Revisiting Interesting Principles of the SA Companies Act -Nano episode 4

  • Presenter: Anton van Wyk CA(SA)
  • Level: Intermediate
  • Study time: 1 hour
  • Release date September 2023 
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Course overview
In this on-demand short course brought to you in eight individual parts, join CPD Campus as we revisit the most interesting underlying principles contained in the SA Companies Act, No. 71 of 2008, that are usually applicable and relevant to accounting, finance, and business professionals.

The short course is presented in eight short learning modules of no longer than one hour each, which we refer to as a nano episode. After having completed this short course, you will have refreshed your understanding of these underlying principles without having to tackle the entire Companies Act as a learning intervention. In having done so, you will have developed the professional competencies listed in the green section below.

Nano-episode 4 – In this fourth episode, we refresh the most important principles relating to matters regarding external auditors, as contained in Sections 90 to 94 of the SA Companies Act. In 47 minutes, you can listen to this podcast-style episode on your laptop, PC, or smartphone.

The following areas are covered in nano-episode 4:
- When must auditors be appointed? (Section 90)
- Who can be appointed as auditors? (Section 90)
- An overview of Section 90 and the decision-tree relating to its applicability to various types of companies/CCs and/or scenarios
- Examples of activities that could potentially lead to the disqualification (or not) of persons or firms from being appointed as external auditors, relating to:
  • Management responsibility
  • Maintenance of financial records
  • Preparation of financial statements
  • Related secretarial work
  • Application of the five-year period of assessment
    - Resignations and the filling of vacancies in the office of auditor of a company (Section 91)- Rotation of auditors (individual persons) (Section 92)
  • The status of mandatory audit firm rotation (MAFR) in South Africa as at September 2023
  • The rights and restricted functions of external auditors (Section 93)
    Audit committees (Section 94)
  • Revising subsections (2), (3) and (4) of Section 94
  • The duties of audit committees
  • How the audit committee considers whether an appointed external auditor is independent of the audited company/CC
    - Conclusionary thoughts

What's included?

  • 1 Learning chunk
  • 1 Slide deck
  • 1 Quiz
  • 1 Certificate of completion

Alignment to the SAICA Competency Framework