By adopting a principles-based code, SAICA requires all its members to apply professional judgement at all times to identify, evaluate and address threats to professional accountants’ compliance with the fundamental principles of ethics. These principles determine the standard of behaviour that the public can expect of members of the profession, and adhering to the code…
Although billions are spent every year preparing and auditing financial statements, many people question the relevance and usefulness of IFRS-compliant financial statements. In this article I interrogate two common reasons given for IFRS’ declining relevance, discuss two additional considerations, and make a few suggestions I love IFRS. I think it is amazing what one can…
Obviously, you can’t avoid all distractions. As real people living in the real world, we will all be distracted from time to time. We can, however, ensure that we keep regular distractions to a minimum and that we focus on increasing our effectiveness and productivity You get to work, open up your computer and more…
Buzzwords like automation, mechanisation and digitisation can sound like the end of the human workforce and the loss of personalisation, but they offer a bright and efficient future for the assurance industry Digitisation, automation and transformation. Machine learning, robotics and artificial intelligence (AI). The lexicon of technology buzzwords has become, for many sectors, representative of…
The corporate failures and changes that our profession was faced with of late ushered in a new era for us. We had to adapt and be agile and resilient whether we liked it or not. Some might say it was for the worst; others may just see the light at the end of the tunnel…
Among the many recent and upcoming initiatives to enhance audit quality there is one underdog that could really shift the landscape, but will it be soon enough? Could ISQM 1 be the secret weapon we do not even realise we have? There has been extensive debate lately on how to ‘fix’ audit quality. One must…
Our views in this article are to large extent based on our involvement in high-profile cases involving the prosecution of professional misconduct allegations levelled against auditors Several auditing and accounting scandals in recent years − most notably in relation to African Bank, Steinhoff and Tongaat Hulett − undoubtedly had a negative impact on the reputation…
There is a great need to change the way we approach the assessment of internal controls, which includes how we consider, find solutions and report on limitations and weaknesses in internal controls Those charged with governance have a key role to play in influencing this approach to enhance the manner in which management and assurance…
South Africa has adopted the co-regulation model for ensuring that the independence of the auditor is not impaired. While the legislative regime in the Auditing Profession Act 26 of 2005 (APA) has primacy, the auditor independence provisions contained in the Companies Act 71 of 2008 (Companies Act) play an important role in complementing the legislative…
According to PwC’s 24th Annual Global CEO Survey for 2021, CEOs were ‘extremely concerned’ about the spread of misinformation. At its core, misinformation reflects today’s historically low levels of trust. In order to protect stakeholder trust, boards must take a broader and more holistic approach in identifying and managing risk. One such approach to risk…