Latest News
In this article we explore the impact that Namibia's recent greylisting by the Financial Action Task Force (FATF) have on the work accountants. Learn about the FATF’s evaluation processes, Namibia’s compliance efforts, and the vital role of accountants in enhancing AML and CTF measures to meet international standards.
Audit & Accounting
In this article we explore the impact that Namibia's recent greylisting by the Financial Action Task Force (FATF) have on the work accountants. Learn about the FATF’s evaluation processes, Namibia’s compliance efforts, and the vital role of accountants in enhancing AML and CTF measures to meet international standards.
Explore the critical role of management representations in financial reporting. Learn how these formal statements from senior management, confirming the accuracy and completeness of financial data, are essential in audits, reviews, and financial statement compilations. Discover their mandated use across various standards including ISA 580, ISRE 2400, and ISRS 4410, enhancing transparency and accountability in financial engagements.
In this article we explore the basic principles of revenue accounting, including compliance, documentation, and inherent risks. Discover how different industries - from mining to telecommunications - can achieve transparency and operational success through accurate revenue accounting. Use CIBA’s checklist to identify relevant risks of overstating or omitting revenue during your engagements.
Discvover the basics of South Africa's new two-pot retirement system launching in September 2024, designed to allow early access to part of retirement funds. This article covers how the system works, its benefits, and the important steps accountants should take to assist clients in adapting to these changes.
In this article, explore our guide to inventory accounting tailored for accountants. Learn essential techniques for managing inventory life cycles, applying accurate valuation methods, and mitigating risks to enhance financial decision-making and reporting accuracy.
South Africa is showing commitment in its battle against terrorist financing with the launch of its first nationwide risk assessment for non-profit organisations. This article looks at the process, led by the Financial Intelligence Centre and supported by key stakeholders, aimed at identifying and mitigating vulnerabilities within the NPO sector to ensure compliance and enhance security measures.
Accounting for fixed assets can be challenging and complex, often posing difficulties for accountants. In our latest guide, we address crucial aspects of managing, depreciating, and reporting fixed assets in financial statements. We explore the significant risks throughout the life cycle of fixed assets—from acquisition to disposal—and discuss critical considerations for precise financial reporting in accordance with established standards.
Read how you can identify financial statement risks and transform them into opportunities. Explore risks related to compliance, fraud, rapid business changes, and more. This article guides professionals through identifying, analysing, and navigating the complexities of financial reporting to ensure accuracy and reliability, turning potential challenges into advantages for informed decision-making and strategic planning.
Explore the crucial distinctions between compilation engagements and audits, the value of accountants' expertise, and their ethical responsibility. Learn how professional judgment and a commitment to integrity safeguard financial reporting, ensuring compilations are thorough, credible, and fraud-free. This guide also delves into the importance of an organized index for effective documentation and quality control in compilation engagements.
Compiling accurate annual financial statements which can be relied upon by shareholders, investors, banks and regulators is not a small task. Discover the responsibilities of Business Accountants in Practice (BAP)SAs when compiling annual financial statements, ensuring integrity and clarity in financial reporting for businesses of all sizes.
Discover how the latest updates to ISA 240 by the IAASB are setting higher standards for fraud detection in financial audits. Learn how these changes demand more from auditors and accountants, emphasizing accuracy, internal controls, and professional skepticism to fortify the trust and integrity of financial statements.
The Evergrande Group saga, marked by a staggering $78 billion revenue inflation, underscores the critical responsibilities of accountants in upholding financial integrity. Tasked with adhering to standards like IFRS for SMEs and ISRS 4410, accountants play a vital role in ensuring accurate financial reporting. This involves not just identifying risks and ensuring compliance with reporting standards but also a proactive scrutiny of financial practices to prevent discrepancies. Evergrande's financial turmoil highlights the necessity for accountants to vigilantly monitor for signs of financial distress, such as high debt levels and risky revenue recognition, to safeguard economic stability and protect investor interests.
As accountants, our ability to translate complex annual reports into actionable insights can significantly elevate our clients' appreciation of our services. This article aims to share how we, as accountants, can guide our clients through their financial narratives, thereby enhancing their perception of our value.
