SECTION 80A(c )(ii) OF THE INCOME TAX ACT

‘Round-tripping’ between the draft version and the enacted version – part 2 In the first part of this two-part article (ASA April 2009) the meaning of the phrase ‘a misuse or abuse of the provisions’ contained in the enacted version of section 80A(c)(ii) of the Income Tax Act 58 of 1962, as amended (the Act)…

AUDIT CONSIDERATIONS IN AN UNCERTAIN ECONOMY

During the past several months, the Global Economy has suffered a significant decline. Companies are falling like ninepins. Lehman Brothers is in administration. Northern Rock, Fannie Mae and Freddie Mac have been bailed out and the list of vulnerable banks is growing. Bear Stearns and Merrill Lynch have been sold at knockdown prices and HBOS…

REWARDING TALENT IN TOUGH TIMES WHAT DO WE DO NOW?

With more scarce resources, we need to find creative ways to attract and retain good people, whilst maintaining appropriate governance and risk management principles. We should turn our obsession away from the financial components of reward and step up our efforts to understand a range of other non-financial opportunities. This article looks at a number…

SOUTH AFRICA’S GOT TALENT

Simon Cowell recognised the lucrative benefits of nurturing and encouraging talent when he launched “Britain’s got talent”. Talent… is the only sustainable competitive advantage a company can have in any economic climate. Human capital affects three core business imperatives: customer satisfaction, profitability and innovations. Successful talent management strategies deliver the benefits of lower production costs…

FRAUD AND THE AUDITOR

An audit is not necessarily a guarantee that fraud will be detected. There is an inherent risk that fraud causing harm to third parties or the client itself may not be detected, regardless of the fact that the audit was conducted with due care and in compliance with auditing standards. This is so because fraud…

TECHNICAL ACCOUNTING

APB APPROVES TWO AC 500 INTERPRETATIONS AS STATEMENTS OF GAAP At its meeting held on 18 March 2009, the Accounting Practices Board (APB) approved the following South African Interpretations as Statements of Generally Accepted Accounting Practice (GAAP); AC 504 – IAS 19(AC 116) – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and…

STRAIGHT SHOOTING

Earlier this year, the SAICA Board and national structures identified key goals and focus areas for the next five to ten years. Our long-term vision is to develop leaders for business, government and communities; a vision underpinned by the three pillars built into the SAICA strategy – value, volume, and stakeholder management. Value means increased…