From Cashless to Digital: The COVID-19 Tipping Point

COVID-19 has been a catalyst for the global adoption of cashless payments, with the disruption expected to effect lasting changes in the way people spend. While consumers had already begun to embrace digital payment options prior to the pandemic, the health crisis has rapidly accelerated the adoption rate with more consumers seeking safer, contact-free payment…

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COVID-19: Data and technology empowering business travellers

As South African corporates gradually return to the boardroom, road warriors are longing to take back to the skies and resume business negotiations, build relationships, and discuss new business opportunities. Although business travel is permitted in South Africa, the pandemic has kept everyone on their toes with regulations changing frequently. As consulting firm McKinsey put…

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KPMG CEO calls for strengthening of South Africa’s CA pipeline

Ignatius Sehoole KPMG CEO calls for strengthening of South Africa’s CA pipeline KPMG South Africa CEO Ignatius Sehoole has called for more vigilance than ever in South Africa’s accounting sector, as the Covid-19 crisis poses a unique challenge to the business environment. He calls on the South African Institute of Chartered Accountants (Saica) to aid…

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COVID-19’s impact on student learning

The arrival of the novel coronavirus has received much media attention coverage over businesses, vulnerable communities and the economy. This article highlights a few critical aspects of how COVID-19 has impacted CAs-in-training from the perspective of Wits School of Accountancy lecturers. COVID-19 first hit South Africa in March 2020. Wits took the decision to bring…

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On strategy Shoprite’s strategy in the time of COVID-19

With a background in financial management and business valuations, I have always been intrigued by ‘strategy’, that thing that ultimately sets a company apart from the next and probably, together with strong leadership, the main driver behind sustained value creation. In a series of interviews, I will be exploring different business leaders’ (all chartered accountants)…

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How getting creative can help you in a crisis

‘Collaboration, community and creativity are our best hopes for the future.’ This is according to Port Elizabeth artist Duncan Stewart, who spoke about developing and enhancing your inherent creativity as a tool to future-proof yourself at SAICA’s ‘Leadership in a Time of Crisis’ webinar series. ‘I suspect it’s a bit of a risk on SAICA’s…

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Optimism among finance leaders about reopening

As work sites slowly start to reopen, CFOs are optimistic they can keep their customers and employees safe. As COVID-19 restrictions continue to slowly lift in some countries while others remain in lockdown, PwC’s latest COVID-19 CFO Pulse report reveals a sense of optimism among finance leaders about their companies’ ability to reopen safely. Seventy-five…

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Increased cybersecurity awareness during the pandemic

With companies making use of increased mediums of technology to conduct work-related activities, the emphasis on cybersecurity has intensified. However, while there may be a number of security measures in place, the end-user will always remain the most vulnerable target. Creating a culture of cybersecurity awareness is therefore a key component to help combat cyber…

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Covid-19: South African Businesses Must Predict Cashflow During Crisis

The modern world is facing a unique and unprecedented time. Lockdown and social distancing measures have been introduced across the globe, with South Africa implementing some of the strictest. The South African government closed most businesses on March 27th in a bid to curb the spread of Covid-19 — a business confidence index has fallen…

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Investing during COVID-19

At SAICA’s ‘Leadership in a Time of Crisis’ webinar series, Investec’s chief investment strategist, Chris Holdsworth, shared insights on how the pandemic is shaping investment strategie. As if there isn’t enough to worry about during the COVID-19 pandemic, many people have seen their investments tank over the past few weeks. Chris Holdsworth explained how he…

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COVID-19: Future trends and their impact on the world

The trends shaping our world of tomorrow are changing rapidly with COVID-19. In this article, the multi-level perspective on societal change model will be used to explain various trends and their potential impact on the economy, politics, technology, society and resources. We are operating in a new, fast-evolving multipolar global landscape in which challenges are…

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COVID-19 is likely to reshape the world – here’s how accountants can help

By Pieter Bensch, Executive Vice-President at Sage Africa & Middle East As an accountant, you have an invaluable role to play in helping your clients survive the COVID-19 outbreak and its economic effects. With the pandemic and the national lockdown battering nearly every company in South Africa, they need your counsel and practical advice more…

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ITC and APC EXAM dates change due to Covid-19

We find ourselves in significantly challenging and difficult times: a constantly changing world which is volatile, uncertain, complex and ambiguous. With these uncertain circumstances we all need to rapidly adapt to change. Like many other organisations, SAICA finds itself in the position of having to make some very difficult decisions, particularly about the upcoming SAICA…

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COVID-19 crisis – Audit offices responding in times of crisis

The outbreak of the global coronavirus pandemic has demanded an extraordinary response by governments around the world. The fight against the biggest health threat of our time requires of every parliament, organisation, company and individual to respond quickly to this challenge. It cannot be business as usual. The same applies to national audit offices. Not…

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A Thought (or penny) to spare

While many have hunkered down literally ‘zooming’ across the net attending webinars, conference calls and Pilates classes from the comfort of their homes relatively safe from contracting the SARS-CoV-2 virus, fellow South Africans are facing an even bigger threat from the economic fallout created by the lockdown; the very tool deployed to prevent the spread…

