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Rule on mandatory audit firm rotation announced

In compliance with section 10(1)(a) of the Auditing Profession Act, 26 of 2005, the Independent Regulatory Board for Auditors (IRBA) has announced and published the rule on Mandatory Audit Firm Rotation (MAFR) for auditors of all public interest entities, as defined in section 290.25 to 290.26 of the amended IRBA Code of Professional Conduct for Registered Auditors.

Money Laundering Compliance for Africa?

Africa has earned an unfair reputation of being a haven for money laundering and terror financing activity. There’s good reason for this. Africa has...

Financial Services Industry adopts Twin Peaks Regulation

The Financial Sector Regulation Bill was passed by Parliament and sent to the President for assent on 22 June 2017.  The Bill provides the...

Latest global trends in fraud and corruption

Badibanga Promesse | Regional Vice President – Africa | CIMA | Badibanga.Promesse@cimaglobal.com| http://www.cimaglobal.com/| Is your business a step ahead of the perpetrators? Fraud and corrupt practices...

MAFR NEGATIVE IMPACT!

The Association of International Certified Professional Accountants (the Association) has voiced its strong opposition to a plan by South Africa’s Independent Regulatory Board for...

WHAT CONSTITUTES A BBBEE TRANSACTION?

The Department of Trade and Industry recently published, for public comment, a notice containing draft thresholds for major BBBEE transactions. "The draft thresholds are problematic in...

FICA amendments deadline fast approaching

The deadline for accountable institutions to meet the amendments of the Financial Intelligence Centre Act, No. 38 of 2001, as amended by the Financial Intelligence Centre Amendment Act, Act 1 of 2017 (FICA) legislation, which was introduced to counteract money laundering and the financing of terrorism, is fast approaching on April 2, 2019.

Private equity in Africa – unpacking the trends

2018 was a watershed year in many respects for private equity in Africa. In the wake of the Abraaj collapse and other market fluctuations, we will in 2019 likely see significant shifts in the industry, with key changes to all stakeholders’ strategies expected to emerge.

IFRS 16 – will new lease accounting standards affect your company?

The new lease accounting standard, IFRS 16, will bring all leasing assets on-balance sheet, which may significantly affect companies’ key performance indicators, loan covenants and regulatory capital requirements.

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.
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