On March 9, 2024, at the CIBA Namibia Budget Speech Event, Mr. Justice Mafongo outlined Namibia's bold financial plan for 2024-2025. With a record-setting budget of over N$100 billion, the focus is on strengthening social services like education and health, and boosting economic growth. The plan includes smart tax changes to help households and small businesses grow, aiming for a robust N$90.4 billion in revenue. Key moves include tax breaks for individuals and support for small businesses, alongside major investments in infrastructure. This approach aims to tackle social challenges while driving economic prosperity, setting Namibia on a path toward sustainable development and fairness for all.
The art and science of drafting financial statements are at the heart of financial transparency and accountability. By embracing the principles laid out in ISRS 4410, adhering to strict ethical guidelines, understanding the intricacies of the Companies Act, and selecting the appropriate accounting framework, accountants play a crucial role in shaping the economic narrative, driving informed decisions, and fostering a robust financial ecosystem.
The 2023 Public Inspections Report on Audit Quality offers not just a mirror reflecting the current state of audit practices in South Africa but also a roadmap for navigating the intricate landscape of audit quality.
Understanding who has the right to access the books of account and financial statements is paramount. The legal framework ensures that this right is not an unrestricted open door but rather a balanced approach that respects the privacy and confidentiality of certain information while still upholding the principle of transparency.
This article provides an overview of the SEC's new climate disclosure rule and incorporates the challenges and controversies surrounding its implementation.
The CIBA Mini Summit on March 6, 2024, drew attention to the urgent need for professionalisation in the public sector, drawing over 500 participants. Experts shared strategies for fostering efficiency, transparency, and accountability, highlighting the crucial role of education and professional bodies in driving these reforms. The initiative opens up vast opportunities for accountants in South Africa, emphasizing a collective journey towards a more ethical and competent public service.
This article examines the crucial role of accountants and bookkeepers in upholding ethical standards and accurate record-keeping to prevent fraud, using a recent case involving a Kimberley accounting firm and the National Lotteries Commission (NLC) as a focal point. It highlights the importance of adherence to the IESBA Code, good record-keeping practices, and the need for vigilance in client selection to maintain the integrity of financial transactions and protect community funds.
Dive into the core of the South African Schools Act (SASA) of 1996 with our latest article. Unpack how SASA shapes the governance and financial management of public schools, ensuring inclusivity and quality education for all. From School Governing Bodies' responsibilities to the nuances of financial audits and reviews, learn about the varied provincial interpretations and expert recommendations for compliance. An essential read for anyone involved in South Africa's education sector.
This article delves into the complexities of a dispute between BP and the South African Revenue Service (SARS) concerning the exportation of fuel and the associated refunds under the Drawback of Customs and Excise Duties Scheme (DAS). This case illuminates critical points about compliance, documentation, and the burden of proof in tax matters.
The role of accountants, as exemplified by the Gauteng Enterprise Propeller vs. Amahlo Consulting Services CC case in South Africa, is central to maintaining the integrity of public funds. Accountants stand as indispensable guardians of public wealth, ensuring every transaction adheres to the highest standards of transparency and accountability. This case spotlights their pivotal role in not only preventing unlawful financial depletion but also in fostering trust and efficiency within public sector management.
Discover how SMEs can integrate sustainability into their business strategies and operations with our 'Sustainability Reporting Considerations Checklist', based on IFAC's standards. Tackling environmental care, social responsibility, and governance, this checklist guides businesses to not only comply with sustainability standards but also paves the way for long-term resilience and success.
A recent court ruling has highlighted the critical importance of full disclosure in financial statements, emphasizing transparency and legal obligations in financial reporting. This decision reinforces the need for businesses to accurately report financial information, including liabilities like underpayment of taxes. Accountants must now ensure strict compliance with these reinforced disclosure requirements, underscoring the role of transparency and integrity in corporate governance. This summary explores the ruling's impact on financial reporting practices.
Discover the power of intrinsic motivation in ethical accounting leadership. Learn how cultivating internal commitment fosters sustainable integrity and inspires genuine ethical behavior.
Explore the impact of South Africa's central bank decision to maintain interest rates on the financial sector. Learn strategies for accountants in navigating this landscape.
Uncover the impact of South Africa's 2024 Budget on finance and economy and the role of accountants when navigating these uncertain times.
