The auditor’s report is the final audit product that users of financial statements and the general public interact with, and therefore it is important that the auditor’s report accurately reflect the outcome of the audit in accordance with the appropriate standards and requirements The IRBA Inspections Findings Report 2020 indicated that certain recurring deficiencies have…
This is the first in a series of articles exploring XBRL. Our next article will consider how XBRL was developed and the wider advantages and disadvantages of XBRL as a financial reporting tool 10 November was the day when accountants around the world were honoured for the invaluable role they play in the world of…
With an acceleration of the global net-zero journey, there is increasing focus on developing countries and their lack of affordability to meet such net-zero targets. A clear contrast is evident when considering Africa; as home to 17% of the global population, producing less than 5% of global annual emissions and accounting for only 3% of…
This is the first in a series of articles exploring XBRL. Our next article will consider how XBRL was developed and the wider advantages and disadvantages of XBRL as a financial reporting tool The Fourth Industrial Revolution (4IR) era is characterised by an advanced interconnectivity of electronic data that has enabled machine learning to such…
As both accountants and good corporate citizens we advocate for accurate and transparent disclosure that will cater for a wide user audience and aid in decision-making. This also talks to acting in the public interest, which is one of the core mandates of an accountant Disclosure had advanced over the years. Originally disclosure was used…
In a recent article titled ‘On the relevance of IFRS financial statements’1 there was discussion around the relevance and usefulness of financial statements under IFRS. I think many accountants would agree that there are positives and negatives to the application of IFRS. Particularly vocal critics of IFRS include preparers at small and medium-cap listed companies…
Dust is slowly beginning to settle in the ‘Wild Wild West’ of data management and governance, particularly for the accountancy profession, even though there is still a long way to go. A recent report released by the International Federation of Accountants (IFAC) shines some light on the data management value chain and opportunities for the…
Alternative legislation for the winding-up of insolvent companies is urgently required if business rescue is to survive in the long term. When the Companies Act 71 of 2008 (the Companies Act) was brought into operation in 2011, a number of transitional arrangements were enacted, including the retention of chapter 14 of the repealed Companies Act…
Damian Judge, CFO of Trellidor Holdings Limited, shared his views on the concept of integrated thinking by responding to a series of exploratory questions in support of SAICA’s integrated thinking project. How do you define or understand ‘integrated thinking’ as it applies to your company? We look at it as ‘how does the company interact…
By adopting a principles-based code, SAICA requires all its members to apply professional judgement at all times to identify, evaluate and address threats to professional accountants’ compliance with the fundamental principles of ethics. These principles determine the standard of behaviour that the public can expect of members of the profession, and adhering to the code…