Latest News
Workers injured at work or who develop workplace-related illnesses have rights under South African law. This article explains how workers’ compensation works, the steps employees should take after an incident, and what employers need to do to comply. A practical example highlights how these processes apply in real life, making it a valuable resource for CIBA members. Read the full article to stay informed.
Audit & Accounting
Workers injured at work or who develop workplace-related illnesses have rights under South African law. This article explains how workers’ compensation works, the steps employees should take after an incident, and what employers need to do to comply. A practical example highlights how these processes apply in real life, making it a valuable resource for CIBA members. Read the full article to stay informed.
Management accounts are a powerful tool for guiding businesses toward better decisions and stronger financial health. This article explores how these reports reveal trends, track performance, and highlight opportunities for growth. Learn how to prepare clear, actionable accounts that help your clients manage cash flow, control costs, and plan strategically for the future
The IT industry is reshaping business at a fast pace, and accountants play a vital role in guiding it. From POPIA compliance to managing tricky VAT on digital services, this article looks at the key challenges IT companies face—and how you can help them thrive. Read for practical tips to add value in one of South Africa’s fastest-growing sectors!
Ever thought of specialising in one of the most regulated and rewarding industries? The medical industry comes with unique financial challenges for medical practitioners and accountants alike. In this article we look at the intricacies and considerations when accounting in line with HPCSA regulations, managing taxation pitfalls and safeguarding sensitive patient data. Read on to learn how you can help medical practitioners thrive, stay compliant, and why your role is pivotal in protecting their reputation and practice.
Under the South African Schools Act (SASA), public schools must manage funds transparently, with School Governing Bodies (SGBs) preparing budgets, maintaining records, and ensuring annual financial statements are reviewed or audited. These include income statements, balance sheets, and cash flow reports, supported by documents like asset registers and reconciliations.
Challenges such as limited expertise and resources hinder compliance, but initiatives like SGB training and standardized templates can bridge the gap. Strengthened governance ensures accountability and enhances the educational environment, fostering trust and effective resource use.
Farming isn’t just about fields and livestock—it’s a business full of unique financial and tax challenges. From unpredictable income to the complexities of fair value accounting under IAS 41, farmers face risks that directly impact their bottom line. This article explores how business accountants can step in as vital allies, helping farmers navigate natural disasters, cash flow struggles, and tax compliance while ensuring their businesses thrive.
The construction industry is full of unique challenges—cash flow issues, compliance rules, and tricky accounting for big projects. This article breaks it all down, from VAT and CIDB requirements to managing costs and retention funds. It’s everything you need to know to better serve your clients.
This visual offers a streamlined overview of IAS 37 (Provisions) and IAS 19 (Employee Benefits), focusing on key terms such as Onerous Contracts, Constructive Obligations, Employee Benefits, and Post-Employment Benefits. Designed for finance professionals and students, this clear depiction helps users quickly grasp the foundational elements of each standard, enhancing understanding of how provisions and employee benefit obligations are accounted for under IFRS guidelines.
Cash flow is the heartbeat of every small business. It’s not just about tracking what’s coming in and going out but ensuring there’s enough cash on hand to cover daily needs like rent, supplier payments, and wages. Even a profitable business can struggle if cash isn’t managed well. This article shares practical steps, from setting up a simple cash flow forecast to managing expenses, collecting payments faster, and building a reserve. With real-world tips and a look at how Sarah’s boutique got back on track, you’ll gain easy-to-apply advice to help clients keep their cash flowing smoothly.
Fraud can quietly drain resources and disrupt small businesses, but with a few simple steps, owners can protect themselves. As a BAP(SA) member, you have the tools to help clients create a fraud-resistant environment. This article covers practical tips—like setting up basic checks and balances, encouraging a culture of honesty, using simple technology to track finances, and regularly reviewing for fraud risks. Small businesses don’t need big budgets to make a difference; they just need awareness and a few smart moves to safeguard their hard work.
