THE ZIMBABWE CHARTERED ACCOUNTANTS EXAMINATION BOARD

Transcription

1 THE ZIMBABWE CHARTERED ACCOUNTANTS EXAMINATION BOARD Integrity House, P.O.Box CY 1079, Cnr. Bath Road and Second Street Causeway, Harare. Zimbabwe. Tel: /471/674 or Fax: administrator@icaz.org.zw PART II (AUDITING) QUALIFYING EXAMINATION SYLLABUS EXAMINATION DATES Date for the examination Wednesday 21 November 2012 Opening Date for Registration Monday 17 September 2012 Closing Date for Registration Friday 26 October 2012 Updated : 8 October

2 The Qualifying Examination The Qualifying Examination is in two parts, Part I (Papers 1 and 2) is held in January and tests the integrated application of academic knowledge. PPE, held in November, is skills orientated. Credit is awarded separately for passes in the two parts of the Qualifying Examination. On passing PPE, a candidate receives a Qualifying Examination Certificate. Entry Requirements Students wishing to sit PPE must have completed at least eighteen months practical training. (i.e. must have registered their Training Contract with the Institute before 1 May of the previous year); must have obtained a credit for Part I within the previous five years and must have completed and passed the postgraduate course in either auditing or financial management. Registration 1. Applications for registration must be submitted, before 4.00 pm on 26 October All applications must be on the form approved by the Board and must be accompanied by: two recent driver s licence size photographs, certified to be a true likeness by a Commissioner of Oaths; the stipulated registration fee (non-refundable); and the stipulated examination fee. 2. Applications for registration submitted between 26 October and 2 November 2012 will attract a 20% surcharge being late registration fee. 3. Applications submitted subsequent to 2 November 2012 will NOT be accepted. Marking The maximum number of marks attainable in a Qualifying Examination is 400 for QE I and 200 for PPE (Auditing) or QE II (Financial Management). The pass mark for each exam is 50%. Honours are awarded to candidates who achieve more than 75% of the possible marks. The Duff Award of Merit is for the best candidate in the Qualifying Examination taking Part I and PPE (Auditing) together. A Bad Failure is defined as an aggregate mark, which is less than 70% of the pass mark for the part of the Qualifying Examination. Candidates who fail badly at two consecutive attempts at either Part I or PPE of the Qualifying Examination are required to re-qualify for the exam. 2

3 The Syllabus The Board has an agreement with the South African Institute of Chartered Accountants(SAICA) and the Indepenedent Regulatory Board of Auditors(IRBA) under which the two national Qualifying Examinations are identical except where there are differences between the two countries in legal provisions, taxation, and auditing or accounting standards. The PPE II syllabus includes the responsibilities, functions and qualities of an auditor and professional accountant, the audit process and the legal background to auditing and accounting in Zimbabwe. Candidates are expected to deal with complex issues in the field of auditing in all types of entities and irrespective of the means of data processing. 1 Responsibilities, Functions And Qualities Of The Auditor and Professional Accountant Candidates should be able to: Topics a) List and explain information pertaining to the auditing profession; b) Analyse and assess the responsibilities and rights of an auditor as well as the nature of the legal liability of the auditor; c) Explain the nature and rationale of professional ethics; d) Explain the regulatory and standard setting procedures; and e) Apply such principles to practical situations. Historical evolution of auditing objectives and the audit Fundamental principles of auditing theory Nature and criteria for a profession History and development of the profession Structure of the profession in Zimbabwe Regulatory and standard setting procedures International Standards on Auditing Pronouncements by the Institute Distinction between statutory audits, non-statutory audits and related service engagements, in both the private and public sector Rights and duties covered by statute Public Accountants and Auditors Act Chartered Accountants Act Companies Act Private Business Corporations Act Other statutes requiring an audit Corporate governance and accountability Business ethics Professional ethics Rules of professional conduct (ICAZ) The audit firm Formation Structure and control Consultancy services Current audit developments Objectives and general principles governing an audit of financial statements Terms of audit engagements Appointment, resignation and removal Quality control for audit work Documentation Consideration of laws and regulations in an audit of financial statements Fraud and error incorporating material irregularities 3