Unveil the ISA for LCE, revolutionising auditing for small entities. Tailored for simplicity, it ensures trust in financial statements. Explore its impact, applicability, and resources at IAASB for a confident transition into this new era of auditing
Discussions with the National Treasury, SARS, FSCA, GEPF and the Government Pensions Administration Agency have indicated that the date proposed by the Minister of 1 September 2024 would be achievable.
Tax
Learn about the lesser-known mandate of the Ombud in overseeing SARS and addressing systemic issues in South Africa's tax system. Read about the issues investigated by the Ombud and what you can do to inform your clients and contribute towards collaborative efforts to improve tax administration.
CIBA’s April edition of the SARS Snapshot brings critical updates and insights for businesses and individuals. Key highlights include crucial information for Public Benefit Organisations about the IT3(d) submissions, important alerts on new phishing scams—ensure to delete suspicious emails promptly. Additionally, we share significant legal outcomes in tax and customs cases stressing the importance of adhering to procedural requirements. Upcoming deadlines include the closure of PAYE annual employer reconciliations and Third Party Data Annual Submissions on May 31, 2024.
Explore how the Tax Administration Act (TAA) influences the duties and responsibilities of accountants in South Africa, extending beyond traditional tax practitioners. This article delves into the critical aspects of Section 241, emphasizing the importance of due diligence in financial documentation. Learn about the stringent compliance measures, the implications of non-compliance, and best practices for accountants to navigate the complexities of the TAA, ensuring accuracy and integrity in financial reporting.
In this article, we explore the VAT implications for providing services to foreigners based on a visa consultancy. We look at VAT rates, exemptions, and the specific challenges faced by businesses providing services to foreign nationals, with a detailed analysis of current regulations including the critical aspects of standard rate vs. zero-rating and the handling of disbursements. Essential reading for accountants and tax professionals managing international client bases.
In this article we look at how tax practitioners can uphold financial compliance and integrity ensuring tax compliance. We show you and example on how, as tax practitioner you can communicate to clients and assist them managing their tax responsibilities, and the crucial actions required to maintain tax compliance for both practitioners and their clients as outlined by the CIBA and SARS.
Explore key updates from the 18 April 2024 National Operations meeting between SARS and the RCB Forum. This article covers essential topics like e-filing hijacking, SARS' relationship with tax practitioners, appointment system challenges, compliance training, and regulatory changes. Stay updated on efforts to improve the tax administration system and partnerships with tax practitioners.
Learn about the latest IESBA Code of Ethics updates for tax practitioners, including qualifications, ethical responsibilities, and compliance standards. This guide highlights the importance of credible advice, ethical integrity, and professional development in tax planning.
Explore the critical need for better communication between SARS, taxpayers, and tax practitioners to ensure compliance and efficiency within South Africa's tax system. Discover how direct engagement and strategic advice can streamline tax processes and how tax software can assist you to work more efficiently.
Tax practitioners are the backbone of our tax system, They are the unsung heroes of the tax world. They bridge the gap between the complex tax system and the everyday taxpayer, ensuring that individuals and businesses pay what they owe and not a penny more.
At the same time, they've got our backs against SARS, which, let's be honest, has a tough job but the South African Revenue Service (SARS) can sometimes come on too strong in its quest to collect taxes, and that is why parliament decided to create the Tax Ombud. In their mission to gather more revenue, SARS is a giant with immense power, and without someone to keep things in check, it's easy for things to get out of hand.
In this article discover how SARS achieved a groundbreaking R21.5 trillion in revenue from 1994 to 2024, with strategies that improved South Africa's tax-to-GDP ratio and set a new standard in tax administration efficiency. This is all thanks to effective strategies in expanding the tax base and enhancing efficiency in collections. SARS’s efforts underline a commitment to enforcing compliance, innovation, integrity, and the modernisation of tax collection processes, setting a global benchmark for tax administrations.
The "Buy, Borrow, Die" strategy is recognized for its smart tactics in transferring wealth to the next generation with low tax implications. Often associated with affluent individuals, its fundamental concepts are suitable for investors at all levels. Learn the practical steps to apply this smart financial approach as we explore its practical application.
