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.