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Tag: South African Institute of Chartered Accountants (SAICA)
The municipal skills shortage has reared its nasty head again. This was identified by the Auditor General (AG), Ms. Tsakani Maluleke, who briefed parliamentary committees on the 2019/20 local government audit outcomes and the COVID-19 relief funds expenditure in a session on 22 June 2021.
From 2022, the global financial reporting agenda is set to change. This change comes as the global standard-setter, the International Accounting Standards Board (IASB), is embarking on its third agenda consultation. Much like the changes which were brought about by the second agenda consultation, the new global financial reporting agenda may result in a significant impact on how some transactions are accounted for and thereby impacting companies in various ways.
The COVID-19 pandemic has forced many individuals to significantly adjust their lifestyles. The personal finances of most South Africans have been greatly impacted by job losses, salary cuts or no bonuses/increases, so much so that their livelihood have taken a significant knock.
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.
An interview with Gigi Nyanin, Project Director, Tax Publications and Thought leadership, South African Institute of Chartered Accountants (SAICA), and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing the auto assessments that the South African Revenue Service (SARS) introduced in August 2020 which provided them with the ability to file income tax returns on behalf of taxpayers.
One of the most contentious and eagerly awaited topics of 2021 is government’s vaccine roll-out plan to immunise South African citizens against COVID-19. Never in recent times has a microscopic germ had such a catastrophic impact on the world.
Since 2017, the auditing profession has been plagued by high-profile corporate failures that have implicated auditors. As a result of state capture revelations, share price collapses, and corruption allegations, the South African public continues to question how audit can be relied upon to protect its investments.
Much confusion and debate seems to exist in the market regarding the changes to the access to retirement benefits (pension preservation funds, provident preservation funds and retirement annuity funds) on emigration. The concept of ‘emigration’ and the SARS approval process (via MP336b) falls away from 1 March 2021 and is replaced with the concept of an individual ‘ceasing to be a resident for tax purpose’ in South Africa.
In August 2020, the South African Revenue Service (SARS) introduced auto assessments which provided them with the ability to file income tax returns on behalf of taxpayers. These auto assessments are populated from a taxpayer’s information which is collected from third parties such as financial institutions, employers, and medical aid schemes.
We’re living in a world of radical shift. And yet, our education system harks back to a bygone era. I believe that not only that we are facing a great opportunity to change the way we learn, but in fact, that we need to reimagine education completely, and see it as a process of learning, unlearning and relearning, throughout our professional lives.