SAIBA publishes the online accounting newsletter AccountingWeekly. Here is list of weekls hottest articles. For more details go to www.accountingweekly,com.

The toxic role of consultants in SA

Several years ago John Micklethwaite and Adrian Wooldridge, both former journalists with The Economist, published The Witch Doctors, a brutal excoriation of the consultancy business and the damage it had inflicted on businesses in the name of “change management”, “quality” and “mastering chaos”. The story is nauseatingly familiar to South Africans.

(https://accountingweekly.com/the-toxic-role-of-consultants-in-sa/)

Former Banking Ombud and senior Hawks general join SA Litigation Funding Company

A former general from the Hawks, and former Banking Ombud, have teamed up with SA Litigation Funding Company (SALFCO) as part of a programme to strengthen its team as the company prepares to take on several large cases involving civil and criminal claims.

(https://accountingweekly.com/former-banking-ombud-and-senior-hawks-general-join-sa-litigation-funding-company/)

Nearly 7% of SA’s budgeted revenue blown due to State mismanagement

The number crunchers at the DA have tallied up the amount of irregular, fruitless and wasteful expenditure in government departments and state-owned entities (SOEs) and it comes to a staggering R100,9 billion.

(https://accountingweekly.com/nearly-7-of-sas-budgeted-revenue-blown-due-to-state-mismanagement/)

Is Markus Jooste as bad as they say he is?

Markus Jooste, former CEO of scandal-ridden Steinhoff, is the media’s favourite whipping boy of the moment. There’s no question that Steinhoff is guilty of destruction of shareholder value, but what exactly is Markus Jooste guilty of?

(https://accountingweekly.com/is-markus-jooste-as-bad-as-they-say-he-is/)

New accounting standard encourages healthy skepticism when it comes to estimates

Estimating unknowns has always been an auditing conundrum.  You know, the kind of Excel spreadsheet “what if?” exercises that show a new business growing into a multi-billion rand enterprises within three years. It happens in larger business too. The International Auditing and Assurance Standards Board (IAASB) has come up with a solution: develop a healthy skepticism when it comes to accounting estimates.

(https://accountingweekly.com/new-accounting-standard-encourages-healthy-skepticism-when-it-comes-to-estimates/

Non Profit Organisations are a target for criminals and terrorists, says FIC

The Financial Intelligence Centre (FIC) has warned that Non Profit Organisations (NPOs) may be a target for opportunistic high profile criminals who want to use them as a vehicle for Money Laundering (ML) and Financing of Terrorism (TF).

(https://accountingweekly.com/non-profit-organisations-are-a-target-for-opportunistic-criminals-says-fic/)

Nugent Inquiry hears claims that Sars’ IT infrastructure is falling apart

No maintenance since 2014. No upgrades. No money. That’s the state of South Africa’s Revenue Service’s most important asset – its IT infrastructure, according to evidence heard by the Nugent commission of inquiry into Sars this week.

(https://accountingweekly.com/nugent-inquiry-hears-claims-that-sars-it-infrastructure-is-falling-apart/)

What makes a business most at risk for fraud?

Dawn Brolin takes a look at the ins and outs of fraud. The person you least suspect could be the one diddling the accounts: 96% of clients found committing fraud have never committed a crime before.

(https://accountingweekly.com/what-makes-a-business-most-at-risk-for-fraud/)

FTSE 100 pension schemes back in surplus

FTSE 100 pension schemes are back in surplus for the first time since the 2008 financial crash, but remain at risk due to impending changes in accounting, according to an analysis from Lane Clark & Peacock (LCP).

(https://accountingweekly.com/ftse-100-pension-schemes-back-in-surplus/)

Global value of brands tops $50tr, 75% not reflected in accounts

The global intangible value of top brands has surpassed $50 trillion (£38 trillion) for the first time in history, but three quarters of this remains unaccounted for on balance sheets, according to research by Brand Finance.

(https://accountingweekly.com/global-value-of-brands-tops-50tr-but-most-of-this-does-not-appear-on-balance-sheets/)