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Reporting on Insolvencies - What the auditor & accountant should know - Webinar on demand

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Learning Objectives:

By the end of this event the participant should: 

• Understand the difference between commercial insolvency vs factual insolvency; 

• Know potential legal consequences arising with insolvencies; 

• Understand the legislation and other legal references to insolvencies;  

• Understand what to consider regarding clients' responses to factual solvency; and 

• Know how to fulfil your obligations w.r.t reporting on insolvencies. 

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Content:

The webinar will cover the following topics:  

• Background to insolvencies. 

  • Commercial vs Factual insolvency. 

  • Potential legal consequences.  

• Legal references. 

  • Section 4 of the Companies Act – solvency and liquidity test. 

  • Relation of Sec 4 to CIPC Compliance Checklist. 

  • Section 22 of the Companies Act on Close Corporations. 

  • Section 129 of the Companies Act on financially distressed companies. 

  • Regulation 29 of the Companies Act. 

  • Auditing and review standards. 

  • Close Corporations Act. 

• Client responses to factual insolvency and your consideration. 

  • Subordination agreements. 

  • Letters of support. 

  • Guarantees. 

• Reporting on insolvencies – how, when and to whom? 

• Bonus Documents. 

  • Subordination agreements format and checklist.  

  • Possible reportable irregularity working paper template.