Audit quality concerns raised by a spike in unsatisfactory results from firm/engagement inspections performed by the regulator and the possibility of audit firms being sued for corporate failures warrants a fresh look at professional skeptism. Here is Brian Monegi’s take on this ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an…
As another investment year draws to an end, it’s the approach of the investment industry’s annual ‘Oscar season’. While asset managers uniformly downplay short-term investment performance in favour of three-, five- and ten-year cycles, there’s no doubt they’re as keen to tread the red carpet. At stake is bragging rights for the best-performing investment group;…
Overview of 2014‒2015 Local Government Audit Outcomes IPSAS Adoption in Africa An update on supply chain management reforms Creating public value Provincial Treasury commits to training future financial leaders OVERVIEW OF 2014‒2015 LOCAL GOVERNMENT AUDIT OUTCOMES The Auditor-General’s 2014‒2015 report on local government audit outcomes shows a commendable slight increase in clean audit opinions and…
INFLUENCE TO BE STRENGTHENED During October 2015, the University of Johannesburg hosted a round table discussion with the Tax Ombud, Judge Bernard Ngoepe, and leading industry tax specialists, addressing challenges. The key takeaway from this event was that further legislative amendments are required to further strengthen the influence of the Office. It is encouraging to…
With only three months to go until the new and revised auditor reporting standards become effective, are you ready to be part of a change that has been dubbed as the most significant and visible change in auditing in recent history? By Willie Botha and Hayley Barker Hoogwerf In January 2015 the International Auditing and…
The current economic climate has placed many South Africans under financial strain. As a way to cut costs, some people may even consider reducing or stopping monthly insurance premiums. However, this can be a costly mistake as it leaves them exposed to potentially even greater financial risk in the future. Instead, people should rather approach…
FORD B-MAX TITANIUM I am not sure where or how Ford came up with the concept or rather the name of ‘B-Max’ for this vehicle, but my kids could not stop comparing it to Baymax from the movie Big Hero 6. To be quite honest, there is no comparison between a marshmallow balloon-type robot with…
Transformation: accelerating the vision forward The Top 10 challenges to B-BBEE Boost your B-BBEE score TRANSFORMATION ACCELERATING THE VISION FORWARD While an unacceptably high number of South Africans are still not participating in the economy, there is another issue at hand ‒ women are just not managing to break through the glass ceiling and simply…
Directors and managers may now be held criminally liable and be jailed for cartel conduct, although criminal liability provisions do not apply to cartel conduct engaged in before 1 May 2016. By Gomolemo Kekesi and Elisha Bhugwandeen Until 30 April 2016, the penalty for cartel conduct was an administrative fine imposed on firms.1 But as…
The Independent Regulatory Board for Auditors (IRBA) envisage that the disclosure of audit tenure will lead to greater transparency regarding the number of years of the association between audit firms and audit clients, thus strengthening auditor independence in South Africa. By Franeli Bredell Audit regulators globally aim to protect the interests of investors and other…
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