4 Legal liability of the auditor To clients To third parties To employer 2 The Concepts And Principles Relevant To The Audit Function Candidates should be able to explain concepts and principles relevant to the audit function. Topics Overview of the audit process Relationship with the objectives of the audit or related services engagement Interrelationship between stages Financial statement assertions 3 A Framework For Internal Control And Internal Control Evaluation Candidates should be able to assess internal control systems and make recommendations where appropriate. Topics Assessment of Internal Control Systems Objectives Gaining an understanding of the accounting system and related internal controls (refer to controls in computer-based systems in BIS part of the syllabus) Evaluating a system of internal controls Design and operation Common risks and related control features Application of control principles individual to the business processes/cycles Interdependent (environmental) controls Specific control problems relating to CIS environment Characteristics and considerations Micro-computers On-line computer systems Database systems Outsourcing Paperless transactions Communication of weaknesses 4 Procedures For Obtaining Audit Evidence Candidates should be able to demonstrate an understanding of the major stages of the audit process and the rationale behind each as part of the procedures for obtaining audit evidence. Topics Planning Objectives Extent Development of an overall audit plan Matters to be considered Knowledge of the business Understanding the accounting and internal controls systems Risk and materiality Nature, timing and extent of procedures Co-ordination, direction, supervision and review 4

5 Development of an audit programme Changes to the overall audit plan and audit programme Risk assessment and internal control Objectives Nature and elements of audit risk Inherent risk Control risk Detection risk Relationship between risk elements Assessment of inherent risk at the overall financial statement level related to material account balances and class of transactions at the assertion level Assessment of control risk Tests of controls as a source of audit evidence Determination of an acceptable level of risk The effect of the assessment of inherent and control risks on the nature, timing and extent of substantive procedures, taking cognisance of risk factors Particular considerations in the audit of small businesses Knowledge of the business Objectives Obtaining knowledge Using knowledge Materiality Relationship between materiality and audit risk Quantitative materiality Qualitative materiality Materiality and audit risk in evaluating audit evidence Evaluation of the effect of misstatements Audit evidence Fundamental principles Sufficiency Appropriateness Reliability Audit response to insufficient/inappropriate audit evidence Procedures for obtaining audit evidence Test of controls and substantive procedures - types - nature - timing - extent Computer-assisted audit techniques Evaluation of tests of controls and effect on substantive procedures Analytical procedures Audit sampling principles Sample design and selection Statistical and non-statistical Substantive procedures and tests of controls Advantages and disadvantages of statistical sampling and of the various sampling plans Sample evaluation Subsequent events 5

6 Going concern Going concern considerations Trading whilst factually insolvent Trading whilst commercially insolvent Management representations Evaluation of sufficiency and appropriateness of audit evidence obtained Considering the work of internal auditors Using the work of an expert 5 Reporting Of Audit Findings Candidates should be able to illustrate an awareness of the auditor's report on financial statements, special purpose audit reports and related service engagements reports. Topics The auditor s report on financial statements Other information in documents containing audited financial statements The auditor s report on special purpose audit engagements Engagements to review financial information Engagements to perform agreed-upon procedures regarding financial information Engagements to compile financial information Due diligence review engagements 6 Company Law Requirements It is assumed that this topic has already been dealt with at undergraduate level. The topics listed here are important statutory requirements that candidates need to know from an audit perspective. Candidates should be able to: a) List and explain the relevant rules of company law; b) Apply these to given practical situations; and c) Assess practical situations in the audit process and advise on their effects on the audit function. Topics Types and forms of companies Authority to contract Directors Appointment Dismissal Powers Restrictions of powers Duties Remuneration Loans Rights Interest in contracts Auditors Appointment Dismissal Rights Duties Dividends Take-overs and reorganisations Zimbabwe Stock Exchange Listing Requirements Meetings and resolutions - directors and members Share capital 6

