Tag: audit

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).

For those who have been subjected to a SARS audit, it may be hard to imagine a reality where this experience can be any more agonising. If this resonates with you, perhaps consider a world where SARS makes you pay for the resources it had to expend in putting you through this ordeal. The truth is, it can.

A taxpayer who is subject to a tax audit has certain rights to engage with SARS, which includes the right to be advised of the audit findings, and, where there are any potential adjustments of material nature, the taxpayer has 21 business days to respond in writing to the outcome of the audit.

Interview PART 2 - Uli Schäckermann CA(SA) Juanita Steenekamp, SAICA Project Director: Non-IFRS Reporting and Governance interview with Uli Schäckermann on the Code of Professional...

Interview PART 1 - Uli Schäckermann CA(SA) Juanita Steenekamp, SAICA Project Director: Non-IFRS Reporting and Governance interview with Uli Schäckermann on the Code of Professional...

“The secret of change is to focus all of your energy not on fighting the old, but on building the new,” said Greek philosopher,...