Tag: auditing

Accounting and auditing play crucial roles in business operations. They manage financial activities and maintain accurate company records. These functions oversee finance-related tasks and ensure effective financial management. Additionally, they implement risk mitigation strategies to support business continuity.

The South African Revenue Service (SARS) has signalled a stronger focus on Pay-As-You-Earn (PAYE) compliance. Furthermore, SARS PAYE compliance focus is highlighted in its 2023/24 Annual Report. SARS's renewed attention includes a rigorous auditing strategy targeting employers. The aim is to ensure PAYE is accurately held and remitted.

In a significant move to strengthen the integrity of the Employment Tax Incentive (ETI) scheme, the government has proposed amendments to Sections 1(1) and 5(3) of the Employment Tax Incentive Act, No. 26 of 2013. The ETI, introduced in 2013, aims to encourage employers to hire young job seekers by reducing the cost of employment through a government-supported cost-sharing mechanism.

While many audit tools and methods have evolved over time, the practice of audit has been in existence for years. But how do we as auditors stay ahead of the curve of emerging technologies? As audit professionals we often find ourselves facing unique challenges ranging from misalignment with auditees to insufficient identification of changing risk areas with technology advances and keeping pace with emerging technologies while ensuring the integrity of financial information.

During Parliamentary debates on amendments to the Companies Act in 2023, it was noted that the biggest opposition to the amendments related to the disclosure of remuneration. With the President signing the Companies Amendment Act on the 26th of July 2024, debates on the new remuneration requirements will resurface.

Technology is always great when it’s used in an ethical manner. We have a better working environment currently than some of the fore-bearers of the finance ecosystem. With the introduction of artificial intelligence (AI), we have to also consider the risk of fraud.

Maintaining exceptional health and safety (H&S) standards is integral to the ongoing success of any project in the mining, construction, and engineering, procurement, and construction management (EPCM) industries. However, the time and expenses involved can be discouraging, leading to less effective outcomes.

COVID-19 came with its own challenges for businesses, requiring companies to pivot and adapt to new ways of working and changed the working environment completely. Small auditing firms were not spared from this, they needed to quickly adapt and fully equip their employees with resources to ensure that they continue to operate and serve their client’s needs.

The time has come for South African telecommunication companies to face greater scrutiny. With data prices higher in South Africa than in many other African states, these companies should be more accountable to their customers. Yet this is not happening.

Digital innovation offers unique insights throughout the audit process, enabling auditors to offer increased value and efficiency in a demanding economy.