We all know the effect the economy can have on a business. Whether it is a worldwide pandemic, or a new competitor, there is always something that threatens a company’s financial position. As such it is important for directors, managers, and owners to be aware of their going concern position. Going concern is also a fundamental principle to the preparation of financial statements, and accountants and auditors should assess it properly.

Every company that is registered in South Africa must comply with the Companies Act. That includes any Close Corporation. Are you aware of the implications of the Companies Act and how it affects your company or those of your clients?

Who is this Toolkit for?

The Business Rescue Toolkit is designed to offer young, upcoming accountants and auditors a solid foundation in the understanding and application of business rescue proceedings. This toolkit is ideal for those still studying or starting their journey toward becoming professional accountants and auditors.

The content is structured to offer a step-by-step approach with clear, easy-to-follow examples, laying the groundwork for more complex applications in the future. It is particularly targeted at trainees enrolled in the SAICA CA2025 Training Program, but it also benefits trainees from other programs such as SAIPA and CIMA.

Key Features:

• Level 1: Simple contexts and straightforward situations 

• Level 2: Simple contexts with specific, limited complexity 

Please note that, in line with the SAICA CA2025 Training Program guidelines, this toolkit serves as a supplementary resource. While it will support your training, it is not the sole method for developing proficiency. Responsibility for ensuring that simulations and assessments are fit-for-purpose rests with the training office and cannot be delegated to a third party.

All simulated activities should be documented in the Integrated Exposure Plan and linked to relevant technical competencies. The trainee will need to complete a Learning Outcome Review (LOR) that outlines the competencies gained and evidence of learning outcomes from completing the simulation.

We hope this toolkit serves as a valuable tool in trainees' professional development, offering essential insights and practical experience as they progress in their careers.

What's inside the DIY-Toolkit?

• POE Excel file with case studies
• Trainee Declaration letter
• Trainee Self-Assessment Checklist
• Suggested assessment guidance for the Reviewer / Overall Evaluator
• Assessment report template/guideline for the Reviewer / Overall Evaluator
• Optional marking (assessment) request: have the PoE assessed by a certified SAICA Assessor at an additional fee

Topics included in this tool:

• Identify businesses in financial distress
• Conduct procedures to assess the impact of the financial distress
• Provide management with advisory services iro businesses in financial distress
• Implementing liquidation procedures for the business
• Record the transaction for the implementation of the liquidation plan
• Prepare the liquidation and distribution account
• Interpretation, application, and analysis

Duration to complete the PoE file with case studies:

1 Full Day to work through online content

1 Full Day to complete the case studies