Tag: South African Institute of Chartered Accountants (SAICA)

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.

The last five years have seen an improvement in the audit profession when it comes to audit failures. Is this evidence that the entire financial ecosystem finally understands the importance of taking responsibility for the audit process or is it because of the increase in legislative mandate and high scrutiny that is currently imposed on the audit profession?

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.

In the dynamic landscape of small businesses, effective communication stands as a cornerstone for success. It’s not merely about exchanging information but fostering relationships, aligning goals and driving growth.

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.

Having recently moved from Johannesburg to Toronto I have fielded a flurry of questions from colleagues and if I’m being honest, around the weight of our qualification. Can we have both global mobility and success? Are we future-proofed? Do we need to reinvent ourselves to remain agile?

The governance ecosystem is touted to give accountability, transparency, fairness and responsibility as the pillars on which corporate governance is built to all stakeholders and sanction or root out perverse conduct in an appropriate and balanced manner. This should keep the equilibrium of all stakeholders’ rights and obligations in check.

While the President has signed the National Health Insurance (NHI) into law, the bean counters at National Treasury have yet to start looking for their excel sheets needed to ensure the NHI is fully costed. The first reason is due to the confusion of objective versus political ideology. The NHI has been touted as introducing “universal healthcare coverage” (UHC).

In the 2013 Report on the Observance of Standards and Codes (ROSC Report), one of the recommendations provided was the need for South Africa to consider enacting a law that would allow audit firms to organise as limited liability partnerships (LLPs).

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