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…
Or a Tongaat, an African Bank, an Eskom, an SAA − the list goes on. It is a question that should be top of mind of those who are employed and are seeking employment, those who have invested hard-earned money in banks and large corporations, and those who are saving for the future, as well…
Worldwide financial markets have been rocked in the past few years by corporate scandals and the very first question is: ‘Where was the auditor?’ However, the question should rather be: ‘Where were the guardians of governance?’ In performing an audit, the auditor is heavily reliant on the internal controls and governance implemented by the organisation.…
Robyn Vilakazi is a seasoned public sector financial management professional who has spent her career serving citizens Robyn Vilakazi first learnt about the chartered accountancy profession in high school because of her strong maths and accounting skills. ‘I come from a working-class background, and I had no prior exposure to careers in finance. People said…
The COVID-19 pandemic brought Sarah Cromhout’s international work experience to an abrupt halt – but opened a door that allowed her to help some of the poorest families in the rural Eastern Cape An empty boardroom with four phones placed on the floor. That’s what Sarah Cromhout found when she started her first day of…