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The Accounting & Auditing community of South Africa South Africa Accounting and Auditing news

  • #StartupStory: Sifika Business Accountants pays it forward
    on May 28, 2020 at 8:13 am

    A small gesture kick-started her business and now, eight years later, accountant Zandile Sifika is paying it forward by helping other SMMEs survive the fallout from Covid-19.Read more... | Send to a friend

  • Finding opportunity in crisis
    on May 27, 2020 at 8:41 am

    Andrew Harding and Sara Bux</span>Despite Covid-19 creating so much existential risk and uncertainty, or perhaps because of it, management accountants are well positioned to differentiate themselves and help their organisations prepare for an uncertain future as lockdowns are lifted.Read more... | Send to a friend

  • Ethics in a time of crisis
    on May 26, 2020 at 2:23 pm

    As part of Saica's Leadership in a Time of Crisis webinar series, Professor Deon Rossouw, CEO of The Ethics Institute, spoke about the importance of sticking to your values during a crisis.Read more... | Send to a friend

  • The synthesis of the most complex technologies gives us a simple solution, with world-scale potential
    on May 26, 2020 at 1:17 pm

    While the whole world is shaking from negative news, ranging from the pandemic of the coronavirus Covid-19, to numerous disasters in different areas all around the world, to the stock market crashes and the global crisis in general, a silver lining has emerged among the clouds in sunny Panama, and it will probably affect everyone.Read more... | Send to a friend

  • Audit requirements relating to the business accounts of legal practitioners now clarified
    on May 26, 2020 at 12:39 pm

    In October 2019, the Companies and Intellectual Property Commission (CIPC) issued a notice of the withdrawal of the non-binding opinion ("this" or "the" "opinion") pertaining to Regulation 28(2)(a) of the Companies Regulations, 2011 (the Companies Regulations) to the Companies Act, 2008 (the Companies Act). This opinion applied to legal practitioners who are registered as companies in terms of the Companies Act. This opinion considered whether the holding of assets in the legal practitioners' trust accounts is regarded as part of the ordinary course of the legal practitioner's primary business. As a result of the withdrawal of the opinion, the business accounts of legal practitioners who are subject to the Companies Act, i.e. are registered companies, and who hold assets in trust in excess of R5m at any time during the financial year, are now required to be audited.Read more... | Send to a friend

  • Strong financial controls needed to maximise benefit of Covid-19 relief efforts
    on May 14, 2020 at 10:45 am

    Natashia Soopal</span>The South African government has been applauded by the World Health Organisation for its quick response to curb the spread of the Covid-19, and prepare its healthcare system. However, this good work can easily be overshadowed by poor controls implemented over the administration of the relief funding, which may result in an increase in fraud and corruption, thereby reducing the potential of the funding desperately needed by its citizens and small, medium and micro enterprises (SMMEs).Read more... | Send to a friend

  • Covid-19 is likely to reshape the world - here's how accountants can help
    on May 12, 2020 at 11:47 am

    As an accountant, you have an invaluable role to play in helping your clients survive the Covid-19 outbreak and its economic effects. With the pandemic and the national lockdown battering nearly every company in South Africa, they need your counsel and practical advice more than ever.Read more... | Send to a friend

  • The acceptable theft
    on May 8, 2020 at 11:49 am

    Albert Einstein famously said: "The world will not be destroyed by those who do evil, but by those who watch them without doing anything."Read more... | Send to a friend

  • William Ngobeni's inspirational 15-year journey to qualified CA(SA) success
    on May 7, 2020 at 10:43 am

    William Ngobeni has followed an exceptionally long and windy path before finally qualifying as a chartered accountant [CA(SA)] in February this year, having passed the qualifying exams after over a decade of stops and starts.Read more... | Send to a friend

  • What good leaders do in a time of crisis
    on May 6, 2020 at 2:42 pm

    As part of Saica's Leadership in a time of crisis webinar series, CA(SA) and CFO of Discovery Health, Brett Tromp, shared his thoughts on what good leaders can do in a time of crisis.Read more... | Send to a friend