As the year draws to a close, many businesses face the task of wrapping up their financial year end. In this article, we share easy-to-follow tips to help you, as a BAP(SA), guide your clients through a smooth and stress-free year-end close. Discover practical steps you can take to make sure your clients are ready for the year ahead.
The South African Department of Home Affairs recently launched a points-based system for General Work Visa and Critical Skills Work Visa applications. Effective from 8 October 2024, this system aims to streamline visa processing by reducing documentary requirements and offering a transparent evaluation based on factors like education, work experience, salary, and language skills. With a focus on attracting highly skilled professionals in key industries like technology, healthcare, and engineering, the new system is expected to boost South Africa's economy while making it easier for foreign nationals to contribute to critical sectors.
Leases can be a bit confusing, but understanding the difference between finance and operating leases is key to mastering small business accounting. Whether you're renting or 'owning' your way through a lease, knowing how to recognize and treat them is a game-changer for accurate financials.
Ensuring financial transparency is more critical than ever for accountants. Our guide provides clear, practical steps to confidently verify the accuracy of your financial statements, helping you navigate the process—covering everything from cross-checking prior year figures to confirming balances and ensuring compliance with accounting standards. Following our expert tips to deliver reliable, error-free financial reports that build trust with clients and regulators.
Valuations play a critical role in business, from buying or selling a company to succession planning and resolving disputes. This article breaks down the different types of valuations, the steps involved, and how agreed-upon procedures offer tailored, factual insights without assurance. It's a practical tool for CIBA members to help clients make informed financial decisions.
As a director, understanding how to access funds from your company is key to maintaining smooth operations and personal financial planning. Whether it’s through a salary, loans, or dividends, each option comes with its own benefits and considerations. Explore the best strategies to draw income while keeping your company financially sound. Read on to learn more about which method suits you.
As a CIBA Business Accountant in Practice, you have the power to guide your clients toward financial stability and growth. In our latest article, we break down practical, easy-to-follow steps for helping your clients master budgeting and forecasting—ensuring their businesses thrive. From setting realistic goals to prioritizing expenses and navigating future uncertainties, this guide is your go-to resource for delivering financial insights that matter. Get ready to empower your clients with actionable strategies that lead to long-term success.
Business rescue in South Africa provides a structured process to help companies reorganize their affairs and avoid liquidation. This article explores how the business rescue process works, the role of the Business Rescue Practitioner, and the steps involved in developing a recovery plan. It highlights key benefits such as creditor protection, operational continuation, and the potential for better returns. Understanding business rescue is essential for guiding clients through financial challenges and helping them make informed decisions.
Accountants working with public schools should be aware of the impact brought by the Basic Education Laws Amendment (BELA) Act recently signed into law. The changes include expanding compulsory education and centralising decision-making on admissions and language policies, which will put financial strain on schools. This means increased budgeting pressures, new compliance tasks, and finding creative solutions to meet the new operational demands without additional funding. This article provides crucial insights to help accountants navigate these changes effectively.
Discover the essentials of revenue disclosure under IFRS for SMEs in a simple and engaging way. This article offers practical tips and easy-to-follow examples to help CIBA members ensure clear and transparent financial reporting. Learn how to make your revenue disclosures work for you and build trust with your stakeholders.
Look at the essentials of compiling Annual Financial Statements with this easy-to-understand guide tailored for CIBA members. Explore key requirements under the Companies Act, learn the significance of the Public Interest Score, and get a detailed look at the compilation process. From client take-ons to final reports, this article breaks down each step, ensuring you deliver accurate, compliant financial statements that add real value to your clients. Whether you’re new to compilations or looking to refine your approach, this comprehensive overview offers practical insights to elevate your financial reporting skills.
Unlocking the secrets of interest, royalties, and dividends, businesses can generate income beyond traditional sales. By understanding how to account for these revenue streams under IFRS for SMEs, business accountants can ensure their clients’ financials are accurately recorded. Whether it’s earning from lending money, creative innovations, or company profits, these income sources can have a significant impact. Learn how to handle them effectively and ensure everything runs smoothly for your clients. #BusinessAccounting #RevenueStreams #IFRSforSMEs #CIBA
Discover how to simplify revenue recognition for services with practical tips and real-world examples. This guide explains the key principles under IFRS for SMEs in clear, straightforward terms, making it easier for accountants and service providers to apply. Read the full article for more insights.