The March edition of the SARS Newsletter delivers essential tax updates for both businesses and individuals. Highlights includes a significant legal development that saw SARS winning a High Court case against British Petroleum of South Africa regarding disputed fuel export refunds. Updates also include the PAYE Employer Reconciliation for 2025, guides on manufacturing rebates and customs procedures, and adjustments to ad valorem excise duties that took effect from March 28. Moreover, there are comprehensive tariff amendments following recent Budget proposals, updated customs declaration codes, and reminders for the upcoming excise payment and employer reconciliation deadlines. These updates are part of SARS's efforts to ensure compliance, enhance understanding, and support efficient tax and trade processes.
On March 25, 2024, the Recognised Controlling Bodies Forum (RCB Forum) and the Tax Ombudsman met to discuss speeding up service improvements with the South African Revenue Service (SARS). At this meeting, they tackled the Tax Ombudsman’s role in resolving taxpayer issues and systemic problems within the tax system. Key topics included challenges faced by tax practitioners in dealing with SARS, such as access difficulties, audit feedback complexities, and the pressing need for SARS to treat tax practitioners as essential allies. The discussions emphasized the importance of collaboration to enhance service delivery and transparency in South Africa’s tax administration, marking a step forward in building a more effective tax system.
The SARS Tax Practitioner Readiness Programme is here to get new tax practitioners fully up to speed on tax administration laws and how SARS works. Run by CIBA, this important test checks if you understand what's needed from you in the real world, not just what's in the books. You'll face 49 questions and need to score at least 90% to pass, with up to three tries at it. So, it's key to really get into the provided SARS materials and the CIBA guide to learn everything from the rules and how to act right, to using eFiling, managing clients, and sorting out disputes. If you're ever stuck, the CIBA Technical Unit is here to help you through, making sure you've got what it takes to excel in your tax practice.
In South Africa, there's a smart way companies can give money back to their investors without the taxman taking a slice. It's called Contributed Tax Capital (CTC), and it's all about using the money shareholders originally put into the company. Accountants are the heroes here, keeping track of every penny to make sure it's all above board. But tax rules are always changing, and lately, there's been a crackdown on loopholes that let some companies skip paying their fair share. For accountants, this means they've got to stay sharp, keep everything in order, and help everyone understand how to play by the rules. Getting CTC right isn't just about dodging tax bullets; it's about playing a smart, honest game in the world of finance.
This latest article looks at how businesses can improve their financial planning and navigate the complexities of tax compliance as discussed CIBA’s "Tax Happy Hour". It breaks down key areas such as risk assessment, consumer protection implications, advanced income challenges, and subcontractor engagements. Learn how to optimise your tax strategies and drive your business forward with confidence.
SARS recent enforcement actions against celebrity chef Lusizo Mvula Henna, DJ Ganyani, and fashion director Candy Smith shed light on the stark consequences of fraudulent activities and tax non-compliance, but what about the bookkeepers, accountants, and tax practitioners of these taxpayers? Did they inadvertently facilitate these violations or if they had the opportunity to deter the onset of tax evasion and unresolved tax debts, what did they do?
Unraveling the tax complexities of interest-free loans to shareholder-directors under South African tax law, this article explores the critical distinctions between taxable fringe benefits and deemed dividends as per the Income Tax Act (ITA). It provides guidance on structuring loan agreements to align with tax regulations, ensuring compliance and mitigating potential liabilities. Essential reading for companies and tax professionals seeking clarity on the tax treatment of shareholder-director loans.
Dive into the latest "SARS Snapshot" for February 2024, featuring updates on Tax Directives enhancements, a scam alert, legal actions, and trade statistics. Essential reading for accountants aiming to stay informed and compliant.
The High Stakes of Tax Enforcement: Weighing SARS's R4.87 Billion Claim Against Economic Stability.
The 2024 South African budget plans to save more and stabilize the country's debt within the next few years, aiming for a healthier financial situation by 2025/26. Despite planning to spend up to R2.6 trillion by 2026/27, it doesn't directly raise taxes. Instead, it introduces other ways that could increase costs for families and businesses. This approach is about being careful with money while still ensuring important public services are funded.
Practice Management
In this article we explore the impact of Artificial Intelligence (AI) on the accounting industry looking at positive and negative effects. We look at the dual role of AI in both facilitating and combating fraud, including the generation of realistic deepfakes and the automation of phishing schemes, alongside strategies for using AI to bolster security and maintain integrity in financial transactions.
