountants should be accountable to ethical best practice.
  • As a professional body CIBA is empowered to prescribe ethical rules for members.
  • CIBA prescribes that all members should abide by the IAASB’s handbook for professional engagements.
  • Acts and regulations may prescribe rules regarding the preparation of financial statements in a certain format. This is the responsibility of the owners/managers/board of the relevant entity.
  • CIBA designated members may assist entities with preparing their financial statements. Such assistance must be in the form as prescribed here.

Guides and Circulars

CIBA

  • Notice – 202008: CIBA prescribes the application of ISRS4410 (202006-Share-Folder)

CPD

Law

  • Common law dictates that accountants should implement technical best practice.
  • As a professional body CIBA is empowered to prescribe technical best practice for members.
  • CIBA prescribes that all designated members should abide by the IAASB’s handbook for professional engagements.

Acts, Regulations, Standards, and Pronouncements

Guides and Circulars

CIBA

  • In addition to the IAASB guides.
  • Refer to the Guide for Schools
  • Refer to the Guide for Accounting Officers
  • Refer to the Guide for POPIA engagements

CPD

Law

Guides and Circulars

CPD

Law

  • The Independent Regulatory Board for Auditors (IRBA) is responsible for the adoption of auditing standards in South Africa.
  • The IRBA sets the pre- and post-qualification requirements for persons that wish to register with the IRBA as Registered Auditors (RA).
  • Various statues and regulations determine the type of entity for which an audit is mandatory.
  • Various statues and regulations determine the type of entity for which an RA is required to perform non-audit engagement
  • Only those CIBA members that are registered with the IRBA as RAs may perform external audits of financial statements.
  • It is a statutory offence to be presented as an RA when you are not an RA. Both civil and criminal penalties apply.

Acts, Regulations, Standards and Pronouncements

Guides and Circulars

  • IRBA guides, videos and PowerPoint slides that will assist registered auditors with understanding their responsibilities.
  • IAASB guides, videos and PowerPoint slides that will assist registered auditors with understanding their responsibilities.
  • Detailed auditing standards.
  • Section 90(2) of the Companies Act, 2008 on the appointment and removal of auditors.
  • Mandatory audit rotation.
  • Audit reports for regulated industries.
  • Restrictions on providing non-audit services as a result of Section 90: Statutory audits.
  • The IAASB has provided a number of guides, videos and PowerPoint slides that will assist registered auditors with understanding their responsibilities in terms of audit engagements:
  • Resources
  • Standards and pronouncements

CIBA

  • Read more about how designated CIBA members can assist clients with preparing for an audit.
  • Read more about how designated CIBA members can participate in the Strategic Alliance to refer audit clients.

CPD

Law

  • Common law dictates that accountants should implement technical best practice.
  • As a professional body CIBA is empowered to prescribe technical best practice for members.
  • CIBA prescribes that all designated members should abide by the IAASB’s handbook for professional engagements.

Acts, Regulations, Standards and Pronouncements

  • Not applicable

Guides and Circulars

The IAASB has provided a number of guides, videos and PowerPoint slides that will assist accountants with understanding their responsibilities in terms of ISAE 3000:


CIBA has provided a number of guides, videos and PowerPoint slides that will assist accountants with understanding their responsibilities in terms the various types of engagements.

Acts, Regulations, Standards and Pronouncements

  • Act (Justices of the Peace and Commissioners of Oaths Act, 1963 (Act 16 of 1963)
  • Notices
  • Regulations governing the administering of an oath or affirmation (GN R1258 in GG 3619 of 21 July 1972)

Guides and Circulars

CIBA

CPD

Acts, Regulations, Standards and Pronouncements

Guides and Circulars

CIBA

CPD

Acts, Regulations, Standards and Pronouncements

Guides and Circulars: International Auditing and Assurance Standards Board (IAASB)

Guides and Circulars: International Accounting Education Standards Board (IAESB)

Guides and Circulars: International Ethics Standards Board for Accountants (IESB)

Guides and Circulars: International Public Sector Accounting Standards Board (IPSASB)

CPD

Acts, Regulations, Standards and Pronouncements

Guides and Circulars

  • eIFRS— for IFRS® Standards, IFRIC® Interpretations, the IFRS Taxonomy, other authoritative guidance, illustrative examples, bases for conclusions and official translations
  • IFRS Shop—to purchase the Red, Green and Blue books—three different compilations of IFRS Standards

Stay up-to-date

  • Alerts—register here  to receive news and alerts, including the IASB Update and the IFRIC Update, published after each Board and IFRS Interpretations Committee meeting
  • Work plan—the Board’s current work plan can be found here

Events and conferences

Consultations

  • Open consultations—an overview of all consultations currently open for comment can befound here
  • Watch our video explaining the standard-setting process here

Other materials

  • Implementation materials—materials developed to support implementation of new IFRS Standards, including articles, webinars etc, can be found here
  • The IFRS for SMEs® Standard—to find out about resources for small or medium-sized entities,  click here
  • Snapshots—these summaries prepared for each new Standard are useful, for example, when briefing audit committees and CEOs. They are available by reference to individual Standards  here
  • A Pocket Guide to IFRS Standards—this useful summary for briefing members of Boards of Directors or Managing Committees is available here

CPD

Acts, Regulations, Standards and Pronouncements

Guides and Circulars

CIBA

  • Login to your member profile and download the CIBA Guide to Using ISRS4400 for POPIA Readiness Engagements

CPD

AA Bill (Namibia)

Law

Guides and Circulars

CIBA

  • CIBA will host various workshops in Namibia both online and in-person.