7 Types of shares Reduction Allotments Voting rights Offering of shares and prospectus Definitions Offers to the public Responsibilities of the preparers Liability for untrue statements Specific disclosures in the prospectus Regulation of securities Definitions Prohibition of insider trading Obligation to furnish information to ZSE Preservation of secrecy Compulsory acquisition of securities of minority in affected transactions Secrecy provisions/conduct during the offer Minimum levels of consideration during offer period The mandatory offer Provisions applicable to all offers Profit forecasts Asset valuations Remedies of members Member s remedy in case of oppressive or unfairly prejudicial conduct Investigation into company s affairs Initiation of proceedings on behalf of company by a member Appointment of joint auditor Winding up of companies Modes, circumstances and procedures Liquidator appointment, rights and duties Inquiry of directors and other persons Liability of directors for reckless trading Position of the auditor on winding up Judicial management Circumstances and administrative provisions Position of the auditor when the company is placed under judicial management. Legislation and Technical Documents Legislation affecting the profession, Accounting Standards and Auditing Standards, are continually being amended, revised, withdrawn and replaced. The documents therefore vary between countries and between courses and subsequent examinations. Exposure drafts are not. For the purposes of the Qualifying Examination in November 2012, the following documents are and questions should be answered in accordance with their provisions. 7

8 EXAMINABLE PRONOUNCEMENTS 1 EXAMINABLE PRONOUNCEMENTS: PPE 2012 TIPP EXAMINATION 1.1 AUDITING, ASSURANCE AND RELATED SERVICES By following the IRBA in South Africa, ICAZ has adopted the full suite of International Engagement Standards (IESs) issued by the International Audit and Assurance Standards Board (IAASB) with effect from 1 January 2005 as well as any new or revised Standards issued subsequently by the IAASB, including the redrafted Standards issued in terms of the IAASB s clarity project. The International Engagement Standards (IES) consist of: International Standards on Quality Control (ISQC); The International Framework for Assurance Engagements; International Standards on Auditing (ISA); International Standards on Review Engagements (ISRE); International Standards on Assurance Engagements (ISAE); International Standards on Related Services (ISRS); and International Auditing Practice Statements (IAPS). STANDARDS ON QUALITY CONTROL, AUDITING, ASSURANCE AND RELATED SERVICES REF NO. Title PPE 2012 BN 154 The Adoption of International Quality Control, Auditing, Review, Other Assurance and Related Services Pronouncements in terms of the Auditing Profession Act, 25 of 2005 ( The Act ) (Government Gazette ,5 November 2010) CHANGES BACKGROUND INFORMATION PREF Changes of Substance from the 2009 Edition of the Handbook and Recent Development Background Information on the International Federation of Accountants Preface to The International Standards On Quality Control, Auditing, Review, other Assurance and Related Services (effective as of December 15, 2009, except for ISAE 3402 which is effective for reports covering period ending on or after 15 June 2011) GLOSS Glossary of Terms (February 2009) 8

9 INTERNATIONAL STANDARDS ON QUALITY CONTROL ISQC Title PPE Quality Controls for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements INTERNATIONAL FRAMEWORK FOR ASSURANCE ENGAGEMENTS Framework Title PPE 2012 FRAME International Framework for Assurance Engagements 9

10 AUDIT AND REVIEWS OF HISTORICAL FINANCIAL INFORMATION International Standards on Auditing (ISA s) 1 General Principles and Responsibilities ( ) ISA Title PPE Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing 210 Agreeing the Terms of Audit Engagements 220 Quality Control for an Audit of Financial Statements 230 Audit Documentation 240 The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements 250 Consideration of Laws and Regulations in an Audit of Financial Statements 260 Communication with Those Charged with Governance 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management Risk Assessment and Response to Assessed Risks ( ) ISA Title PPE Planning an Audit of Financial Statements 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment 320 Materiality in Planning and Performing an Audit 330 The Auditor s Responses to Assessed Risks 402 Audit Considerations Relating to an Entity Using a Service Organization 450 Evaluation of Misstatements Identified during the Audit 1 Clarity ISAs Effective for audits of financial statements for periods beginning on or after 15 December

