SAICA’S BUDGET 2021 ANALYSIS AND COMMENTARY Refuelling the tank of the South African economy will have to start with rebuilding trust between government and societal partners and reaching actual consensus on the principles of how this rebuilding task will be carried out The Minister of Finance, Minister Tito Mboweni, tabled the National Budget on…
In December 2019, the International Auditing and Assurance Standards Board (IAASB) issued International Standard on Auditing (ISA) 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement. On its release, the IAASB stated that ISA 315 (Revised 2019) is an important part of the IAASB’s efforts to improve audit quality globally. The IAASB chair,…
The concept of materiality is one of the most fundamental and significant concepts within the financial and corporate reporting ecosystem. ‘Materiality’ can be defined and rationalised in numerous ways, but the following encompasses the essence of the concept: Materiality is a concept or convention within auditing and accounting relating to the importance/significance of an amount,…
Direct marketing to existing customers of the marketer can continue as regulated under the CPA. Once the POPIA deadline for compliance is reached, non-customers may only be approached once for consent. Colin Victor explains. Two primary pieces of legislation regulate direct marketing activities, namely the Consumer Protection Act 68 of 2008 (CPA) and the Protection…
The issues the MIB groups focus on are tabled and addressed from an auditor, preparer and regulatory perspective. SAICA has a broad membership base, with members taking up key roles in different industries and at differing levels of seniority. To ensure that we cater to our members’ needs, we run interest groups for our members.…
Chris McMaster, CFO of the Rabie Property Group, contributed to SAICA’s broader project to support the understanding and application of integrated thinking and value creation by sharing his views on these concepts by responding to a series of exploratory questions. How do you understand ‘integrated thinking’ as it applies to your company? And describe how…
How many times have shareholders and other users of financial statements questioned the quality of financial information that companies provide in financial statements? The manner in which financial information is presented and disclosed could impact how the users of financial statements perceive the content and context provided in those financial statements. Financial statements are an…
The auditor is tasked with obtaining audit evidence to be able to draw reasonable conclusions on which to base the auditor’s opinion1 and in obtaining such evidence, to consider the relevance and reliability of the information to be used as audit evidence.2 This article focuses on information to be used as audit evidence that is…
The implementation of IFRS 17 results in a major transformation in actuarial and finance reporting processes, systems and data. SAICA recently hosted an event at which some of the challenges and insights were discussed. The insurance industry saw the effective date of the IFRS 17 Insurance Contracts standard being deferred by two years from the…
Even IFRS and the world-class work done by the IASB cannot escape the clutches of COVID-19. IFRS for SMEs and its evolution may also be a victim of the global pandemic. Late in 2019, the International Accounting Standards Board (IASB) sent out a request for information (RFI) to assess the market’s appetite for the potential…