Tag: Mazars South Africa

The IT landscape in South Africa is facing some of its biggest shifts yet, and businesses must be ready to adapt accordingly. Adjusting to technological advancement will certainly bring new challenges in the form of security and compliance, but agile businesses that are ready to make the necessary changes will benefit greatly from this fast-changing dynamic.

As the country goes into a three-week lock-down to combat the national COVID-19 outbreak, businesses and employees across South Africa are putting the necessary measures in place to operate remotely.

Considering the high profile scandals that have dominated news headlines in the last few years, from VBS Mutual Bank to Eskom, it does not seem unreasonable to say that South Africa may have a corporate fraud problem. What’s more, the accounting irregularities that led to shareholders being defrauded and losing significant shareholder value, may have been entirely preventable if the internal auditors had been more empowered, protected and held to the same level of accountability as external auditors, via appropriate regulation of the internal audit industry.

Global demand for greater tax transparency, emanating from corporate scandals such as Google, Amazon, Starbucks, Apple and Nike, is leading the boards and audit committees of South African corporations to ask more difficult questions than ever before about how organisations are governing their tax affairs and managing tax risks. The risk of reputational damage and financial loss is simply too high to be ignored.