11 Audit evidence ( ) ISA Title PPE Audit Evidence 501 Audit Evidence Specific Considerations for Selected Items 505 External Confirmations 510 Initial Audit Engagements Opening Balances 520 Analytical Procedures 530 Audit Sampling 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures 550 Related Parties 560 Subsequent Events 570 Going Concern 580 Management Representations Using work of others ( ) ISA Title PPE Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors) 610 Using the Work of Internal Auditors 620 Using the Work of an Auditor s Expert Audit conclusions and reporting ( ) ISA Title PPE Forming an Opinion and Reporting on Financial Statements 705 Modifications to the Opinion in the Independent Auditor s Report 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor s Report 710 Comparative Information Corresponding Figures and 11

12 Comparative Financial Statements 720 The Auditor s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements Specialised areas ( ) ISA Title PPE Special Considerations Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 805 Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement 810 Engagements to Report on Summary Financial Statements International Auditing Practice Statements ( ) IAPS Title PPE Inter-bank confirmation procedures 1004 The relationship between banking supervisors and banks external auditors 1006 Audits of the financial statements of banks 1010 The consideration of environmental matters in the audit of financial statements (SEE NOTE 1) NOT 1012 Auditing derivative financial instruments(see NOTE 1) NOT EXAMINABLE 1013 Electronic commerce effect on the audit of financial statements NOT (SEE NOTE 1) EXAMINABLE e 1 While the topics addressed by these International Auditing Practice Statements remain,the Practice Statements themselves are not.this is because these Practice Statements are largely out-of-date and inconsistent with the text of clarified ISAs ( International standards on review engagements (ISRE) ( ) ISRE Title PPE Engagements to review financial statements 2410 Review of interim financial information performed by the independent auditor of the entity 12

13 ASSURANCE ENGAGEMENTS OTHER THAN AUDITS OR REVIEWS OF HISTORICAL FINANCIAL STATEMENTS International Standards on Assurance Engagement (ISAEs) ( ) 2 ISAE Title PPE Assurance engagements other than audits or reviews of historical financial information 3400 The examination of prospective financial information 3402 Assurance Reports on Controls at a Service Organization RELATED SERVICES International standards on related services (ISRS) ( ) 3 ISRS Title PPE Engagements to perform agreed-upon procedures regarding financial information 4410 Engagements to compile financial statements 1.2 LEGISLATION The Companies Act Chapter 24:03 of 1996, is for PPE 2012 The Income Tax Act is for PPE 2012 The Capital Gains Tax Act is for PPE KING CODE OF GOVERNANCE The King Code of Governance for South Africa (2009) is for PPE CODES OF PROFESSIONAL ETHICS The ICAZ Code of Professional Conduct is. 1.5 ACCOUNTING PRONOUNCEMENTS 2 13

14 International Financial Reporting Standards (IFRS) Pronouncement Topic PPE 2012 Framework The Conceptual Framework for Financial Reporting Issued September 2010 IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 2 Share-based Payment Valuation of options (App B, para B1 B41) - Level 2 Share-based payments where the terms of arrangement provides the counterparty with choice of settlement (para ) level 1 IFRS 3 Business Combinations Reverse acquisitions paragraphs B19 B27 are EXCLUDED (however, the identification of an acquirer is included (para. 6 and 7 and elaborated upon in B13 B18)). IFRS 4 Insurance Contracts IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. IFRS 6 Exploration for and Evaluation of Mineral Resources. IFRS 7 Financial Instruments: Disclosures level 2 Paragraphs 13 and 17 Level 1 IFRS 7 is only in the context of an entity that is not a financial institution. IFRS 8 Operating segments Disclosures (Para ) - level 1 IFRS 9 Financial Instruments Candidates are expected to understand the differences in principle between IFRS 9 and IAS 39. A detailed knowledge and application of the requirements of this Standard is not required for purposes of PPE IFRS 10 IFRS 11 IFRS 12 Consolidated Financial Statements Candidates are expected to understand the differences in principle between IFRS 10 and IAS 27, as in issue at 1 July A detailed knowledge and application of the requirements of this Standard is not required for purposes of PPE Joint Arrangements Candidates are expected to understand the differences in principle between IFRS 11 and IAS 31. A detailed knowledge and application of the requirements of this Standard is not required for purposes of PPE Disclosures of Interests in Other Entities Candidates are expected to understand the key principles of IFRS 12. However, a detailed knowledge and application of the requirements of this Standard is not required for purposes of PPE

