According to the International Auditing and Assurance Standards Board (IAASB), International Standard on Auditing 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement (ISA 315 (Revised 2019), has been revised to promote robust and consistent risk identification and assessment After reviewing the changes to ISA 315, I agree that the changes have clarified…
It is often said that the internal audit function (IAF) is the eyes and ears of the audit committee. What does this exactly mean when we deal with the public sector environment for members of audit committees? Each entity in the public sector sphere must have an internal audit function (IAF) that has primary reporting…
Mariétte Venter was the acting Chief Financial Officer (CFO) of the Capricorn District Municipality in Limpopo in 2016. The municipality was one of many which had invested funds in VBS Mutual Bank while Venter was on maternity leave. Venter recognised several red flags, demanded the money back and was suspended for her efforts. This is…
What does cybersecurity mean for your organisation? And what can your organisation do to protect itself against cybersecurity threats? We are already more than a year into the COVID-19 pandemic, and throughout the pandemic we continued to see a rise in cyber-attacks. In a world where technology is the new way of living, there is…
Wayne van Zijl offers insights into our preferences for certain accounting treatments The development of accountants has come a long way. We have sophisticated degrees designed to provide prospective accountants with the technical and theoretical foundation that they need to understand, interpret and apply IFRS Standards. We also have entrance criteria, exams and training periods…
The world of accounting is rapidly changing as South Africa scrambles to regain its status as one of the world leaders in terms of corporate reporting. But the profession has been marred by enormous scandals involving fraud, corruption and unethical behaviour over the past few years, causing mistrust in society for a profession that used…
While women entrepreneurs optimistically face the future in order to succeed, we cannot ignore the uneven challenges presented by the COVID-19 pandemic In considering the impact of the COVID-19 pandemic through the lens of gender, worldwide research indicates that women entrepreneurs appear to have been the hardest hit. A staggering 87% of women business owners…
Stress is a natural response to help us survive, avoid an accident or deliver at our best. But we are meant to rest, regenerate and recover after a period of stress, emulating a natural wave in our energy patterns ‘It’s not stress that kills us, it’s our reaction to it.’ However, it’s not just our…
The First Woman plays the role of planting the most critical seed among women: to help reimagine the lens we use to look at ourselves Why do we celebrate when women are appointed to leadership roles? Take the appointment of Tsakani Maluleke as the first woman to head the Auditor-General of South Africa, the story…
Are training offices prepared to re-evaluate their structure to incorporate the ‘cute and fluffy’, thereby creating a friendlier, more supportive work environment for trainees while ensuring efficient and effective performance? If we talk to trainees in the audit environment, be it in small, medium, or large firms, the environment is often described as unsupportive, hard,…