The unprecedented challenges posed by COVID-19 have reminded us that we are an interconnected global community. While this crisis rightly has dominated our attention, we must not lose sight of progress on the broader aims of the Sustainable Development Goals and the Paris Climate Agreement. Like the pandemic, our response must transcend national boundaries, engage…
Some entities may have given the preparation of the cash flow statement less prominence in comparison to other statements in the financial statements. However, the cash flow statement remains an important part of the financial statements. The cash flow statement is an integral part of the financial statements. This statement informs users about the actual…
The International Auditing and Assurance Standards Board (IAASB) issued three exposure drafts for quality management at firm and engagement levels in February 2019 with a deadline for comment of 1 July 2019. The suite of quality management exposure drafts includes ED-ISQM 1 discussed here. Read the full article here.
Ready, set, go … The effective date of IFRS 17 is fast approaching and even though the date of application has been deferred for one year (subject to due process), companies need to ensure that they are ready for implementation. With such a complex standard, early preparation should be a high priority. Read the full…
Are you aware that the Independent Regulatory Board for Auditors (IRBA) has developed and issued South African Assurance Engagements Practice Statement (SAAEPS) 1, Sustainability Assurance Engagements: Rational Purpose, Appropriateness of Underlying Subject Matter and Suitability of Criteria? The IRBA seeks to elicit feedback on implementing SAAEPS 1 by 15 December 2019. Read the full article…
SAICA adopted a new Code of Professional Conduct which will become effective 15 June 2019. The code focuses on the fundamental principles and assists accountants on dealing with threats to compliance.
Information technology is an integral component of most organisations’ business operations, with individuals and societies placing ever-increased reliance thereon. IT brings with it significant benefits but also significant risks which impact directly on how entities conduct business. The rapid evolution of the IT landscape, coupled with the Fourth Industrial Revolution, creates a new dimension for…
More data was produced in 2017 than in the previous 5 000 years of humanity. New and disruptive technologies are emerging at a rapid pace. Blockchain, the cloud, robotic process automation (RPA), digital labour, machine learning, deep learning, quantum computing, natural language processing (NLP) − all of these have huge potential to change how business…
The will and dedication of most people working in organisations will ensure a mindset that values professional scepticism, as a key audit criterion, over commercial considerations alone. Read the full article here.
South Africa will soon join the league of around 70 countries who have implemented the XBRL reporting standard. In fact, almost all the major economies of the world have in one way or the other adopted the XBRL standard in multiple areas of regulatory supervision. Read more