South Africa’s municipalities are in crisis, but there's hope. Discover how the Municipal Standard Chart of Accounts (mSCOA) could help fix financial mismanagement and improve service delivery in your community. Learn how this powerful tool can ensure your tax money is spent efficiently and transparently. Read more to find out why mSCOA is the key to better roads, clean water, and brighter futures for us all.
Understanding how to record your sales is important for your business. Our latest article explains revenue recognition for selling goods in simple terms, with easy examples from South African businesses. Whether you’re selling produce, furniture, or other items, this guide helps you keep your financial records accurate and straightforward. Check it out to make your accounting easier and more effective.
Accountants are key to creating accurate financial statements that can stand up to an audit. To do this well, they need to know what kind of evidence auditors find most convincing. This article breaks down the basics of audit evidence and offers practical tips to help accountants prepare solid documentation that strengthens their financial reporting. Read on to learn how to make your financial statements more reliable and audit-ready.
Facing the challenge of preparing financial statements from incomplete records? Our article explores practical methods for accountants to manage this common issue, especially in small and medium enterprises (SMEs) and non-profit organizations. Learn how to gather data, reconstruct transactions, estimate missing figures, and prepare financial statements. Read the article highlighting the steps to turn financial chaos into clarity, ensuring your reports accurately reflect the true financial health of a business.
Understanding revenue recognition is key to ensuring your financial statements truly reflect your business’s performance. In this article, we break down the basics of revenue recognition under IFRS for SMEs in simple, easy-to-understand terms. Whether you’re selling products or providing services, we’ve got you covered with practical examples that make these concepts easy to grasp. Don’t miss out on these essential insights.
This article for CIBA members breaks down Agreed-Upon Procedures (AUP) into simple steps. Learn how to help your clients with tasks like turnover certificates or solvency certificates while ensuring compliance, all while staying within the rules. Read the full article to see how AUPs can make your work easier and more valuable for your clients.
This article provides a concise guide to the financial management responsibilities outlined in Sections 42 and 43 of the South African Schools Act (SASA). It details the critical requirements for detailed record-keeping, annual financial statement preparation, and auditing processes in public schools. Emphasizing transparency and accountability, it offers practical tips for compliance and best practices. Accountants working with educational institutions will find essential insights into upholding financial integrity and supporting school objectives. Whether you are currently involved or planning to be involved in schools' finance, this is the article for you.
Tax
When employees travel abroad for work, they incur additional expenses for food, transportation, and incidentals. Reimbursing these costs can be time-consuming if employees are required to submit receipts and detailed records. To simplify this, the South African Revenue Service (SARS) allows employers to pay a subsistence allowance. This allowance, if paid within SARS-approved limits, is tax-free and does not require employees to submit proof of expenses for the covered amounts.
Have you got clients with cross-border transactions? Considering transfer pricing is essential for clients that transact with related parties. This article simplifies transfer pricing with clear explanations, practical examples, and actionable tips. Learn how to apply the arm’s length principle, benchmark transactions, prepare documents to protect your clients from tax disputes.
Read crucial updates from the SARS National meeting, including feedback on PBO reporting inconsistencies, beneficial ownership disclosures, and eFiling challenges. Learn about SARS' planned system improvements, clarifications on IT144 exemptions, and enhanced support for resolving practitioner concerns.
As a tax practitioner you may come across clients who earn income abroad, making it imperative to understand how foreign income is taxed. In this article we look into the responsibilities of South African tax residents, and provide practical illustration on how Section 10(1)(o)(ii) of the Income Tax Act is applied to determine the portion of the withholding tax.
VAT rules for business vehicles can be complex. In this article we look at the definition of a 'motor car' and the consequences when claiming input VAT on vehicle purchases, modifications, and maintenance. Read more for practical examples, explanations and guidance on handling VAT adjustments if a vehicle’s purpose shifts from business to private use, ensuring accurate VAT treatment and compliance.
