Tag: South African Institute of Chartered Accountants (SAICA)
The concept of materiality and the need to embrace it
There are numerous other variations and forms of the above concept, but one clear common theme is that materiality represents a threshold, a gate-keeper and a clear reference to a quantum above which more discretion and judgement may be required.
The changing face of education
This article by Kerryn Kohl, co-founder of 4thTalent, is about developing competence for the future world of work and is the first-part of a five-part series on the Future of Education run by the South African Institute of Chartered Accountants (SAICA).
The iceberg is in sight: are we on the right course?
The captain of Ship SA, President Cyril Ramaphosa, can surely see the iceberg that we are heading for and one can almost hear the call go out for us to 'brace for impact'. The iceberg is an economy that is in crisis – an unemployment rate of 42% (using the expanded definition), GDP growth projections down by 7.8%, tax revenue projections at R304 billion less than originally budgeted for, a budget deficit of R709 billion for 2020/21, a current debt to GPD level of 81.8% and debt service costs (interest) currently amounting to 21c in every tax Rand collected.
Impact of employees’ health and wellbeing on corporate SA
Corporates are currently dealing with how to report company performance whilst navigating a myriad of uncertainties due to the outbreak of COVID-19. This includes ensuring that not just the financial information but the environmental, social and governance elements of the annual report are an accurate reflection of the company’s response to this pandemic.
Tax returns auto assessments – check before you ‘accept’
Speak to any individual taxpayer and tax practitioner these days and no doubt ‘auto assessments’ will feature in the conversation. Whilst many agree that the auto assessment process is a good idea and there is appreciation of SARS’ intention to simplify tax compliance, there are mixed feelings regarding the implementation and practicality thereof.
Tax returns: do the right thing or face the consequences
The Commissioner of the South African Revenue Services (SARS), Edward Kieswetter, briefed the media and stakeholders on 30 July 2020 to provide an update in terms of SARS’ plans in respect of the 2020 Filing Season. The theme for this year’s filing season is #YourTaxMatters.
When a going accounting concern became a growing concern
In March 2020, President Cyril Ramaphosa announced a 21-day ‘hard’ lockdown, later to be known as a level 5 lockdown. It certainly caused flutter in the financial markets, forcing almost the entire economy to cease operations and people to be confined to their places of residence.
Municipal audit: public sector financial management must be professionalised
We have noted with concern the Auditor General’s report of the audit outcomes for local government, which showed that only 8% of municipalities received clean audits for the 2018/19 financial year, despite R1.26 billion being spent on financial reporting consultants.
Dilemmas: ethics and leadership in a time of crisis
If there’s any situation that’s going to show your true colours, it’s a crisis. Sticking to your values during a crisis is vital. It is important to navigate your way through the COVID-19 crisis, successfully and with integrity. As part of SAICA's new Leadership in a Time of Crisis series, I highlighted the importance of leading ethically during these difficult times.
Towards a transparent system of beneficial ownership
Financial crime in the world is a significant problem that South Africa and the global community have to deal with on a continual basis. A week hardly passes by where the media doesn’t report on a case involving alleged fraud, corruption or looting of funds that did not end up in the hands they were originally intended. This has the potential to devastate the economic balance.