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SAICA Disciplinary Report Quarter 1 2020

Overview of the disciplinary process All member complaints received by SAICA are referred to the designated officer and allocated to the Legal and Discipline Unit staff for case management. All cases in which SAICA has jurisdiction are prepared for submission to the Professional Conduct Committee (PCC). The PCC is an independent committee chaired by either…

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Wits PhD student wins award for invention vital to fighting COVID-19

Over five years Michael Lucas, a PhD student in the School of Mechanical Engineering at Wits, has developed a metallised coating that can be added to surfaces in hospitals to make them capable of self-sanitising. Lucas explains that most hospital surfaces are made of stainless steel and plastic and are sites of contamination. By adding…

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Achieving mental wellbeing during Covid-19

Achieving mental wellbeing during Covid-19 As part of Saica’s Leadership in a time of crisis webinar series, clinical psychologist Navlika Ratangee spoke about how to achieve mental wellbeing during the Covid-19 crisis. You can still watch this webcast for free here. The South African Institute of Chartered Accountants (Saica) understands that the outbreak of Covid-19…

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Working from home to reduce COVID 19 infection rate has created another – an endless working day!

Ever hear the phrase “Trying to solve for one problem, creates another” Working from home to reduce COVID 19 infection rate has created another – AN ENDLESS WORKING DAY! With the unwinding of Lockdown, most people will still be advised to work from home. Having to sit for more than 8 hours a day in…

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COVID-19 crisis points to the need for robust succession plans

COVID-19 crisis points to the need for robust succession plans Institute of Directors in Southern Africa 28 April 2020   Scene of Public indoor with barrier tape .Closing building during coronavirus COVID-19 epidemic concept Although it’s recommended in King IV, succession planning is often neglected because it’s an uncomfortable subject. The COVID-19 crisis should act…

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Will the COVID-19 crisis close the wage gap?

Will the COVID-19 crisis close the wage gap?  Internationally, there is a growing trend to reduce executive pay in response to the current COVID-19 crisis. South Africa is following the trend, with several private sector companies voluntarily announcing reductions and donations in executive pay, among them Woolworths, EOH, FirstRand, Vodacom and Sibanye. The South African…

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The economic impact of COVID-19

The economic impact of COVID-19 SAICA hosted a webinar on 6 April 2020 where Chief Economist for Investec Bank Limited South Africa, Annabel Bishop, spoke about the effects of Sub-investment grade Status and the Coronavirus on our country’s already struggling economy. The South African Institute of Chartered Accountants (SAICA) is offering a Leadership in a…

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Turning crisis into opportunity

Turning crisis into opportunity During lockdown, you may not be able to work in your business, but investor and entrepreneur, York Zucchi, shares expert tips on how you can work on your business Johannesburg, 23 April 2020 – If there’s anyone who knows how tough running your own business is, it’s entrepreneur and investor, York…

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Business Rescue: Economic Remedy For Covid-19?

Business Rescue: Economic Remedy For Covid-19? By Professor Raj Rajaram The COVID-19 virus has ruthlessly battered the world’s economy and its citizens’ health. The timing of the virus infection and the subsequent lockdown could not have been worse for South Africa. Our economy, already grappling with low GDP growth and high levels of unemployment, suffered…

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Practical steps during and after the Covid-19 lockdown for business recovery (and growth)

Practical steps during and after the Covid-19 lockdown for business recovery (and growth) Right now, most owners of small and medium size (“SME”) businesses have been out of business for three weeks. Some have been able to continue paying their employees, their rent, their utility bills, their creditors – others have not. With another two…

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New Series: Virtual leadership in a crisis – support for leaders by Talita Ferreira CA(SA)

Virtual leadership in a crisis – support for leaders Author: Talita Ferreira CA(SA) “Identify what you are feeling and where you are as a leader” As leaders, we are like a contagion. How we show up will impact our teams. #Leadingvirtually is no different. We might be #feelingpressure and dealing with the #crisisplanning one moment…

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Free Webcast: COVID-19 Technical Update

Free Webcast Series: SAICA Leadership in a time of crisis series Webcast # 7: COVID-19 Technical Update (Thursday, 9 April 2020 15h00 – 17h00)   Who Should Attend Members, associates and non-members interested in technical developments related to Covid-19.   Overview The webcast will provide delegates with updates on the COVID-19 implications on IFRS, tax…

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#COVID19: Staying in touch with customers during the pandemic

#COVID19: Staying in touch with customers during the pandemic By Selina Bieber, Senior Regional Director for Turkey, MENA and South Africa, GoDaddy This is an uncertain time for South African business owners, but it may offer an opportunity to focus on the factors that are within your control  to help steer your way through the…

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Could SA by some miracle dodge worst of Covid-19 curse?