15 IFRS 13 Fair Value Measurement Candidates are expected to understand the key principles of IFRS 13. However, a detailed knowledge and application of the requirements of this Standard is not required for purposes of PPE International Accounting Standards (IAS) Pronouncement Topic PPE IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 7 Statement of Cash Flows Foreign subsidiaries - Level 1 IAS 8 Accounting Policies; Changes in Accounting Estimates and Errors IAS 10 Events After the Reporting Period IAS 11 Construction Contracts IAS 12 Income Taxes Deferred tax for equity-settled share-based payments (para. 68A 68C) level 1 Paragraphs EXCLUDED and therefore no deferred tax to be provided on these items IAS 16 Property, Plant and Equipment IAS 17 Leases Paragraphs 18 and 19 EXCLUDED IAS 18 Revenue Appendix Financial service fees Level 1 IAS 19 Employee Benefits As at 1 July 2011 Candidates are expected to understand the differences in principle between the 2011 and 2010 versions of IAS 19. A detailed knowledge and application of the requirements of this Standard is not required for purposes of PPE IAS 19 Employee Benefits As at 1 July 2010 Paragraphs 92 and 93 (corridor) level 1. Paragraphs (actuaries) level 1 Paragraphs 58(b), 58A,and 60 (anything on asset ceilings and related disclosures) EXCLUDED 15 This Standard is not included in the July 2011 Guide through IFRS. Candidates should supply their ownh copies of this Standard for purposes of open-book assessment. IAS 20 Accounting for Government Grants and Disclosure of Government Assistance level 1 IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 23 Borrowing Costs IAS 24 Related Party Disclosures IAS 26 Accounting and Reporting by Retirement Benefit Plans IAS 27 Consolidated and Separate Financial Statements

16 Cross holdings EXCLUDED Consolidation journals are in PPE 2012 IAS 28 Investments in Associates IAS 29 Financial Reporting in Hyperinflationary Economies IAS 31 Interests in Joint Ventures Proportionate consolidation (including par.30-37)- EXCLUDED IAS 32 Financial Instruments: Presentation Compound financial instruments Level 2 Puttable financial instruments and obligations arising on liquidation (IAS 32, para.16a 16F) EXCLUDED IAS 33 Earnings per Share Headline earnings (Circ 3/09) Level 1 IAS 34 Interim Financial Reporting - level 1 IAS 36 Impairment of Assets IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 38 Intangible Assets IAS 39 Financial Instruments: Recognition and Measurement. As in issue on 1 July e that IAS 39 contained in Guide through IFRS handbooks (July 2011 edition) excludes financial assets. Accordingly, candidates should supply their own copies of this Standard (ie the 1 July 2009 version) for purposes of open book assessment. IAS 40 Investment Property Paragraph 6 Property interests held by a lessee under an operating lease which is classified and accounted for as an investment property EXCLUDED IAS 41 Agriculture International Financial reporting Interpretations Committee (IFRIC) Pronouncement Title PPE 2012 IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities IFRIC 2 Members Shares in Co-operative Entities and Similar Instruments IFRIC 4 Determining whether an Arrangement contains a Lease IFRIC 5 Rights to interest arising from Decommissioning, Restoration and Environmental Rehabilitation Funds IFRIC 6 Liabilities arising from Participation in a Specific Market- Waste Electrical and Electronic Equipment IFRIC 7 Applying the Restatement Approach under IAS 29 Financial reporting in Hyperinflationary Economies 16

