Tag: audit

Determining the right amount of funding a business needs is a common challenge for many small and medium enterprises (SMEs). This is due to several reasons or practical challenges. To begin with, no business is the same. Funding requirements and the use of credit will vary based on business life stage (start, run or grow), operating cycles, growth plans, industry, and market conditions

Accessing the right funding and financing, at the right time, can mean the difference between starting up, staying open, or shutting down. The economy is facing a challenging business environment, with slow global growth, economic volatility, and ongoing power supply issues. This means that many businesses in South Africa are still trying to find their financial footing

In the fast-evolving landscape of cybersecurity, the intersection of technology and security has become imperative. Within this dynamic realm, application programming interfaces (APIs) have risen to prominence as a linchpin in fortifying our digital defences.

In the modern era of corporate travel, companies are investing heavily in ensuring the well-being of their employees on the move. From ergonomic travel tools to nutritious meals on the go, the focus has shifted from merely reaching a destination to ensuring the holistic wellbeing of the traveller. But as businesses lean heavily into this trend, a pertinent question emerges: Are we taking it too far?

Meetings have been a part of the business landscape and company calendar for as long as anyone can remember, and indeed have played a valuable role as a forum to communicate, collaborate and innovate. However many, perhaps even most meetings today no longer serve a strategic purpose and have, instead, become reflexive diary entries that contribute little and can, indeed, hurt more than help, a leadership expert.

South African companies will need to respond quickly to mitigate the risks stemming from this development. Global money laundering and terrorist financing watchdog, the Financial Action Task Force (FATF), has placed South Africa on its so-called grey list.

The impact of COVID-19 spanned many facets of the business world. The policies and controls that prevent an auditing firm from taking on the ‘wrong’ clients or kind of work fall under our Quality and Risk Management (QRM) function, and the pandemic was able to teach us many valuable lessons about compliance in this regard.

Apart from the fact that ambitious thefts and wild plot twists lend themselves to quality entertainment, the appeal of heist movies likely stems from the fact that watching skilful action is cathartic and we tend to live vicariously through our favourite big screen criminals. And one warning the heist leader always issues to his or her fellow crooks is to avoid spending their share of the loot too soon, lest they draw unnecessary attention to themselves.

The South African and other global economies have fallen victim to corporate failures that resulted in devastating effects on investors and the public. When such corporate failures do occur, the role of the auditor is often brought under scrutiny; particularly as it relates to the role of the auditor in detecting fraud, resulting in an increased focus on the audit expectation gap.

Transfer pricing audits can be onerous, but taxpayers can achieve a more successful outcome by providing all information requested, anticipating areas of concern, and engaging openly with the South African Revenue Services (SARS).