CPD

Sustainability reporting

In the context of the 2030 Agenda for Sustainable Development, UNCTAD has focused efforts on harmonization of companies reporting on their contribution to the SDG implementation. Accordingly, it developed its “Guidance on core indicators for entity reporting on contribution towards implementation of Sustainability Development Goals" (GCI) to facilitate progress in this area. The GCI is a tool to assist governments to design policies and build institutional mechanisms to collect data from companies’ reports to reflect the private sector’s contribution to the SDGs in a consistent and comparable manner, and to report on the SDG indicator 12.6.1. It also aims to assist companies to provide data on a limited number of universal and core SDG baseline indicators. Thirty-three indicators have been selected based on main reporting frameworks, most frequent reporting practices, and in alignment with key reporting principles and the SDG monitoring framework. More than 20 GCI case studies in different countries and various industries have been prepared. The case studies have provided a basis for further validation efforts of the GCI tool. They contain examples of good practices of how SDG reporting by companies could be done, identified challenges, and provided practical feedback on the GCI implementation.

In addition, UNCTAD is implementing the Development Account (DA) project titled Enabling policy frameworks for enterprise sustainability and SDG reporting in Africa and Latin America where South Africa has been selected as one of the beneficiary countries. The project’s main objective is to strengthen the capacities of Governments to measure and monitor the private sector contribution to the 2030 Agenda for Sustainable Development, in particular to provide data on indicator 12.6.1. Number of companies publishing sustainability reports. The GCI is one of the key tools that is being used to implement the activities in the DA project.

Moreover, during the 37th session of ISAR, the Group of Experts recognized the important role that the GCI has been playing as a useful tool to facilitate the convergence of sustainability reporting frameworks by providing early on an initial and simple common set of universal indicators for entities’ baseline reporting on sustainability issues in alignment with the 2030 Agenda. It also noted the usefulness of capacity-building efforts provided by the UNCTAD secretariat to facilitate wider use of the GCI, raising awareness and dissemination thereof, including for SMEs, and encouraged further activities in this area with a view to facilitating further convergence and alignment of reporting frameworks and practices. These core indicators, which are applicable to all geographies, sectors and sizes of companies, are intended as a starting or entry point in relation to sustainability and SDG reporting by enterprises.

Against this background, UNCTAD is organizing a webinar for the key experts and stakeholders in the area of sustainability/SDG and reporting in South Africa with a view to present the “Guidance on core indicators for entity reporting on contribution towards implementation of Sustainability Development Goals" (GCI), inform on the findings of the conducted case studies in South Africa and other countries as well as share an update on the international trends and developments in this area.

Unctad Information

Webinars

CIBA experts constantly monitor the general environment our members operate in. Proposed changes to legislations and regulations are carefully considered with inputs provided into the relevant processes. To inform our submissions information is collected from members in different ways, for example surveys or requests to comment.

The following submissions have been made on your behalf:

Date Title Submitted to Read the documents
14 July 2022 CIBA submission on Section 18A(2B) Audit Certificates SARS Tax Exemption Unit SECTION 18A(2B) AUDIT CERTIFICATES
15 July 2022 CIBA submission in Response to SARS' Proposal to Replace Telephonic Services by Providing Additional Online Capabilities SARS RESPONSE TO SARS
15 July 2022 An Analysis of The Financial Reporting Standards Council (FRSC): Political Nature and Potential to Powerfully Support Government’s Ability to Attract FDI, Increase GDP and Reduce Unemployment Minister of Finance FRSC ANALYSIS
4 October 2022 CIBA submission on the Public Interest Score Department of Trade Industry and Competition SUBMISSION TO DTI
20 October 2022 Submission on the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill (B18-2022) Standing Committee on Finance. GLA AMENDMENT BILL
31 January 2023 Comments on the draft criteria governing movement of tax practitioners between RCBs dated 9 January 2023. SARS CIBA COMMENTS TO SARS DRAFT CRITERIA GOVERNING MOVEMENT OF TAX PRACTITIONERS BETWEEN RCBs
16 February 2023 Submission of petition to not increase income tax National Treasury SUBMISSION OF PETITION
28 February 2023 CIBA Comments on IFRS for SMEs update International Accounting Standards Board (IASB) CIBA COMMENTS ON IFRS FOR SMES UPDATE
1 June 2023 A Proposal for a Reward-Based Tax Compliance System SARS
Standing Committee on Finance
PROPOSAL FOR A REWARD BASED TAX COMPLIANCE SYSTEM
20 June 2023 Approval of independent reviews for public schools in Limpopo MEC for Department of Education Limpopo INDPENDENT REVIEW APPLICATIONS FOR PUBLIC SCHOOLS_LIMPOPO DOE
31 July 2023 Professionalisation of the accounting functions in the public sector Minister of Finance and Government Technical Advisory Centre SA (GTAC) CIBA PROPOSAL ON PROFESSIONALISATION OF THE ACCOUNTING FUNCTIONS IN THE PUBLIC SECTOR

The Financial Intelligence Centre

The Financial Intelligence Centre (FIC) was established by the Financial Intelligence Centre Act in 2001. The FIC’s primary role is to contribute to safeguarding the integrity of South Africa’s financial system and its institutions and to make them intolerant to money laundering, terrorist financing, and proliferation financing abuse, which directly underpins the integrity and stability of the financial sector.

You can click here to watch a short introductory video on the FIC.

Acts, Regulations, and Guides

Registration with the FIC

Implementing a Risk-based approach

CIBA Guidance

CPD