Feature: The financial sustainability of South African public universities

In recent years, the viability and sustainability of public institutions have come under severe pressure. The competition for public funds in light of increasing fiscal pressures has pitted departments and institutions against each other and forced all stakeholders to think creatively about how to manage resources. What remains undisputed is that such institutions remain central…

Analysis: A recurring deficiency – Evaluation of uncorrected misstatements

This article has been prompted by a report that first appeared in the Independent Regulatory Board for Auditors’ newsletter, IRBA News 58. That report noted that the IRBA had noted an increasing trend of deficiencies in the evaluation of uncorrected misstatements. In addition, the enforcement committee (ENCOM) has concluded on a number of matters in…

Analysis: Preparers of financial statements as key role players in the financial reporting ecosystem

In previous articles, we have explored the questions triggered by corporate failures about what went wrong and who is to blame. Some suggest that a holistic approach to all the participants in the financial reporting process is needed to prevent corporate failure from happening in the first instance. Fragmented pieces of legislation regulate only some…

Feature: The financial reporting ecosystem The role of the audit committee

By providing independent oversight and monitoring of the financial reporting process, audit committees can help to identify and mitigate potential areas of risk, prevent financial irregularities or misconduct and decrease the likelihood of corporate failures. As established in the article by Carla Budricks titled ‘Comprehensive regulation of the financial reporting ecosystem’ in the June issue…