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REPORT | Crunch Time IV: Blockchain for Finance

Deloitte Report reveals businesses that don’t consider Blockchain ‘Risk Falling Behind’. Blockchain, in many ways, appears to signify the dawn of a new era as it relates to the way we store and exchange value.

Combatting supplier employee collusion

Procurement fraud can be committed by employees acting alone or in collusion with vendors. While fraudulent activities between suppliers/vendors and employees are not uncommon, these transactions are unacceptable as they create a host of challenges to the business if allowed to continue under the radar.

Grooming for funding and investment

Every successful business reaches a stage where it has to choose its growth path. Either you grow organically, using operational capital as and when it’s available or you use growth capital in order to scale up faster. If you are considering the fundraising route, there are a number of things you need to nail in order to be funding ready.

REPORT | True cost of financial crime Africa

Africa has a higher percentage of companies affected by fraud, theft, money laundering or other financial crimes than the global average, according to one of the most comprehensive surveys of international business to date. Thomson Reuters commissioned the survey of more than 2,300 senior business leaders in large companies to shine a light on how pervasive such crimes have become across the world.

Why should organisations publish a meaningful integrated report?

Most modern, well-governed organisations are acutely aware of the need for their businesses to be run in an ethical and socially-conscious manner and for this ethos to be communicated to their stakeholders.

How will ETI and YES work together?

The two programmes, the Employment Tax Incentive (ETI) created by and falling under SARS, and the Youth Empowerment Service (YES) by the Department of Trade and Industry, are designed to work together and to compliment one-another.

BBBEE Amendments | out for comment by 29 May 2018

If you consider that there have been many grey and confusing areas in-relation to BBBEE since the publication of the first Scorecard in 2003, and then compounding the ambiguity with the publication of the second Scorecard in 2013, these latest amendments in 2018, clarify a number of issues and also create a number of opportunities for BBBEE participating companies.

Prescribed interest rate now 10%

The prescribed rate of interest has been changed with effect from 1 May 2018 to 10% per annum. The previous rate was 10.25%.

FEATURE | ACCOUNTING ACCOUNTABILITY!

Is the accounting profession experiencing a crisis of credibility? Current events locally and internationally are demanding higher levels of accountability in the accounting and auditing professions. Unethical accounting and auditing practices in South Africa have reverberated globally, with the reputations of large accounting and auditing firms severely damaged by their links to public service corruption and financial misrepresentation by large multinational companies like Steinhoff.

Twin Peaks impacts the financial industry

On 1 April, a new regulatory model called Twin Peaks was implemented in South Africa. This will have a dramatic impact on the country’s future financial regulatory landscape. Many companies may not be aware that this model will have authority over every South African firm or business that offers a financial product or service. The good news for consumers is that this will potentially create one of the most progressive and extensive consumer protection regimes in the world.
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