In the dynamic landscape of accounting firms, success isn’t just about the numbers; it’s about the people behind them. As the world grapples with an unprecedented accountant shortage, firm owners are recognising the paramount importance of keeping their employees content and engaged. In fact, over 90% of accounting and audit firms have identified the recruitment…
The intricate process of selling an accounting firm is laden with numerous challenges and pitfalls that could derail the transaction, necessitating a well-thought-out strategy and execution to ensure a seamless transaction. This article sheds light on these common hurdles while providing pragmatic solutions, highlighting the importance of a swift deal approach in the dynamic realm…
Accounting firms faced with the dual challenges of talent retention and technological advancements are finding that the right leadership style is the cornerstone to sustained success. In the fast-paced and ever-evolving landscape of accounting, successful leadership is not just about crunching numbers – it’s about steering the ship through turbulent waters and empowering a team…
When you read this article, you may very well have just experienced a horror tax submission period (if you have fully complied with the new tax requirements) for trusts. Even though many people believe that the new requirements of the South African Revenue Service (SARS) are outrageous, the message from SARS has been clear: ‘You…
Understanding of various factors. Whether you’re a buyer or a seller, knowing how to accurately assess the value of a practice is crucial for a successful transaction. Let’s delve into the methods and metrics that should be considered to ensure an accurate and unbiased valuation. Understanding the valuation methods used for small accounting practices There…
We often hear about the importance of finding work–life balance. Why is this important? Perhaps because finding work–life balance is a form of self-care. We are all familiar with the concept of self-care and modern-day society often highlights the benefits. There are many positive outcomes in implementing self-care. Stress levels are reduced, less anxiety, a…
Does it ever feel like your family, friends, teams or colleagues are going to discover you are a fraud and that you do not deserve your role and accomplishments? Don’t feel alone! According to an article published in the International Journal of Behavioral Science, about 70% of people experience impostor feelings at some point in…
ISQM 11, ISQM2 2 and ISA 220 (Revised)3 come into effect on 15 December 2022. These standards are expected to have a significant impact on all firms that perform engagements in accordance with the IAASB standards. The South African Institute of Chartered Accountants (SAICA), in collaboration with the Pan African Federation of Accountants (PAFA) and…
National Treasury expects that more consumers will choose to enter into lay-by arrangements to acquire household goods. A recent amendment to the Income Tax Act will address the adverse tax consequences of lay-by agreements for the supplier of the goods. South African consumers have long been using lay-by agreements as a means of purchasing household…
Special Considerations − Audits of Group Financial Statements (Including the Work of Component Auditors) The International Standard on Auditing 600 (Revised) (ISA 600 (Revised)) is a special considerations standard that applies to a group audit, including when component auditors are involved. The International Auditing and Assurance Standards Board (IAASB) wanted to ensure that ISA 600…