Tag: integrity

Internal controls are an essential component of any financial management system. It helps your organisation retain financial integrity, meet regulatory requirements, and compile reports essential for improving the business. These processes are especially crucial in accounts payable (AP) departments to manage financial transactions and ensure that payments are authorised, accurate and properly documented.

With 2024 being the first year that trust taxpayers are tasked with submitting third party IT3(t) returns to South African Revenue Service (SARS) by 30 September 2024, this change of the filing season could potentially offer a silver lining for trust taxpayers, granting them additional time to prepare for their 2024 tax return filing along with the added compliance measures that come with the submission.

In a significant move towards enhancing efficiency, transparency, and accountability in public procurement processes, the gazetted Public Procurement Act of 2024 (Act) aims to revolutionise the way government entities engage in procurement activities.

The telecom industry stands at a critical juncture as it navigates the convergence of emerging technology against a fast-changing business landscape and ever-evolving consumer expectations. Artificial Intelligence (AI) is revolutionising the telecom industry, and we are at the forefront – helping to drive revenue growth by simplifying, modernising and automating Communications Service Providers' (CSPs) business operations.

The South African Reserve Bank (SARB) recently announced the completion of the observation period for the South African Rand Overnight Index Average (ZARONIA). This development marks a pivotal shift in South Africa’s financial landscape, transitioning from the Johannesburg Interbank Average Rate (JIBAR) to ZARONIA as the primary reference rate.

The growing importance of Environmental, Social, and Governance (ESG) criteria is having a significant impact on how building projects are planned, executed, and managed in South Africa. If anything, it is reshaping the construction landscape when it comes to promoting sustainable development and improving social outcomes.

In a first for the local financial services sector, a diverse collaborative industry work group established following the inaugural SA Market Surveillance Conference held last year, has developed a draft industry code of conduct to guide financial institutions and align with international standards to bolster market surveillance in the country.

At the end of March, a critical security breach was discovered within the upstream source code of XZ Utils, a collection of open-source tools and libraries for the XZ compression format. The breach affected versions 5.6.0 and 5.6.1 and spanned nearly three years. The potential disastrous implications of this breach, and any other, underscore the importance of continued vigilance in patching all software used in a business environment.

The lease stands as the cornerstone of occupier-landlord relationships in commercial real estate. Yet beneath the surface of these meticulously drafted documents lies a complex web of financial obligations and legal stipulations that can easily become tangled. The more leases an organisation has, the higher the risk of costly trip-ups.

During the April 2024 SARS Revenue Results Announcement Media Conference, the South African Revenue Service (SARS) Commissioner brought to light concerning observations regarding non-compliance and delinquent behaviour by tax practitioners.