From balance sheets to burpees − Khanya Modipa has used her background as a CA(SA) to build a burgeoning fitness empire. When Khanya Modipa travelled back to South Africa from the United States to renew her visa, she had no way of knowing that the anticipated two-week stint would turn into a two-year adventure. Nor…
ISQM 11, ISQM2 2 and ISA 220 (Revised)3 come into effect on 15 December 2022. These standards are expected to have a significant impact on all firms that perform engagements in accordance with the IAASB standards. The South African Institute of Chartered Accountants (SAICA), in collaboration with the Pan African Federation of Accountants (PAFA) and…
National Treasury expects that more consumers will choose to enter into lay-by arrangements to acquire household goods. A recent amendment to the Income Tax Act will address the adverse tax consequences of lay-by agreements for the supplier of the goods. South African consumers have long been using lay-by agreements as a means of purchasing household…
A child of the townships, Jeff van Rooyen rose above his circumstances through hard work, determination and opportunity. ‘I’ve lost count of the number of times people have counselled me on aiming too high. Most of the time, their advice was that I should lower the bar and set myself what they considered to be…
Monique Verduyn asked three CAs(SA) to share their thoughts on the year ahead. 2022 was a year marked by local and global crises. War returned to Europe with its attendant humanitarian disasters, the US policy of strategic engagement with China came to a halt, protests rocked Iran, and extreme weather events became commonplace. South Africa’s…
Honour and integrity No matter how you decided to start 2023, you were probably not prepared for any of the crises that our country is facing. A colossal trust issue is facing our leaders – not only in public practice but also in private practice. As a leader, it’s essential to keep in mind that…
Special Considerations − Audits of Group Financial Statements (Including the Work of Component Auditors) The International Standard on Auditing 600 (Revised) (ISA 600 (Revised)) is a special considerations standard that applies to a group audit, including when component auditors are involved. The International Auditing and Assurance Standards Board (IAASB) wanted to ensure that ISA 600…
Restraint of trade payments received by a person will generally be capital in nature and will not constitute gross income. The tax position is different where the payment is by virtue of employment and is received by a natural person. Disputes relating to restraint of trade agreements often come before the labour courts. However, the…
ISQM 11, ISQM 22 and ISA 220 (Revised)3 come into effect on 15 December 2022. These standards are expected to have a significant impact on all firms that perform engagements in accordance with the IAASB standards. The South African Institute of Chartered Accountants (SAICA), in collaboration with the Pan African Federation of Accountants (PAFA) and…
Jeff van Rooyen is a natural born storyteller. His memoir Unshackled begins with his roots in the Johannesburg townships of Alexandra, Newclare and then Riverlea Extension, between the 1950s and 1960s. The opening is candid and hard-hitting: ‘Life in a South African township is often synonymous with violence, crime and poverty,’ he writes. ‘Many children…