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...

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...