How will the new Medium-Term Budget Policy shape the future of accounting in South Africa? From Operation Vulindlela's reforms to SARS' new strategies, discover what these changes mean for accountants and how to seize the opportunities ahead. Read the full article for insights and action points!
Tax practitioners must uphold the integrity of the tax system, but what happens when ethical lines are crossed? The recent case of Naraidu v The State shows just how severe the consequences can be. Involving fictitious VAT claims and a tax practitioner caught in the middle, the case takes us from a conviction of fraud to an acquittal on appeal. Was it reckless action or intentional wrongdoing? We highlight the key lessons every tax professional should learn from this dramatic courtroom saga.
Learn how the current tax regulations create challenges for the fast-growing telecommunications industry. This article breaks down how outdated tax rules, like Sections 12D and 11E, apply to modern infrastructure, and discusses VAT issues such as international roaming and bundled services. We also cover recent court cases involving Telkom and MTN to show how tax laws are being interpreted in this changing landscape.
The topic of companies providing interest-free loans to directors in South Africa involves both legal and tax considerations. While the Companies Act permits loans under specific conditions, tax implications like fringe benefits and deemed dividends may arise. This article outlines the important factors to consider and offers practical advice to ensure compliance and avoid potential tax consequences. Read on to gain a deeper understanding of how to navigate this issue effectively.
When clients miss their VAT registration deadlines, quick action is essential. This article outlines the steps practitioners should take, including determining the liability date, completing registration, and applying for voluntary disclosure relief (VDP). It also covers potential consequences like backdated VAT, penalties, and interest. By following these steps, you can help clients stay compliant and avoid penalties.
Advising nonprofit clients on structuring their organisations can significantly enhance financial efficiency and tax compliance. Registering as a Public Benefit Organisation (PBO) offers valuable tax benefits while serving a public cause. Understanding these advantages enables you to help clients to maximise impact and maintain their financial sustainability. Our article explains the benefits and clears common misconceptions regarding PBOs.
Whistleblowing plays a critical role in exposing corruption, fraud, and tax evasion in South Africa, but whistleblowers often face significant challenges, including retaliation, harassment, and even physical threats. Despite the legal protections offered by the Protected Disclosures Act and Tax Administration Act, high-profile cases have revealed the limitations in safeguarding whistleblowers. Accountants, in particular, are on the frontlines of identifying financial misconduct and tax evasion, balancing their ethical responsibilities with the risks involved in whistleblowing. Strengthening enforcement and protection measures is essential to ensure that whistleblowing becomes a more effective tool for promoting accountability and transparency.
It is crucial for tax professionals to know when they can charge contingency fees based on tax refunds or savings you get for your clients. Our article explains the rules from SARS, the situations where such fees are allowed and how to set up agreements to keep things clear and fair, maintaining high ethical standards.
Cyber fraud aimed at taxpayers is becoming more common, with scammers pretending to be SARS and asking for payments or personal details. Find out how to spot the red flags, protect your information, and stay safe from these scams in this easy-to-follow guide. Stay aware and protect your money.
Making the decision to withdraw a one-third lump sum from your retirement savings is more than just a financial choice—it's a pivotal moment that can shape the rest of your life. As accountants, guiding clients through this process means helping them weigh immediate needs against long-term security, understanding the tax implications, and recognising the potential risks of early withdrawal. By carefully considering these factors, clients can ensure their retirement is not only comfortable but sustainable, allowing them to enjoy the fruits of their labour without fear of running out of funds in their later years.
South Africa’s two-pot retirement system emphasizes the critical importance of disciplined saving over premature cash withdrawals. Implemented on September 1, 2024, the innovative system splits retirement contributions into a ‘savings pot’—accessible for emergencies—and a ‘retirement pot’ that safeguards two-thirds of savings until retirement. This approach not only ensures financial stability in later years but also discourages depleting funds early, thereby securing a more substantial retirement nest egg. The structure underlines the necessity of long-term financial planning, highlighting how sustained savings contribute significantly to a comfortable and secure retirement.
