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