Explore the importance of performance audits in South Africa’s public sector. Understand how these audits help ensure that government programs are efficient, effective, and equitable, and see real-world examples of their impact, including the case of South Africa's abandoned mines.

In this article we explore the importance of materiality in financial reporting, identifying the significance of financial information and how it impacts stakeholder decisions. We look at the concept of materiality and how it is used in the preparation of financial statements, ensuring clarity, relevance, and integrity of the information.

Discover key procedures for accountants to effectively manage Non-Compliance with Laws and Regulations (NOCLAR). This guide outlines crucial steps for identifying, addressing, and documenting NOCLAR issues, including discussions with management and when to involve authorities. Ideal for accountants aiming to uphold compliance and integrity within their practice.

Dive into the intricate details of the corruption scandal within the NLC and learn how trained, independent accountants can help protect funds intended for charitable causes. Despite challenges, a plan is in place to enhance transparency and accountability with the assistance of accountants.

Evaluating whether the client’s business is a going concern is a not always a straight forward task. In this article we give a practical overview on what to consider when preparing financial statements, including how to evaluate financial stability and accurately prepare financial statements in line with IFRS and the Companies Act.

Explore the key aspects of independent review engagements, their role in financial assurance, and the regulatory requirements in South Africa that affect how these reviews are conducted and who can perform them.

Under the Close Corporations Act 69 of 1984, every close corporation is required to appoint an accounting officer. This article guides you through the process of performing an accounting officer engagement and issuing an accounting officer report, ensuring compliance with the Act's stipulations.

In our latest article we explore sustainability reporting globally and in South Africa, the standards and the enhanced role of accountants. We provide practical guidance for accountants on how they can assist clients in leveraging sustainability for their strategic advantage. Discover how you can tap into a niche market and offer a unique value proposition.

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.