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Companies still behind schedule on lease accounting standards

From Accounting Today: Only 26.3 percent of public company execs say their implementation of the lease accounting standard is complete, according to a new survey by Deloitte, even though they were supposed to begin using it this year. Most have already disclosed using...

Steinhoff replaces Deloitte with Mazars after accounting scandal

Steinhoff International Holdings NV nominated Mazars as its new auditor as the South African retailer looks for a fresh start after an accounting scandal almost destroyed the company, says Bloomberg. Mazars accepted an offer to replace Deloitte, Steinhoff’s board said...

SAIBA: giving you ways to change your CPD status to compliant

As you are aware Continuous Professional Development (CPD) is compulsory and is applicable to all members who hold a designation(s) in any field. SAIBA is here to ensure all members remain up to date and compliant. Subscribe to a CPD package through our preferred CPD...

Holding professional bodies to account

Professional bodies provide a key public interest function in setting ethical standards and holding members to these standards. There’s no question the accounting profession is in crisis. Acres of press coverage have been dedicated to documenting cases of corruption...

Which firms got fined over the last year?

The UK Financial Reporting Council dished out fines totaling more than R550 million to audit firms over the last year, according to its latest annual report for the year to March 2019. Roughly half of this was plonked on KPMG. Significant fines imposed this year...

KPMG and Grant Thornton show deterioration in audit quality

In the latest annual report of the UK’s Financial Reporting Council (FRC), CEO Stephen Haddrill notes an “unacceptable deterioration” in the audit quality of KPMG. Grant Thornton also comes in for a tongue lashing for its lack of improvement in audit quality. The FRC...

SAIBA: Italy tour

SAIBA has arranged a tour for accountants to Italy. Have you booked your spot? This follows an invitation by our sister organizations ANDAF and IAFEI, the global body for CFOs, that they would like to make Africa part of their CFO World Congress hosted in the ancient...

Photos from Leaderex convention in Sandton

Accounting Weekly editor Ciaran Ryan with Bonang Mohale, CEO of Business Leadership South Africa CFO Talks staff networking with CFOs at Leaderex in Sandton Jon Foster-Pedley, dean and director of Henley Business School Africa, drops by the CFO Talks stand at Leaderex...

The leaders of South Africa agree: creating jobs is the top priority

South Africa’s problems are legion but relatively easy to fix, according to several guest speakers at the Leaderex convention in Sandton this week. All it requires is political will. There were some truly amazing stories that never make the headlines: for example, Dr...

Notice to Customers (Notice 48 of 2019)

UNAUTHORISED USE OF CIPC NAME, ABBREVIATION AND LOGO The Companies and Intellectual Property Commission (CIPC) would like to remind customers that the words COMPANIES AND INTELLECTUAL PROPERTY COMMISSION as well as the abbreviation CIPC and the logo of CIPC have been...

Sars says printed tax clearance certificate will no longer be available

From Sars: The issuing of the printed Tax Clearance Certificate (TCC) will be terminated after 25 October 2019, as we are fully implementing a more secure and electronic Tax Compliance Status (TCS) system. Since the implementation of the TCS system in 2015, we advised...

Tito Mboweni’s growth plan is radical but doesn’t go far enough – Saiba

The SA Institute of Business Accountants (Saiba) applauds finance minister Tito Mboweni’s plan to reboot the moribund SA economy. The document – Economic Transformation, Inclusive Growth and Competitiveness: Towards an Economic Strategy for South Africa – is truly...

How accounting firms can overcome staffing challenges

Accounting firms throughout the world stand on the two most vital pillars, i.e., capital and employees. This makes it crucial for every firm to have sufficient capital in place to execute its various operations smoothly and hire the right talent, says Annie Marker...

Meet Russel Ngobeni, an accountant who believes in passing it on

Russel Ngobeni is an accountant to his core. His real passion is training under-privileged youth in the beauty of accounting as a way to make sense of the world of numbers and transactions. Russel Ngobeni is an accountant to his core. He has trained nearly 800...

Tax Indaba

The Tax Indaba was launched in 2011 thanks to the successful collaboration of local tax professional bodies. Since its debut, the event has grown in leaps and bounds. This is evidenced by the Finance Minister’s involvement as keynote speaker for two consecutive years,...

Big 4 accounting firms on defensive over Hong Kong protest support

CNN: The world’s “Big 4” accounting firms are distancing themselves from a newspaper advertisement in which people claiming to be their employees expressed support for protesters in Hong Kong. Deloitte, EY, KPMG and PwC said the advertisement, which was published in...

Tax filing season: Beware of phishing scams

“Tax season is phishing season, and cybercriminals are preying on unsuspecting taxpayers through a range of sophisticated phishing techniques that could put their personal and financial information at risk.” This according to Brian Pinnock, cybersecurity expert at...

New accounting charter on its way after professional bodies intervene

A new BEE Charter for the accounting profession is on its way after objections were raised to the CA Charter, which was an attempt to further entrench the monopoly on accounting privileges enjoyed by the SA Institute of Chartered Accountants. SA Institute of Business...

HOW UNDERSTANDING YOUR COMPANY’S PI SCORE COULD SAVE YOU MONEY

You are here: Calculating a company’s Public Interest Score (PI score) should be a two-minute exercise for any SME company. The term has however managed to intimidate and confuse many small business owners. We’d love to shed some light on the topic and summarise what...

Calling all Business Accountants in Practice

Are you interested in employing students that are work ready? SAIBA has 50 students that are currently completing their work readiness programme funded by Fasset and who will be ready to fill posts from mid September. These students have practical work experience as...