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Tag: South African Institute of Chartered Accountants (SAICA)

Lack of accountability and consequence management plagues local government

The 2019-20 local government general report released by the Auditor General of South Africa (AGSA) on 15 June continues to emphasise the lack of accountability and consequence management in local government which impacts service delivery and municipal finance management.

Accounting collides with IT for acceleration of digital assets and decentralised...

I quickly realised during my accounting articles that technology would have a massive impact on the profession and that I would have to continuously upskill to keep up. Even today, things are changing so fast, one can never just sit back and rely on existing knowledge - I now cultivate a habit of continuous learning.

A lower corporate tax rate – good news for some taxpayers

The National Treasury announced in the 2022 Budget Review that the corporate tax rate will be lowered to 27% for years of assessment that end or on after 31 March 2023. Practically, for most companies, this means that the reduced rate applies for years of assessment that start on or after 1 April 2022 and some companies may already enjoy the effect of the reduction in 2022 when making provisional tax payments.

The Budget Speech – a demonstration of the commitment to revive...

South Africa’s Minister of Finance, Mr. Enoch Godongwana, delivered his maiden National Budget Speech to the National Assembly on Wednesday, 23 February 2022. A crucial function of the Budget Speech is to provide details of spending and make proposals about how the priorities outlined in the President’s State of the Nation Address will be funded.

What will it take to get the SME sector back on...

SME development has been on the agenda since the days of the Mandela presidency - and yet, South Africa’s small businesses continue to founder. Their precarious state has been placed under even more pressure by unforeseen events such as the pandemic lockdowns and July riots, and, with our unemployment rate now standing at more than 30%, it is more important than ever to take action.

Celebrating accountants on International Accounting Day

The 10th of November is the day when accountants around the world are honoured for the invaluable role they play in the world of business. Their work helps businesses to thrive, it supports the economy, and enables people to navigate the complexities of finance. 

Are consultancy fees and municipal salaries fruitless and wasteful expenditure?

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.

Global financial reporting agenda set to change: how will SA companies...

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.

Retirement funds as a guarantee for loans

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 audit expectation gap

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.


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