After a board meeting held in December 2017, the International Auditing and Assurance Standards Board (IAASB) issued a feedback statement to inform stakeholders of the key messages received in response to their outreach activities relating to emerging forms of external reporting (EER). This article provides an overview of the feedback statement. Read the full article…
Under the previous accreditation regime, the Johannesburg Stock Exchange was primarily responsible for assessing the suitability of auditors of listed companies. The responsibility has now largely moved to audit committees. Words: Carla Budricks The Johannesburg Stock Exchange (JSE) auditor accreditation model, under its amended Listings Requirements (LR), imposes additional obligations on audit committees in relation…
Globally, and increasingly locally, there is growing noise about the rise of artificial intelligence (AI), which has led many technology futurists to predict a utopia for humankind while others predicted, paradoxically, that millions of jobs would soon be obsolete and taken over by robots, not to mention the coming apocalypse. However, I believe these views…
Ashika Mohan gives an overview of the auditor’s revised responsibilities under international standards to read and report on other information included in an entity’s annual report, focusing on the continued importance of the auditor’s responsibilities in this area and the main changes The International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to…
Financial statement disclosures continue to expand and are increasingly qualitative and subjective. We examine the IAASB’s recent amendments to the International Auditing Standards (ISAs), which are intended to support a more robust, consistent process of auditing disclosures. By Lindsay Croeser In order to drive improved focus on disclosures throughout the audit process and to clarify…
The Accounting Standards Board proposes alternative reporting frameworks for major public entities and government business enterprises to give effect to the constitutional mandate of a uniform reporting framework for all entities in the public sector. Tsholo Tshoke explains The Accounting Standards Board (ASB) is yet to make a final decision about the reporting framework to…
The new IFRS 9 setting out the recognition and measurement requirements of financial instruments is finally here. If you want to stay in the know, you need to read below, says Morné Grobbelaar At the end of July 2014 the International Accounting Standards Board (IASB) issued the final completed version of IFRS 9: Financial Instruments…
Shohana Hareeparsad addresses the amendments to the Broad-Based Black Economic Empowerment Amendment Act (Act 46 of 2013) and the Department of Trade and Industry’s Code of Good Practice as it relates to fronting According to the Guidelines on Complex Structures and Transactions and Fronting (previously Statement 002) of the Department of Trade and Industry (DTI),…
The base erosion and profit shifting initiative is being designed to influence ultimately how global multinational corporates arrange their affairs from a tax planning perspective. An inevitable result is and will be changes to the way tax practitioners advise their clients. Deborah Tickle explains Globalisation and the digital age have caused the world to ‘shrink’.…
Ilse French and Pierre de Villiers have looked into the likely changes in the real estate landscape over the coming years and identified the key trends which, they believe, will have profound implications for real estate investment and development As confidence returns to real estate, the industry faces a number of fundamental shifts that will…