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Sunday, April 22, 2018

Changes to Public Audit Act Proposed

A lack of consequences to civil servants involved in auditing the public finances has necessitated wide-ranging legislative changes to the Public Audit Act (PAA). This is according to the Auditor-General, Kimi Makwetu. In addition, Makwetu has said that the Public Audit Amendment Bill, which is soon to be debated in parliament, proposes 11 changes to the PAA.

Keeping financial year-end stress at bay

With the South African fiscal year coming to a close in only a matter of weeks, the stress associated with managing a business’ finances and operations are significantly intensified by additional regulatory requirements and comprehensive retrospective reporting.

SA’s SOE’s ripe for rescue!

As State Owned Enterprises (SOEs) continue to struggle under severe financial pressure, perhaps it is time for them to consider business rescue to alleviate continued financial distress and to avoid potential personal liability of directors who continue to run these companies and rely on the inevitable call up of a government guarantee. 

B-BEE Commission starts to show its teeth

The B-BBEE Commission announced in January 2018 that it made findings against a verification agency, SAB&T BEE Services (Pty) Ltd. It recommended remedial steps, including the issuing of a public apology and the commissioning of an independent audit of all certificates issued by the agency for 2014 to 2016.

The current status of business rescue

Generally, the South African business rescue process is positive in the sense that a successful business rescue delivers a restructured and viable company back into the South African economy and where jobs are retained in the process.

Finance and Accounting in the Digital Economy: Opportunities for Africa

As the influence of digital transformation continues to weigh on African emerging markets, digital trends and communication platforms are impacting how accounting and finance professionals deal with and manage their businesses.

Reserve Bank keeps rates unchanged

There were no surprises today when the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) delivered its first monetary policy statement for the year. Reserve Bank Governor Lesetja Kganyago announced that the repo rate remains unchanged at 6.75 percent.

The warning signs of a fraudster in your company

Christo Snyman | National Director of Forensic Services | Mazars | christo.snyman@mazars.co.za | www.mazars.co.za |The typical company loses around 5% of its annual revenue...

Scathing court decision on fronting!

Soria Hay | Head of Corporate Finance | Bravura | shay@bravura.net | http//www.bravura.net |The R600 million train blunder that broke in July 2015 is...

IFRS 15 – Revenue from Contracts with Customers requires investment

Bongeka Nodada | Project Director: Financial Reporting | SAICA | bongekan@saica.co.za | www.saica.co.za |From January 2018, the new revenue recognition requirements come into effect....
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