StatsSA reported consumer inflation, year on year at 7.1 percent. But for most South African households, inflation is far higher, with those earning less than R33 619 a year experiencing inflation above 10 percent

As part of our recent article looking at ChatGPT and AI’s effect on the future of accounting, we reached out to experts at PwC South Africa. This is the unabridged version of their email response which we’re publishing in the hope that it provides you with further insight.

Much of accounting and tax compliance involves repetition and follows predictable patterns. Large Language Models, such as ChatGPT, are trained through countless repetitions leading to superhuman pattern recognition.

Nicolas Boucher, a LinkedIn FP&A and efficiency influencer, and experts from PwC South Africa share their insights on whether ChatGPT heralds the decline of the accountant or whether it will free accountants from low-level tasks.

We would likely have no Gupta Leaks and no Zondo Commission without whistleblowing. 

Yet whistleblowers, who often come from accounting backgrounds, are being killed or have to flee the country. This article looks at five flaws in the current whistleblowing system.

The Auditor General reported progress on its new mission of recovering funds and holding accounting officers responsible powers to Parliament earlier this month. 

Tsakani Maluleke also gave insight into shortcomings in the accountability chain. 

The brain drain in South Africa is leading to a dearth of experience and expertise in the accounting and finance sector – as well as a wealth of opportunities for would-be CFOs.

The recently gazetted state of disaster regulations for the electricity crisis needs reinforcing if they’re to prevent looting.

From writing audit file notes to giving expert advice and potentially identifying high risk areas, Imran Vanker, director of standards at IRBA, explains how ChatGPT could change auditing.

Lescault and Walderman (LWI) - a firm that provides technology-driven accounting and finance services in the US has acquired a majority stake in AWCape, a South African Sage business partner.

The power crisis disproportionately affects SMMEs and poorer South Africans, according to experts who spoke at CIBA’s 2023 budget speech update.

Avoiding greylisting was like a relay race where South Africa dropped the baton at the last switch over writes Michael Avery. The country needs to pick up the baton and surge forward if it hopes to escape.

The South African Government has been greylisted by the anti-money laundering watchdog FATF despite their legislative attempts to avoid it. What does this mean for the country and accountants?

Here is eleven takeaway from the Budget speech 2023

In February last year, Treasury estimated that CPI inflation would be 4,8 percent. By October, it was predicting 6,7 percent. StatsSA reported 6,9 percent inflation in 2022.

Jones Gondo, a senior credit strategist at Nedbank, explains that this underestimation will likely result in more tax revenue and help to keep down the debt-to-GDP ratio. It will also render the government's spending plans unrealistic.

Recent indicators point to an economy stagnating ahead of next week’s Budget Speech.

The 2023 Budget speech is the most anticipated finance event of the year and, from tax implications to fuel levies, it is likely to affect your accounting business, and your clients’ businesses. 

In a recent press release Jeff Ryan, MD of AWCape shares the key trends that will shape payroll in 2023.

Grant funding can dramatically assist Educares in impoverished communities. However accessing grants requires wading through layers of red tape, which may include excessive accounting requirements.

The appointment of CIBA’s CEO Nicolaas van Wyk to the board of the South African Chamber of Commerce is another step in increasing the influence of accountants on the South African economy.

Statistic South Africa reported that the third quarter of 2022 saw a 1,6% growth in South Africa's gross domestic product (GDP).