Learn how to handle third-party verification requests with our comprehensive guide for accountants. This article offers practical advice on providing accurate information, understanding different types of confirmation requests, and obtaining necessary client consent. It also outlines important dos and don'ts to ensure you maintain professionalism and protect your clients' interests effectively.
Explore the latest pricing strategies for accountants in South Africa with our comprehensive guide. Learn how to implement fixed fees, monthly retainers, value-based pricing, and understand the legal aspects of contingent pricing.
As the 18 months grace period is nearing for new Accountable Institutions (AIs) it is crucial to ensure full compliance with the amended Financial Intelligence Centre Act (FIC Act). This series begins by identifying which entities, including advocates, crypto service providers, and high-value goods dealers, must now register as AIs.
In this article we look at how the revised anti-corruption legislation can now hold companies criminally liable for failing to prevent corruption. This guide covers the new obligations for companies, the importance of robust anti-corruption measures, especially with third-party consultants and contractors, and the global implications for South Africa's standing with the Financial Action Task Force
Explore the transformative benefits of a time recording system as we discuss how it can boost productivity of an accounting practice, assist in managing staff and facilitates precise billing. Learn about how to set up your system, selecting the right tools and utilising timesheet reports for improved decision-making and streamlined business operations.
Explore the crucial role of working papers in accounting for accurate, transparent financial reporting. Learn how they help keep financial statements error-free and provide a solid defense during audits. Our guide covers the essentials of working papers, from recording steps to backing up claims, and details on cross-referencing and the use of tick marks for efficient review processes.
Find out how accountants can master the art of compiling financial reports with a deep understanding of clients' businesses, industry standards, in compliance with legal requirements like the Companies Act and FRS for SMEs. Gain insights into transforming client data into accurate financial statements and offering strategic advice for informed decision-making. Find a handy checklist that you can use to document your work.
Discover the critical role of clear terms of engagement in producing accurate and trustworthy financial statements. Learn how a well-defined engagement letter, aligned with ISRS 4410 standards, ensures transparency and integrity in financial reporting. What information is necessary to include and how can accountants make sure that they derive benefit from its use. Download CIBA’s template Engagement Letter for compiling financial statements.
Creating a successful pricing strategy for an accounting practice goes beyond just setting fees; it's about demonstrating the value your services add to your clients' businesses. This guide explores effective pricing methods, from straightforward hourly rates for essential bookkeeping and tax services to more nuanced approaches like value-based pricing. It emphasizes the importance of distinguishing between billable and non-billable hours to ensure comprehensive coverage of both client work and operational necessities.
Effective time management is key to professional success and personal balance. In this article we explore essential time management strategies for accountants to boost efficiency, balance work-life, and achieve professional success. Learn how SMART goals, the Eisenhower Matrix, and effective tools can transform your accounting practices.
Explore the pivotal role of Draftworx, supported by CIBA, in ensuring financial compliance and transparency post-G.U.D Holdings vs. CIPC case. Dive into how technology meets regulatory requirements, fostering trust and corporate governance.
Discover how accountants can navigate the CIPC deregistration process to offer vital compliance services, enhancing client engagement strategies and unlocking new revenue generation opportunities in South Africa, thereby reinstating deregistered companies and elevating their accounting business growth
In the fast-paced field of accounting, having a team that's eager to work is crucial for success. However, motivating each person isn't a one-size-fits-all approach. Explore nine critical motivating factors motivators and how they can enhance the performance of accounting teams.
Explore the essential guide to integrated reportng and sustainability in accounting, where we delve into IFAC's insights on environmental accounting, internal controls, and the impact of ESG reporting on corporate responsibility
Forvis Mazars partnership: A strategic alliance aiming for global impact. Joining forces for enhanced client service and a $5 billion revenue
In today's business landscape, sustainability is paramount. IFAC's Small Business Sustainability Checklist offers a comprehensive guide to navigate environmental, social, and governance aspects. Learn how this checklist helps in identifying areas for improvement, aligning strategies with goals, and embracing sustainability as a driver of success
Understand the impact of social media referrals on hiring and how they compare to traditional evaluation methods.
Managing November chaos? Optimise performance with a shift to energy, not just time. Learn to tackle common energy leaks for a strong close to 2023.
Discover how shifting perspective and fostering self-compassion can combat chronic negativity in a world filled with stress and uncertainty.
