Latest News
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.
Audit & Accounting
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.
Explore finance's evolving landscape & roles. Learn to embrace ESG, data-driven decisions & workplace changes for future readiness
Explore global ethical challenges impacting SA's financial integrity. Uncover the repercussions of ethical breaches & the need for a collective ethical ethos
Discover the crucial role of Beneficial ownership disclosure in South Africa’s compliance. Learn why it’s key for transparency, trust-building and combating financial crimes.
For the sake of improvement, Sapho Gwadiso pokes holes in technical accounting which the UCT lecturer believes is taken for granted. Gwadiso, who recently presented an award-winning paper at the South African Accounting Academy’s bi-annual conference, explains his philosophy
From humble beginnings to esteemed academic, Dr. Audrey Legodi shares how she overcame personal hurdles to influence the lives of the next generation of accounting professionals.
It’s been a busy year for IRBA, with MAFR, new fine limits, and a new audit pathway. CEO, Imre Nagy shares his perspective on what some see as controversial changes.
The Chartered Institute for Business Accountants (CIBA) recently embarked on a transformative journey with its national roadshow. Learn more about the vision behind the roadshow, the highlights and many more.
You no longer need to be a CA(SA) to become a registered auditor. In a recent interview, Imre Nagy explains why ACCA was accredited and that this may only be the beginning.
Explore the historical journey from the early stages of accounting systems to the period of structuring and the modern era, and gain insights into the profession's future prospects.
IFRS new sustainability standards were published earlier this week. Experts explain that, while not mandatory, there is a strong business case for using them.
Tax
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.
Stay informed as Finance Minister Enoch Godongwana unveils the 2024 budget, navigating economic challenges and outlining strategies for growth, social support, and fiscal stability.
Stay informed with January 2024 updates from SARS. Navigate tax credits, customs changes, and economic fluctuations for a compliant financial journey.
Delve into the significance of BPRs and explore their applications by examining five recent rulings.
Delve into SARS' new APN requirements reshaping import processes in South Africa. Navigate the complexities, understand its necessity, and explore its potential advantages.
Explore SARS's commitment to the CARF, its implications for the crypto market, and the role of South African Tax Practitioners in this evolving landscape.
Discover key insights from the 2023 State of Tax Professionals Report - adapt your tax practice strategy for success and growth.
CIBA’s technical expert Barend van der Westhuizen shares areas to watch out for and advice as to how accountants.
New tax season, new scams! SARS issued several statements last week warning taxpayers about phishing emails where fraudsters impersonate the revenue collector.
As the provisional tax season approaches, South African accountants face the annual challenge of efficiently managing the complex process of tax preparation. Discover how DreamTax can revolutionize your provisional tax season.
The South African Revenue Service (SARS) has imposed penalties totalling R381 million on 690,000 taxpayers for outstanding tax returns .
Thinking of starting an accounting firm? Why not join forces with another accountant? Thanks to a chance meeting, Rajesh Nathoo and Shamit Bansi began to collaborate. Ten years and many clients later, they’re opening a new branch.
If your clients’ refund delay is due to Tax Ombud-identified systemic issues, such as not adhering to dispute resolution timeframes and delays in lifting stoppers, you can approach the Ombud directly.
Practice Management
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.
Client data security is a concern for accountants using AI. Experts at the Practice Management Conference unpacked why human behaviour remains the weakest link.
Getting staff buy-in and hiring people with a continuous learning mindset is critical to thriving in the AI age. This, according to speakers at the annual Practice Management Conference.
The age of AI is upon us. For accountants, creativity is the only limit to the kinds of use cases that are now possible, something our upcoming annual practice management conference aims to explore.
Building and maintaining a successful business depends on having contented customers. Repeat business comes from happy customers, and keeping existing customers is simpler and less expensive than finding new ones.
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.
Accounting professionals have helped businesses steer through the COVID outbreak, the unrest in July 2021, and recent KZN floods, supporting SMB resilience in difficult times. Throughout these challenges, accountants in practice are also coming to grips with disruption in their profession.
This week Accounting Weekly looked at risk, resilience, and turning adverse situations into successful situations. These are three takeaways we got from writing the articles.
They say you should never let a good crisis go to waste. André Marais seems to have taken the adage to heart. During Covid, when most saw despair, he saw an opportunity. He launched Numberwize, an accounting firm serving clients in Gqeberha and the Garden Route.
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
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
Trending News
Namibia's FATF grey-listing in February 2024 will require urgent action to address compliance issues. A study underscores the economic downsides of grey-listing, especially for developing economies, and suggests reevaluating its cost-benefit.
Deloitte has decided to exit the Zimbabwean market, with the local management team acquiring the firm's operations there
Raid by the Special Investigating Unit (SIU) and the Hawks on an accounting firm in Kimberley, Northern Cape, linked to a R1.4 billion lotteries fraud investigation.