In the current economic environment, there are various reasons why small and medium enterprises (SMEs) would require an audit of their annual financial statements. An audit could be required by law in terms of the Companies Act of South Africa, the company’s memorandum of incorporation, the bank during an application for funding, potential investors, or…
The idea of splitting the auditing and non-auditing (consulting/advisory) businesses of firms was mentioned in a report by a United Kingdom Parliamentary Committee following the collapse of Carillion in January 2020. The UK regulator (the Financial Reporting Council, FRC) later asked the largest UK firms to operationally split up their auditing and non-auditing businesses by…
Does the current model of the traditional regulatory and statutory audit still make sense in the changing business context? These audits performed by independent and external auditors in line with relevant laws and regulations, require the auditee to submit a set of reporting information, and the auditor to produce their report annually in line with…
Running your own business is not easy, and certainly not for the faint of heart − especially when it is necessary to implement new requirements. Will there ever be an ideal time? For any business to be successful, it must be managed properly. No matter what goods or services you provide, they must be of…
The voices calling for sustainable business practices across all industries are growing ever louder and the journey towards ‘Net Zero’ will require everyone across the globe to play their part if we are to successfully combat the risks associated with climate change. The world in which the accountancy profession is operating in has significant challenges…
The accounting profession is at one of those key points in time where change is inevitable. With the new International Standards on Quality Management (ISQM) coming into effect on 15 December 2022, we are less than four months away from its effective date. The question is: ‘Are you ready’? The only constant in life is…
The Ford Everest sport 2,0 diesel 4×4 with its seven-seater configuration is a go-anywhere family vehicle. Its exterior, although modelled off the Ford Ranger, has a certain sophistication, and in sport guise Ford has added black 20-inch mag wheels, a 3D Everest bonnet badge and blackened badges all round, adding to the overall rugged look.…
Huawei South Africa recently launched its next generation of smartwatches and fitness bands. These smartwatches boast stylish designs, long-lasting batteries and innovative health and fitness tracking features. The Huawei Watch Fit 2 The Huawei Watch Fit 2 has an Amoled 1,74-inch Huawei full-view display and a new chessboard launcher that offers a seamless user experience.…
Finance Minister Enoch Godongwana’s budget speech on 23 February signalled that government views small-business growth as one of the key drivers that will stimulate economic growth over the next few years. This was validated by National Treasury’s remarks about achieving this growth through the combined impact of reforms, support for small businesses and new infrastructure…
The Financial Sector Conduct Authority (FSCA) has advised that R47,3 billion was sitting in retirement funds as unclaimed benefits in 2021. The obvious question is: ‘Is the industry doing enough to get these paid’? I asked myself the same question just over a year ago and decided to take up the challenge. Here is what…