Focus: The impact of technology on the audit practice

The advent of Fourth Industrial Revolution (4IR) technologies has presented both clients and auditors with massive opportunities and challenges which, if fully embraced, can completely change the face of the audit experience for both client and auditor. Much has been said about the 4IR and its disruptive impact on many industries, including the accountancy sector.…

Focus: Auditing SMEs The costs involved

In the current economic environment, there are various reasons why small and medium enterprises (SMEs) would require an audit of their annual financial statements. An audit could be required by law in terms of the Companies Act of South Africa, the company’s memorandum of incorporation, the bank during an application for funding, potential investors, or…

Focus: To split or not to split, that is the question

The idea of splitting the auditing and non-auditing (consulting/advisory) businesses of firms was mentioned in a report by a United Kingdom Parliamentary Committee following the collapse of Carillion in January 2020. The UK regulator (the Financial Reporting Council, FRC) later asked the largest UK firms to operationally split up their auditing and non-auditing businesses by…

Focus: Defining the future of auditing through intelligent automation and real-time opinions

Does the current model of the traditional regulatory and statutory audit still make sense in the changing business context? These audits performed by independent and external auditors in line with relevant laws and regulations, require the auditee to submit a set of reporting information, and the auditor to produce their report annually in line with…

Focus: The evolving role of the audit profession

The voices calling for sustainable business practices across all industries are growing ever louder and the journey towards ‘Net Zero’ will require everyone across the globe to play their part if we are to successfully combat the risks associated with climate change. The world in which the accountancy profession is operating in has significant challenges…

Focus: A rosier future for crypto?

Monique Verduyn spoke to crypto expert Petri Basson, a CA(SA) who is building digital companies from the Cayman Islands, as well as developing a crypto data aggregation and normalisation business (Hash Data) to simplify digital asset management. Cryptocurrency is not just for young, tech-savvy millennials anymore. Governments, central banks and major enterprises can no longer…

Focus: What keeps cryptocurrency auditors awake at night?

Insights from a webinar hosted by Mazars in collaboration with South African digital asset exchange Luno. Today, South Africa finds itself amongst the top-ranking cryptocurrency trading nations on the continent. With local daily crypto asset trading values exceeding the $45 million mark, regulators and auditors play an increasingly crucial role in securing and validating the…