By Ankur Prakash, Vice President, New Growth and Emerging Markets, Wipro Limited 30 October 2017 As we race towards an uncertain future, one thing’s for sure: Artificial Intelligence (AI) is here to stay. We cannot know exactly how it will reshape our work, our businesses, and our lives in general, but there are some fascinating and…
As the demand for analytical skills increases, so the supply becomes a growing issue and this is bound to continue into the foreseeable future. South Africa, for several reasons, is simply not training enough people to perform advanced analytics Small and medium-sized businesses have been the most impacted by this issue – but they need…
Non-Compliance with Laws and Regulations (NOCLAR) In line with the changes to the International Ethics Standards Board for Accountants (IESBA) Code of Ethics for Professional Accountants (IESBA Code), the SAICA Code of Professional Conduct (SAICA Code) was updated in December 2016 to include new, first of their kind ethics requirements and guidance to assist members…
Responsibilities of the audit committee This is the second part in a series of articles on the 1-2-3 of audit committees. In the first part, we gave an overview of the recommendations The Institute of Directors in Southern Africa issued the King IV Report on Corporate Governance for South Africa, 2016 (King IV Report) on…
Since adopting the Standards of Generally Recognised Accounting Practice (GRAP) on impairment of assets, stakeholders shared practical challenges on the application of those standards with the Accounting Standards Board. This article discusses these challenges and steps taken by the board to respond to those challenges GRAP 21, Impairment Non-Cash-Generating Assets, and GRAP 26, Impairment of…
Challenges are being faced in the implementation of the new auditor’s report. Here are some tips gleaned from auditors’ initial experiences The most prominent change in the auditor’s report under the new and revised auditor reporting standards is the communication of key audit matters (KAM), which provides more entity-specific and audit-specific information to the users…
South Africa’s commitment to the Paris Agreement on climate change will require collaboration between government and business to achieve its stated carbon reduction goals There has been tremendous progress in South Africa in responding to the Paris Agreement on climate change that was the key output of the Conference of Parties (COP21) held in Paris…
SAICA recently hosted representatives from the International Auditing and Assurance Standards Board (IAASB) and received first-hand feedback on their work relating to quality control and related projects, with touchpoints regarding audit quality and how this is set to affect practice going forward The objective of the IAASB, being an international independent standard-setting body, is to…
Stephanie Davis says international experience has changed her whole approach to tackling her many tasks. Being based in Berlin, Stephanie Davis works with a number of regions. In the process, she has learned there are many ways to achieve the same goal. One just needs to be open to experimenting and embracing new ideas and…
Increased audit exemption thresholds internationally have prompted stakeholders to look for alternative services to an audit. This article explores the growing use of agreed-upon procedure (AUP) engagements as a means of filling the gap As financial reporting and other forms of external reporting have evolved, there has been recognition that users’ needs for enhanced credibility…