17 Pronouncement Title PPE 2012 IFRIC 9 Reassessment of Embedded Derivatives IFRIC 10 Interim Financial Reporting and Impairment - level 1 IFRIC 12 Service concession arrangements IFRIC 13 Customer loyalty programmes IFRIC 14 IAS19 Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction IFRIC 15 Agreements for the Construction of Real Estate IFRIC 16 Hedges of a Net Investment in a Foreign Operation level 1 IFRIC 17 Distribution of Non-cash Assets to Owners IFRIC 18 Transfers of Assets from Customers IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine SIC-7 Introduction of the Euro SIC-10 Government Assistance No Specific Relation to Operating Activities level 1 SIC-12 Consolidation Special Purpose Entities SIC-13 Jointly Controlled Entities Non-Monetary Contributions by Venturers SIC-15 Operating Leases Incentives SIC-21 Income Taxes Recovery of Revalued Non-Depreciable Assets SIC-25 Income Taxes Changes in the Tax Status of an Entity or its Shareholders SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease SIC-29 Disclosure- Service Concession Arrangements SIC-31 Revenue Barter Transactions Involving Advertising Services SIC-32 Intangible Assets Web Site Costs 17

18 Explanation of Level Descriptors Reference to the knowledge levels should be read as having the following meanings: Level 1 (Basic) At this level a candidates is required to acquire a knowledge and understanding of the core /essence of the subject matter which include that the subject matter exists, the significance and relevance thereof, and its defining attributes. Consequently, the candidate is required to have a knowledge and understanding. of the purpose and objective of the subject matter; of the underlying principles/practices/legislation/requirements (hereafter content ); of how the content relates to the discipline as a whole and to other disciplines (how it fits in ); and that is at a broad conceptual level. At this level, knowledge and understanding of detail, including procedural or numerical aspects specific to the subject matter, are not required. At this lever the candidate should be equipped with the extent and depth of knowledge and understanding which enable the candidate to recognize issues when encountered and to seek further depth of knowledge and understanding. Level 2 (Intermediate) At this level the candidate is required to acquire a detailed knowledge and understanding of the central ideas and issues that comprise the substance of the subject matter. Consequently, the candidate is required to have a knowledge and understanding. of those aspects of the content that are central to the subject matter, so as to achieve a sound conceptual understanding; and of the detail, including procedural and numerical aspects specific to the subject matter, where appropriate. Knowledge and understanding of complexities and unusual/exceptional aspects are, however, not required. At this level the candidate should be equipped with a sound knowledge and understanding of the substance of the subject matter to enable him/her to deal with issues and solve problems that are central to the topic. The candidate has a sound conceptual knowledge which enables him/her to further explore and understand complexities, if necessary. This level includes the level of knowledge and understanding required to level 1 (Basic). Level 3 (Advanced) At this level the candidate is required to acquire a thorough knowledge and rigorous understanding of the subject matter. This level of knowledge and understanding extends 18

19 beyond a sound understanding of central issues, to include complexities and unusual/exceptional aspects associated with the subject matter. Consequently the candidate is required to have a knowledge and understanding of all content that is required to develop a thorough and rigorous understanding of th subject matter; complexities; and sufficient depth to clearly locate content in the general field of accountancy and to identify implications and relationships. At this level the candidate should be equipped with a level of knowledge and understanding of the substance of the subject matter that enables him/her to perform tasks and solves problems with a high degree of rigour, exercising sound judgement. This level includes the level of knowledge and understanding required for level 1 (Basic) and level 2 (Intermediate). LEGISLATIONS 27:02 Chartered Accountants Act 27:12 Public Accountants and Auditors Act S.I. 177/97 Chartered Accountants By-laws, 1997 as amended in 1999 S.I. 320/96 Public Accountants and Auditors (General) By-laws, 1996 S.I. 144/97 Public Accountants and Auditors (Professional Conduct) By-laws, The Rules of Professional Conduct 1991 as amended in 1992 and S.I. 62/96 Companies (Financial Statements) Regulations 1996 as amended Companies Act Collective Investment Schemes Act 1997 and Regulations Income Tax Act Capital Gains Tax Act VAT Act 19