Staying on top of tax deadlines doesn't have to be stressful. This article explains the 12-month rule for filing company tax returns in simple, clear terms. With insights from SARS and CIBA tax practitioners, it's a helpful guide to staying compliant and avoiding penalties while keeping the process smooth and manageable. Read on for practical tips and advice.
How can you safeguard yourself and your clients against potential personal liability for tax debts? This article dives into the application of section 183 of the Tax Administration Act dictating personal liability through a recent court case. It highlights critical actions which accuntants must take to protect their practices and clients.
The recent changes in the Draft Tax Administration Laws Amendment Bill emphasise the urgent need for tax practitioners to ensure their clients comply with the new SARS regulations on appointing Public Officers. This article explains the requirements and their possible implications. By grasping these updates, you can help your clients avoid penalties and maintain compliance.
This article provides a simple guide for accountants on how to apply ring-fencing rules under Namibian tax law, helping them ensure their clients meet compliance requirements. We explain which trades fall within "suspect trades," and when a business is allowed to use assessed losses to reduce taxable income from other parts of the business. Read our article for more information and a handy checklist to consider ring fencing for businesses.
The July 2024 SARS Snapshot brings crucial updates as the tax filing season continues including adjustments to retirement fund deductions, tax-free investment limits, and others. Enhance your tax filing experience using SARS's updated self-help channels, including the new WhatsApp service. Stay informed and ensure a smooth filing process with CIBA’s monthly publication.
Practice Management
Transitioning to ISQM 1 doesn’t have to be overwhelming. This new quality management standard focuses on tailoring systems to fit your firm’s needs. By taking small, practical steps, you can build a stronger foundation for better engagements and a more trusted practice. Learn how to make the shift smoother and tackle common challenges with ease.
Monitoring and remediation are vital parts of ISQM 1, ensuring your firm stays on track with consistent quality standards. In this article, we discuss how to effectively monitor key performance indicators, address deficiencies through targeted actions, and foster a proactive culture of continuous improvement to strengthen your practice and deliver reliable results.
Imagine managing a portfolio of clients spread across continents—all from the comfort of your office. Offshore accounting practices are revolutionizing the way Business Accounting Practitioners operate, thanks to cutting-edge technologies like cloud platforms, real-time data analytics, and secure communication tools. In a world without borders, your expertise can reach clients in distant markets, offering tailored solutions and building lasting relationships. This article dives into how you can leverage global connectivity, break cultural and language barriers, and position yourself as a sought-after international accounting expert. Welcome to the future of accounting—limitless and interconnected!
When an accounting practice is registered with the Financial Intelligence Centre (FIC), it plays a crucial role in safeguarding the financial system against money laundering, terrorist financing, and other financial crimes. This article explains the responsibilities of implementing a risk based approach with practical guidance on the specific risks accountants may encounter.
Managing quality risks is essential for delivering consistent, reliable results in your practice. ISQM 1 introduces a practical approach to identifying and addressing these risks, tailored to your firm's unique needs. This article explores how you can simplify risk assessment and design effective solutions to strengthen your quality management system.
Discover how ISQM 1 provides a structured approach to managing quality in accounting practices. This article simplifies the framework into actionable steps, focusing on quality objectives, risk management, and tailoring strategies to fit your firm’s needs. Elevate your practice with a system that ensures consistent and professional engagements. Read more to see how it works for you.
Do accountants fall under accountable institutions? There has been much uncertainty regarding when an accounting practice must register with the FIC. At the end, if your business must register you have act now. In this article we explain the FIC’s registration and reporting requirements in a practical way.
Working with clients in the legal sector comes with unique responsibilities and challenges. Legal firms operate under strict rules, especially concerning how they handle client funds in trust accounts. While CIBA members are not permitted to perform audits, they play a crucial role in helping legal clients maintain accurate records, stay compliant, and manage finances effectively. Key support areas include trust account management, ensuring compliance with legal practice rules, providing clear financial reporting, managing data security, and assisting with tax compliance. Additionally, adopting technology can enhance efficiency and compliance, helping legal firms streamline operations.
