At the beginning of the New Year most people set resolutions for themselves. The most common resolution among many individuals regarding their finances often revolves around wanting to be in a better financial position than the previous year. The new year presents the perfect time to assess your finances in order to gain control and…
Third-party (agent) appointments issued under section 179 create untold conflict amongst taxpayers and third parties alike, pitting employer against employee and bank against client where the only winner is SARS. By Tarryn Atkinson It’s not really new and we can’t even blame it on the controversial Tax Administration Act1 (TAA). It could, however, be said…
The financial services industry fulfils a critical role within any economy. In South Africa this is no different. Organisations within this industry support the creation of a sustainable and prosperous society – cultivating economic growth, capitalising on business opportunities, and responding productively to economic and fiscal challenges. By Nicola van der Westhuizen Although it is…
Far from seeing an approaching apocalypse, Kevin Phillips thinks we should be welcoming the machines into the workplace. He tells us why he thinks that and gives some tips for making the machines work for you The rise of the machines doesn’t sound like science fiction to me anymore. Many of us will remember a…
Jan Schoombee on the Pareto principle, comparative advantages, and the medal count at the Olympics Vilfredo Pareto found in 1906 that 80% of the land in Italy was owned by 20% of the population. The Pareto principle (also known as the 80–20 rule) follows the same logic in that in any given system, the majority…
PART 1: EMERGING FORMS OF EXTERNAL REPORTING On 16 August 2016 the International Auditing and Assurance Standards Board (IAASB issued the discussion paper (DP) Supporting Credibility and Trust in Emerging Forms of External Reporting:1 Ten Key Challenges for Assurance Engagements,2 which has been prepared by the IAASB’s Integrated Reporting Working Group (IRWG) for comment by…
PART 2: EMERGING FORMS OF EXTERNAL REPORTING (EER) The board of directors of a company drive the company’s external report content. Without legislative requirements, they can steer decisions on what type of assurance, if any, is required on the information reported. By Ciara Craul Reintjes Integrated reporting, a subset of emerging forms of external reporting…
Continuous improvement in audit quality is a priority for the Independent Regulatory Board for Auditors (IRBA) and it believes that audit quality indicators (AQIs) could be a valuable tool to increase transparency in the financial reporting value chain. By Sadhir Issirinarain The Independent Regulatory Board for Auditors (IRBA), which is the regulatory body for auditors…
The independent auditor’s report is the auditor’s key communication to the shareholders and other users of the financial statements. After many years of audit reports that merely provided a ‘pass/fail’ conclusion, the landscape has changed. By Zuleka Jasper WHY THE CHANGE? The external audit is an independent and objective process that aims to conclude whether…
Audit quality concerns raised by a spike in unsatisfactory results from firm/engagement inspections performed by the regulator and the possibility of audit firms being sued for corporate failures warrants a fresh look at professional skeptism. Here is Brian Monegi’s take on this ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an…