Could SA by some miracle dodge worst of Covid-19 curse? – Alan Knott-Craig Authors: Linda van Tilburg , Alan Knott-Craig Published: https://www.biznews.com   South Africa might just get lucky By Alan Knott-Craig* In February, our country was in bad shape. Our stock market was over-heated. We were heading for a recession. We were heading for…

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COVID-19 lockdown: What to do if you are a South African stranded abroad

COVID-19 lockdown: What to do if you are a South African stranded abroad Authored by: Lerato Mahupela, Immigration Specialist at Xpatweb Worldwide travel restrictions are accompanied by various national strategies aimed at limiting the movement of people to prevent transmission of COVID-19. One of the global strategies has been to shutdown major port of entries,…

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The effect of COVID-19 on year-end audits

The effect of COVID-19 on year-end audits   Author: Hayley Barker Hoogwerf , SAICA Project Director: Assurance as author for this article Can year-end audits be postponed till the end of the isolation period, or is it mandatory that they continue even during the quarantine? In answering this question, it is first important to understand the relevant…

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COVID-19 Possible alternative futures for South Africa

The nature of the COVID-2019 pandemic reaches into every sphere of society – political, economic, social, technological, environmental and legal – necessitating careful consideration of the long-term consequences of our decisions in response to the pandemic and requiring alternative futures to be considered. The purpose of this article is to describe four possible alternative futures…

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COVID-19 crash What South Africa can learn from previous market crashes

The JSE ALSI recovered more quickly than the major US and UK indices during the last two crashes. The global economy was already on a fragile footing when a Black Swan appeared in January 2020 in the form of coronavirus disease 2019 (COVID-19). The impact of the disease and the fallout from countermeasures have jolted…

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COVID-19 lockdown and tax-and unemployment-related matters

The COVID-19 lockdown currently in place will have an impact on tax-related matters. This includes contact with SARS, returns and payments due to SARS, as well as disputes. It also has an impact on employers and their employees. While a lot of information was available at the time of writing of this article, it is…

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COVID-19: Measures to mitigate economic impact

COVID-19: Measures to mitigate economic impact In the wake of the COVID-19 pandemic, the President, on Monday 23 March, announced significant and far-reaching measures aimed not only at slowing the spread of the virus, but also at mitigating its effects. In this regard, it has become clear that the pandemic will have an adverse effect…

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Company taxation in the time of COVID-19 lockdown

Company taxation in the time of COVID-19 lockdown Jared Waters a Principal at Bravura Structured Solutions, highlights the potential complexities that could arise for Corporate South Africa amidst the country’s COVID-19 lockdown period.   President Cyril Ramaphosa announced South Africa’s nationwide lockdown for a period of 21 days in an effort to slow down the spread…

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Covid-19: Financial and Business Lessons

Covid-19: Financial and Business Lessons The year 2020 was earmarked to be the ’20-plenty’ year. A year filled with great expectations, abundance, growth, achievement and joy. The outbreak of covid-19 brought those expectations to a sudden halt. It almost feels unreal that a virus can have this significant impact on the entire world. The world…

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Covid-19 lockdown and tax and unemployment related matters

Covid-19 lockdown and tax and unemployment related matters Authors: Piet Nel and Juanita Steenekamp SAICA The Covid-19 lockdown currently in place will have an impact on tax related matters.  This includes contact with SARS, returns and payments due to SARS, as well as disputes.  It also has an impact on employers and their employees.  Whilst…

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Covid-19: Important Tax Related Matters

Possible tax interventions to mitigate the economic effects of the COVID-19 pandemic in the South African context SAICA made a submission to SARS on 17 March 2020, requesting the Commissioner of SARS to consider various aspects regarding tax compliance due to COVID-19. The Tax Administration Act, 2011 provides for the potential remission of penalties and…

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Coronavirus in SA: How to donate to the Solidarity Fund

In an effort to mitigate the economic impact of the coronavirus and the 21-day lockdown which President Cyril Ramaphosa announced earlier this week, government has set up an independent relief fund called the Solidarity Response Fund. The aim of the fund is to offer assistance to South Africans affected by the outbreak. Please read the…

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Public Sector Information for COVID-19

SAICA has a dedicated public sector division to support members in the public sector. This page contains all information relating to COVID-19  that impacts the work of  members working in or doing business with the public sector. For all other public sector related support, please refer to the Public Sector webpage –   Compliance documents…

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COVID-19 crash: What South Africa can learn from previous market crashes

The JSE ALSI recovered more quickly than the major US and UK indices during the last two crashes. The global economy was already on a fragile footing when a Black Swan appeared in January 2020 in the form of the coronavirus disease 2019 (COVID-19). The impact of the disease and the fallout from countermeasures has…

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Coronavirus, Contracts and Force Majeure

The Coronavirus is having a significant impact on the global economy as it increasingly disrupts production, supply chains and travel. With that in mind, organisations should consider any potential legal risks and how to protect themselves against them. In January, the World Health Organisation (WHO) announced that the outbreak of the coronavirus was a public…

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How the coronavirus has impacted 2020’s investment outlook

Fears around the coronavirus (COVID-19) outbreak has spilled into financial markets 9 March 2020: The coronavirus outbreak has rapidly approached global pandemic levels, and given the knock-on effects of the virus on economic growth, the fireworks in markets were inevitable. From sitting at record highs, global markets sold off aggressively during the last week of…

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