Quality management is important for today’s accounting practices. ISQM 1 provides a flexible, risk-based framework tailored to each practice's needs. This article explores ISQM 1’s key elements, its major updates from ISQC 1, and its connection to ISQM 2 and ISA 220 (Revised). With practical tips on risk assessment, monitoring, and implementation, this guide helps firms enhance their quality management practices for greater consistency and client trust.
In today's dynamic accounting and tax landscape, client acceptance and retention are crucial for maintaining a successful practice. Accountants must carefully assess each potential and existing client, evaluating business nature, compliance history, and ethical alignment. This process is especially vital across compilation, independent review, and tax engagements, where specialized skills, increased workloads, and technological advancements can challenge a firm's capacity. By establishing clear acceptance criteria and continuously reviewing client relationships, accountants can ensure alignment with professional standards and deliver value-driven services.
In the world of accounting, managing time effectively can feel like a never-ending battle against deadlines and client demands. From SARS and CIPC submissions to tax filings and financial reports, the workload can be overwhelming, especially with hundreds of clients to serve. This article dives into practical, no-nonsense time management strategies tailored specifically for business accountants, offering clear advice on setting priorities, streamlining workflows, and staying organized. With simple tips like automating repetitive tasks, delegating effectively, and learning to set boundaries with clients, accountants can regain control of their schedules, reduce stress, and find a better balance in their busy lives.
"When is it time for an accounting and tax practitioner to walk away from a client?” In a profession grounded on trust, accuracy, and compliance, knowing when to disengage is crucial. Whether it's a client pressing for unrealistic tax deductions, resisting compliance with financial regulations, or showing signs of unethical business practices, red flags abound that signal it might be time to part ways. This article explores the key indicators that point toward ending an engagement, from clients demanding last-minute weekend work without fair compensation to those consistently neglecting their tax obligations. We navigate the complexities of disengagement and highlight the steps for a smooth, professional exit that protects your integrity and peace of mind.
B-BBEE compliance plays a key role in helping businesses unlock opportunities in South Africa. In this article, we explain how B-BBEE affects your clients' businesses, focusing on ownership, management control, skills development, and supplier development. Learn how compliance can open doors to new contracts and growth, and why guiding your clients through this process is essential for their success.
The unexpected snowstorm that caused N3 road closures in KwaZulu-Natal offers a critical lesson for businesses: preparedness is essential in today’s unpredictable world. When unforeseen events like natural disasters strike, businesses with robust Business Continuity Plans (BCPs) are better positioned to navigate the challenges. A well-crafted BCP helps companies mitigate risks, safeguard key operations, and ensure minimal disruption, even during major events like snowstorms. By focusing on risk assessment, supply chain resilience, and recovery strategies, business owners can ensure they’re never caught off-guard.
Discover the key aspects of business valuations in this comprehensive guide, designed for CIBA members. The article covers when and why you need a valuation, different methods like asset-based and earnings-based valuations, and the impact of market conditions and financial health. It also explains how valuations can be performed as agreed-upon procedures, providing clients with tailored insights without giving formal assurance. Whether you’re assisting clients with buying or selling, mergers, or investment decisions, this guide offers clear, practical insights on conducting business valuations.
Accounting isn’t just about balancing the books—it's about making tough calls when ethical lines get blurred. In this article, we explore real-life ethical dilemmas that accountants face, like handling conflicts of interest, resisting pressure to tweak the numbers, and maintaining confidentiality. Discover practical tips and relatable examples to help navigate these challenges with integrity, making the right choices in your day-to-day work. Read on to find out how to keep your ethical compass steady in the world of accounting.
With corruption costing the global economy trillions of dollars annually, accountants play a crucial role in promoting ethical behavior, transparency, and compliance within businesses. This insightful piece outlines practical ways for accountants to prevent corrupt practices, identify red flags, and help establish strong anti-corruption programs. A must-read for accountants seeking to safeguard their organizations and contribute to a fairer business environment.
