The Auditor-General (AG) released the general report on the 2016/17 MFMA audit outcomes in May 2018. The report indicates an overall regression compared to previous financial years. The audit outcomes of 45 municipalities regressed while there was an improvement in 16 municipalities. Only 33 (13%) of municipalities managed to produce quality financial statements and performance…
This article provides an overview of the quantitative analysis of responses to the Monitoring Group Consultation Paper as presented in the Gibson Dunn Report as they pertain to some of the significant changes proposed by the MG, and SAICA’s views as presented in its comment letter. Read the full article here.
In this article, Nico Fourie takes a closer look at the current classification and subsequent measurement interpretations concerning cryptocurrencies. Read the full article here.
When executive management and the board of directors of a company have a clear understanding of the potential impact of the proposed carbon tax on their business, measures can be identified and implemented to manage and minimise risk and to capitalise on the opportunities that may aris. Read the full article here.
The new standard Responding to Non-Compliance with Laws and Regulations has been adopted by various professional bodies in South Africa, including SAICA, SAIPA and the IRBA. What are the implications for SAICA members? It has now been almost a year since the new standard Responding to Non-Compliance with Laws and Regulations, released by the International…
Public schools are required to draw up their annual financial statements in accordance with guidelines determined by the Member of the Executive Council (MEC) and submit the audited or examined set to the head of department within six months after the end of each financial year. The financial year of a public school commences on…
Given the clandestine and secretive nature of cartel conduct, the onus placed on the ‘passive participant’ implies that it is not sufficient to merely distance oneself from the cartel conduct within the clandestine setting of a secretive meeting. One would need to actively spotlight the conduct by publicly exposing it and preferably advising the Competition…
Subsequent to the board meeting held in December 2017, the Data Analytics Working Group (DAWG) of the International Auditing and Assurance Standards Board (IAASB) issued a feedback statement to inform stakeholders of the key messages received in response to their outreach activities. This article provides an overview of this feedback statement In September 2016, the…
The International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information, is effective for audits of financial statements for periods ending on or after 15 December 2016. What does this mean for an auditor, you may ask? While keeping the possible impact on the auditor’s report at the back of your…
Transfer pricing has been named as one of the main mechanisms used by multinational groups for base erosion and profit shifting (BEPS). While transfer pricing legislation across the world has recently been tightened, including in South Africa, compliance with this legislation is still dependent on the level of taxpayer compliance The OECD base erosion and…