Discover the latest news as three major South African workers' unions challenge the National Treasury's proposed budget cuts. Learn about the economic context, concerns, and the role of accountants in these challenging times. Stay informed on South Africa's evolving economic landscape.
Six Excel functions that make a big difference for accountants by offering ways to simplify their work and improve precision. It covers everything from the straightforward summing power of =SUMIF(S), to the efficient searching capabilities of XLOOKUP, which helps users find exactly what they're looking for without hassle. Learn how to use these tools to make your accounting tasks easier, quicker, and more dependable, turning Excel into a crucial component of your accounting work.
Explore how ChatGPT, an AI chatbot created by OpenAI, can transform how accountants use Excel.
Small and medium-sized businesses (SMBs) face rising cyber threats, with 48% falling victim in the past year alone. Discover how to defend against phishing, malware, and software vulnerabilities. Learn to prioritise protection, manage risks effectively, and avoid common mistakes. Strengthen your cyber defence and safeguard your business in today's digital landscape.
Discover the global landscape of GenAI in financial reporting, emphasising ethics and diverse adoption pathways, influencing accounting practices worldwide.
AI will destroy more jobs than it creates according to expert Dean Furman. Leaving a smaller group of those who benefit and those who lose out. Preparation will be key.
Tax practitioners know they need to use accounting software, but what is the right level for you? We asked Ettean Smit, the director at SmartPractice, for some advice.
In a recent press release, Gartner announced its first hype cycle for new financial technologies, focusing on the three technologies that it believes will have the biggest influence on finance functions over the next five years.
Any software installation can look like a daunting task. At the end of the day, data setup is key, it always has been for the successful implementation of any software.
We asked an expert to break down what artificial intelligence means and to talk us through the challenges it creates for CFOs.
From 16 September 2022 SARS will no longer require you to submit the Supplementary Declaration for Companies or Close Corporations (IT14SD) when identified for a verification. The requirement to submit an IT14SD when a verification case is created will be replaced by a letter requesting specific relevant documents based on the reason for verification.
Technology
Secretarial
Discover the latest updates from CIPC for April 2024, including new procedures for updating customer codes, system improvements, compliance reminders, and streamlined reinstatement processes. Stay informed on critical changes affecting companies and accountants.
In this latest news summary covering March events, we talk about how CIPC managed the cybersecurity breach, swiftly introducing security protocols without any significant data loss. Consequently, we saw the rollout of a stringent new customer verification procedures aimed at bolstering user security. We also talk about the mandatory inclusion of beneficial ownership information with annual returns from 15 April and alternative email communication methods.
South Africa intensifies its battle against money laundering and terrorist financing with the launch of the Beneficial Ownership Register by the CIPC. Aligned with global standards and FATF recommendations, this move marks a significant stride towards transparency and integrity in the corporate sector, aiming to eradicate illicit financial flows and bolster the nation's financial standing on the global stage.
Following a targeted cyber attack on its system, the Companies and Intellectual Property Commission (CIPC) is taking decisive action. The breach was swiftly contained and led to no visible data loss. CIPC is now enhancing digital defenses by rebuilding the compromised system and introducing additional security measures, including mandatory password verifications for users. These steps underscore CIPC's commitment to cybersecurity and the safety of stakeholder information.
In our latest article we give you a summary update for the month of February covering key developments including efforts of CIPC to maintain corporate compliance, pivotal court rulings enhancing transparency, to the launch of services aimed at safeguarding intellectual property rights. We also share insights on addressing security breaches effectively to protect sensitive data. Plus, find out about educational opportunities that sharpen expertise in the intellectual property domain. This concise overview ensures you're well-informed on developments crucial for business and legal compliance.
This article provides an overview of the recent CIPC updates discussed in the stakeholder meeting on 27 February 2024, including beneficial ownership reporting and foreign assurance automation. It offers practical advice for accountants to navigate these changes, ensuring compliance and guiding their clients through the regulatory landscape.
Stay compliant and secure with the latest CIPC updates. Uncover insights on registration, enhanced director amendments, and guard against unauthorised use.
Explore FIC's proposed guide, Draft PCC 121, unveiling AIs' crucial role in gathering client beneficial ownership info and learn about FIC Act compliance and proposed requirements for registered AIs.
Learn about the CIPC’s new Director Amendment process and challenges faced in this evolving landscape