CPD isn’t just a compliance requirement; it’s a powerful tool for staying updated, learning new skills, and growing your practice. Through CPD, you can enhance your expertise and ensure your practice remains competitive and successful. Discover how CPD can drive your professional development.
The UN Sustainable Development Goals (SDGs) offer a framework for South African SMEs to enhance sustainability and competitiveness. Key SDGs include promoting decent work (SDG 8), adopting responsible production (SDG 12), and taking climate action (SDG 13). Accountants are essential in integrating Environmental, Social, and Governance (ESG) factors into SME operations, from financial reporting to ensuring compliance with regulations. By aligning with the SDGs, SMEs can drive meaningful progress while strengthening their business in South Africa.
In today's competitive business landscape, being first to market can provide a significant edge. However, achieving this requires overcoming the challenges of procrastination and maintaining strategic secrecy. By balancing rapid execution with strategic discretion, businesses can secure the first-mover advantage and set new industry standards.
Recent updates to the International Code of Ethics for Professional Accountants bring critical changes for every accountant. These changes, including redefining engagement teams, ending the Long Association Rule, and expanding definitions related to Public Interest Entities (PIEs), along with new technology guidelines, are essential for trust in financial reporting. This article explores these updates, helping you navigate the evolving ethical landscape and maintain your professional integrity.
Cybersecurity threats are a growing risk for accountants, especially those handling sensitive client data stored on office servers and devices. With cyberattacks targeting businesses of all sizes, a single weak password or unlocked file cabinet can lead to serious consequences. This article highlights practical, simple steps to protect client data, such as strong passwords, encryption, limited access, and regular security checks, helping CIBA members ensure data security while maintaining client trust.
Cyber attacks are a growing threat to businesses across South Africa, affecting companies of all sizes. From ransomware that locks your systems to phishing scams that trick employees into handing over sensitive information, the consequences can be severe—financial loss, operational downtime, and damage to your reputation. With high-profile attacks on companies like City Power and Life Healthcare, it's clear that no business is immune. The good news? There are practical steps you can take to protect your business, such as employee training, strong password policies, and regular software updates. Don’t wait until it's too late—fortify your defenses today.
Artificial intelligence (AI) has revolutionised accounting, taking over mundane tasks and uncovering powerful insights like a tireless assistant that never stops working. While it provides many benefits, it also brings challenges that require careful attention. Its rapid expansion poses both opportunities and risks when providing accounting and assurance services. This article explores these changes and underscores the importance of human expertise in this evolving field.
Digital payments are changing the way South Africans do business, making transactions faster, safer, and more convenient. From mobile wallets and QR codes to instant EFTs and contactless payments, this guide dives into the technologies and trends shaping the future of payments in South Africa. Discover how local fintech innovations are driving a shift towards a cashless economy, the latest strategies for finance professionals, and tips on keeping your business ahead of the curve. Whether you’re a seasoned finance leader or just curious about the future of payments, this article will equip you with practical insights to navigate the evolving digital landscape with confidence. Dive in to learn how to leverage these opportunities and stay competitive in today’s fast-paced world.
Have you ever worried about sending money to the wrong place online? A recent court case, Edward Nathan Sonnenberg Inc v Hawarden, shows just how easily this can happen when cybercriminals get involved. The story and its lessons are a must-read for anyone who uses email to make payments. Learn some simple ways to keep your money safe. Check out the full article.
As we face rising cybersecurity threats like phishing, ransomware, and data breaches there is an increased need to plan responses, focusing on security measures including effective use of passwords, staff education, encryption and many more. In this article we provide the steps to a clear incident response plan to ensure preparedness when facing a security incident.
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
With the introduction of Section 34A of the Prevention and Combating of Corrupt Activities Act (PRECCA) , businesses are now directly responsible for corruption linked to their employees and contractors—unless they can prove they've taken adequate preventive measures. We look at the key obligations under Sections 34 and 34A, what it means for businesses, and provide practical tips for accountants to help clients stay compliant.