The Banking community of South Africa South Africa Banking news

  • Exploring the new frontier: open banking
    on June 3, 2020 at 9:04 am

    Sindiswa Makhubalo, head: bank and payment providers, FSCA</span>The concept of open banking is forcing banks to rethink financial services as it's understood today. Realising that this is the new frontier, the Financial Sector Conduct Authority (FSCA) is far advanced in its research into open banking, including its challenges and the opportunities it presents.Read more... | Send to a friend

  • Covid-19 stress testing indicates resilience of largest SA banks
    on June 2, 2020 at 12:16 pm

    [[www.123rf.com 123rf.com]]</span>Financial stress testing indicates that the largest South African banks are expected to remain resilient through the current period affected by the Covid-19 outbreak, even under severe stress scenarios. Financial stress testing involves the assessment of modelled outcomes under a range of adverse economic scenarios (called "stress scenarios") - typically mild, medium and severe stress scenarios.Read more... | Send to a friend

  • The role of the Banking Ombudsman's office is more relevant now than it has ever been
    on May 29, 2020 at 10:20 am

    The impact of Covid-19, and the financial crisis that is bound to follow in its wake, will have a lasting impact on society and business as a whole. It will be a time of great financial stress and a time where the services of bodies such as the Ombudsman for Banking Services (OBS) will be needed now more than ever.Read more... | Send to a friend

  • FNB cardholders spent over R4bn in 3 days preceding lockdown
    on May 28, 2020 at 10:36 am

    The latest insights from FNB have shown a slight boost in card spend since the start of Level 4 lockdown. However, the Bank states that despite the increase in consumer spending, activity is still averaging significantly lower compared to pre-lockdown levels.Read more... | Send to a friend

  • 6DOT50 launches Digital Rands to pay for essential goods
    on May 26, 2020 at 8:15 am

    Over 11 million South Africans do not have a bank account and, in lockdown, receiving wages is logistically challenging. Many businesses have been negatively impacted by the Covid-19 pandemic and employees have been laid off. People are running out of cash and hunger is now a more immediate threat than the virus. The payment needs of vulnerable individuals must quickly be met if widespread civil unrest is to be averted.Read more... | Send to a friend

  • Covid-19 will intensify the battle of the banks
    on May 25, 2020 at 9:15 am

    [[www.123rf.com 123rf.com]]</span>The battle of the banks will intensify in the wake of Covid-19, as both legacy and challenger financial institutions race to use tech innovation to gain a competitive advantage in 2020/2021.Read more... | Send to a friend

  • Another cut in the repo rate
    on May 22, 2020 at 8:40 am

    [[www.123rf.com 123rf.com]]</span>The Monetary Policy Committee (MPC) once again voted in favour of lowering the repo rate this month by 50bp to 3.75%. The policy rate has lowered by 2.75% this year, with a cut every month apart from February, taking interest rates to levels last seen in the early '70s.Read more... | Send to a friend

  • Nedbank launches Avo, its new e-commerce 'super app'
    on May 19, 2020 at 12:40 pm

    Nedbank has revealed its new digital platform Avo. Described as a "super app", Avo will provide customers with access to online shopping and other essential services from a variety of merchants.Read more... | Send to a friend

  • Consumer perceptions of digital payment methods: South Africa
    on May 19, 2020 at 10:22 am

    As digitisation makes its way into Africa across sectors and industries, digital payment methods are being offered as safe and convenient alternatives to traditional options.Read more... | Send to a friend

  • #LockdownLessons: The virus will forever change banking, says Basani Maluleke
    on May 19, 2020 at 9:30 am

    Basani Maluleke, CEO, African Bank</span>CEO, Basani Maluleke's long-stated goal of transforming African Bank into a fully transnational South African bank: offering near free banking coupled with digital convenience has been fast forwarded by the Covid-19 pandemic. Here's what she's got to say.Read more... | Send to a friend