Africa’s family businesses need to transform to secure their legacy, and building trust is key to this. Approximately half of Africa’s family-owned businesses believe their customers do not trust them. This key finding from PwC Africa’s Family Business Survey 2023 should be viewed as a notable concern for the continent’s family businesses, many of which…
Tips for protecting your career. Imagine yourself performing excellently at work, and your bosses are extremely pleased with your results. They are so delighted that they asked you to take the lead. You are thrilled because this shows that your career is on track, and you are advancing in your field. Everyone is aware that…
It is important to be aware of the changes taking place around ESG reporting. The USA and UK are currently working on laws for sound ESG reporting and governance, and various standard-setting bodies are also working on reporting frameworks to assist with the burden of environmental, social and governance (ESG) reporting. ESG LANDSCAPE CHANGES Although…
With the price of life continuing to bully its way beyond the average household’s income, it is no surprise that more South Africans feel forced to spend more than they earn. The latest Momentum Consumer Financial Vulnerability Index (CFVI) revealed that South Africans were more financially vulnerable in Q4 2022 than they were in Q3…
A first look at a digital footprint and protection against cyber-attacks – When we look around the world we live in, so much has changed from the times we were born into and the times we live in now. Technology has changed the way we live, the way we do business, and the way we…
Corporate failures trigger pressing questions about what went wrong and who is to blame. Laws and enforcement mechanisms are questioned, and attempts are made to solve for problems without exploring the core issues. Compliance requires improved scrutiny of the entire ecosystem, particularly in the case of public interest entities and entities with increased technological complexity…
In March 2022, the Organisation for Economic Co-operation and Development (OECD) released guidance on its 15% global minimum tax proposed as the second ‘pillar’ of a project to address the tax challenges arising from the globalisation of the economy specifically as it relates to the impact on the way of working, referred to as the…
A common response to factual insolvency is for a parent company or fellow-subsidiary to provide a so-called ‘letter of comfort’, also known as a ‘letter of support’. The value and benefit of such letters to an auditor (and indeed to the company itself and to its creditors) depend on the specific wording thereof, and in…
The Companies and Intellectual Property Commission’s (CIPC) Corporate Compliance and Disclosure Regulation unit, as part of its functions per section 187(3) of the Companies Act 71 of 2008, covered various areas of enforcement during the past few months. These included qualitative reviews of annual financial statements submitted in iXBRL and proactive monitoring and enforcement of…
The exciting future for the internal audit profession has arrived but are we ready to seize the opportunities it brings? The internal audit community has been pondering about what the future of internal audit would look like. Well, in my view, it depends on the nature of the business, the complexity of the business, the…