In an effort for South Africa's push to exit the FATF greylist, our government has intensified enforcement efforts. Trusts were given a strict deadline of 15 November 2024 to submit their beneficial ownership information or face severe penalties. This article offers essential guidance on identifying and maintaining accurate beneficial ownership records, equipping accountants to help their clients navigate the process and fulfill their legal obligations, thereby avoiding potential sanctions.
Beneficial Ownership reporting brought in terminology that many accountants find confusing. How to identify whether a company is ‘affected’ or ‘non-affected’ has been challenging for accountants. This article aims to clarify these distinctions and guide accountants and businesses through the compliance process.
The Companies and Intellectual Property Commission (CIPC) issued Notice 56 of 2024, highlighting widespread non-compliance by Accounting Officers of Close Corporations (CCs) with mandatory reporting duties under Sections 62(3) and 62(4) of the Close Corporations Act 69 of 1984. These sections require immediate reporting of financial irregularities or contraventions identified in annual financial statements. Failure to comply may result in enforcement actions. The CIPC has set up a dedicated reporting channel via email and issued practice guidelines to ensure Accounting Officers meet these critical legal obligations.
Before you dive into buying an existing business, it's important to know what you're really getting into. Whether you're snapping up assets or buying shares, there are risks that could catch you off guard—like hidden taxes or old legal troubles. In this article, we'll break it all down in simple terms to help you avoid costly mistakes. Curious to know more? Keep reading to make the best choice for your next big business move.
The August 2024 CIPC News Summary is packed with vital updates. Key points include the ongoing investigation into Nova Propgrow and Sharemax, streamlined digital filing for prospectuses, and mandatory beneficial ownership filings to combat financial crimes and boost transparency. Stay informed and compliant with the latest regulations and services with us.
Discover how the latest CIPC update transforms the way businesses in South Africa must report complex ownership structures. Learn about the new rules that ensure transparency by revealing the true owners behind layered entities, and why it's crucial for companies to comply. Don't miss this essential article to navigating the updated Beneficial Ownership Declaration service.
The Public Interest Score (PI Score) plays a crucial role in determining how your business’s financials are reviewed and which accounting rules apply. For both small and large companies, knowing your PI Score is essential for staying compliant and ensuring smooth operations. This article breaks down everything you need to know about calculating your PI Score and its impact on your business.
The July 2024 CIPC News Summary brings vital updates that no accountant should miss. From how to avoid delays in reinstatement applications to mastering the new alternative enquiry processes, staying ahead is key. Companies are reminded to rotate auditors every five years—it's more than just compliance, it's about maintaining integrity. Business rescue practitioners, your timely monthly reports are now more important than ever. Plus, with the Companies Amendment Bills recently signed into law, big changes are coming to South Africa's corporate governance landscape. Now is the time to get informed and stay ahead of the curve.
The changes to Companies Act effective 26 July 2024 bring important updates that affect how companies are managed and comply with laws. Accountants need to understand these changes, especially the new rules about pay reporting and compliance for private companies, to ensure their clients follow the law and to help them improve their business practices. Stay informed and provide better advice to your clients with our latest article.
The June 2024 CIPC News Summary brings important updates for corporate compliance. Key points include new privacy protections for directors' personal information in public records and the implementation of the ‘hard stop’ functionality when filing annual reports, obliging entities to file beneficial ownership information with their annual returns. These changes are critical for maintaining compliance and operational effectiveness.
The May 2024 CIPC News Summary includes essential updates for effective interactions between customers and CIPC. It covers the importance of using correct payment references, a new recycling initiative for confiscated counterfeit goods, updates on the electronic appointment and resignation of auditors, and detailed guidelines for the Foreigner Assurance Service. This update is crucial for maintaining compliance and leveraging CIPC's services efficiently.
Explore the critical changes in South Africa’s anti-corruption laws, including the introduction of a new PRECCA offense and practical compliance advice, as discussed by Nicolaas van Wyk and Edward James on the Accounting Weekly podcast.
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.