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…
At a time of significant changes in leadership across the globe, leadership continues to be the cornerstone of successful innovative organisation. Leadership is everything but a title. One can be appointed the CEO of a large listed company and still not be viewed as a natural or successful leader if they are unable to exhibit…
In this issue we speak to some of the top achievers and among other issues, they share their exams tips, why they chose the CA(SA) route, and how they celebrated their results. Susanna Lucia Huyser (Anlu) First year of articles at Deloitte, Johannesburg What does this achievement mean to you and how did you celebrate?…
The South African Institute of Chartered Accountants (SAICA) congratulates the 2 279 candidates who achieved success in the January 2023 Initial Test of Competence (ITC). This equates to an overall pass rate of 75%. The ITC serves as the first of two SAICA qualifying examinations. It assesses how well a candidate can apply the technical…
How to fortify your professional future As artificial intelligence (AI) becomes increasingly prevalent in South African workplaces, there is growing concern among employees and independent professionals about how this new technology might impact their career prospects and future job security. Companies are considering how they can harness AI to improve processes, productivity and the bottom…
The important role of data literacy in the digital age Data has become one of the most valuable resources in the world today, and its importance cannot be overstated. Data is the driving force behind decision-making and business strategy, making it a critical skill for anyone who wants to remain relevant in the job market.…
The recent saga with the issuing of late-night Government Gazettes, justification thereof and subsequent ‘temporary’ retractions has certainly heightened the awareness of the general public around the importance of reporting. To an extent, the early parts of the first week of April saw many a South African citizen enter the world of corporate reporting, corporate…
What needs to change Corporate misconduct is difficult to detect and prove. This is because it is often hidden by a complicated web of transactions, misleading corporate records and convoluted company group structures. This is why corporate whistleblowers whose positions give them an inside track on misconduct are so important in exposing corporate crime and…