Special Considerations − Audits of Group Financial Statements (Including the Work of Component Auditors) The International Standard on Auditing 600 (Revised) (ISA 600 (Revised)) is a special considerations standard that applies to a group audit, including when component auditors are involved. The International Auditing and Assurance Standards Board (IAASB) wanted to ensure that ISA 600…
DetailsRestraint of trade payments received by a person will generally be capital in nature and will not constitute gross income. The tax position is different where the payment is by virtue of employment and is received by a natural person. Disputes relating to restraint of trade agreements often come before the labour courts. However, the…
DetailsISQM 11, ISQM 22 and ISA 220 (Revised)3 come into effect on 15 December 2022. These standards are expected to have a significant impact on all firms that perform engagements in accordance with the IAASB standards. The South African Institute of Chartered Accountants (SAICA), in collaboration with the Pan African Federation of Accountants (PAFA) and…
DetailsFixing the vicious cycle of not having enough time requires leaders to start with a blank slate and radically redesign the way they work, instead of making small incremental changes. Focus and discipline to master this 80% of the time will lead to an exponential shift in creating time and mind space for innovation. Lize…
DetailsEven in today’s technologically advanced world, supply chains could dramatically improve efficiency, enable tracking, and limit exploitative behaviours. The implementation of public, private, and hybrid blockchains will bring traceability, transparency, and accountability to the movement of goods and commodities. The use of smart contracts is an enabler for this technology. Monica Singer CA(SA) Blockchain Evangelist…
DetailsToo many companies seem to be rolling out one-sided innovation that only benefits them, and not their customers. This is especially outrageous when it comes to how customer service technology is (mis-)implemented. Kevin Phillips CA(SA) CEO of IDU Group Have you recently taken a company up on their suggestion to WhatsApp their helpdesk instead of…
DetailsCan money buy happiness? This is a question that has been debated for centuries, with no clear consensus. However, what if the real question is not whether or not money can buy happiness, but whether or not money can buy freedom? Usha Maharaj CA(SA) Executive and Leadership Development Coach; passionate about women empowerment and human…
DetailsFor several years, we have seen a strategic shift in the way that the chartered accountant plays a role in business. In earlier years, the accountant and/or the accounts department were viewed as a back-office function that only ran the numbers and submitted financial information. In today’s working environment, accountants are playing a far more…
DetailsThis is a list of things to do each day if you choose happy. This is my way of turning on the light. Try it. It works for me. No, this list is not about what to do when Eskom implements load-shedding, although happiness will certainly be found the day that load-shedding is a thing…
Details2022 has offered more than its fair share of challenges for small and medium businesses (SMBs), including frequent load-shedding, a volatile exchange rate, rising inflation and interest rates, and ongoing supply chain disruption. These difficult trading conditions highlight the harsh economic environment, a beyond-resilient South African SMB market, and the importance of a disciplined approach…
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