General news in Leaf Quality Systems

Common Issues Identified On Audit Files Of Body Corporates

2019-05-15T19:12:16+02:00

Common Issues Identified On Audit Files Of Body Corporates Body corporates: To audit or not to audit? Just a few years ago new requirements came into effect that have changed the landscape for auditors of smaller body corporates and have caused many headaches and sleepless nights. Management Rule 26(4) requires that ALL body corporates must be audited, except if all sections / units are registered in the name of one person. In addition to this, Rule 26(5)(a) requires that the [...]

Common Issues Identified On Audit Files Of Body Corporates2019-05-15T19:12:16+02:00

FICA and AML

2019-03-19T10:54:46+02:00

FICA and AML After NOCLAR and RIs, what about FICA and Anti-money laundering (AML)? What is money laundering and financing of terrorism? Money laundering refers to any act that disguises the criminal nature or the location of the proceeds of a crime. If a person commits an act or enters into a transaction knowing or reasonably expected to have known that the money or property is the proceeds of a crime, the person would have committed a money laundering offence. In South Africa this concept [...]

FICA and AML2019-03-19T10:54:46+02:00

NOCLAR vs RIs

2019-03-19T10:54:58+02:00

NOCLAR vs RIs NOCLAR versus Reportable irregularities Do you really have to consider NOCLAR when you are already measuring non-compliance against Reportable irregularity (RI) requirements? What is NOCLAR? Non-compliance with laws and regulations (NOCLAR) “comprises acts of omission or commission, intentional or unintentional, which are contrary to the prevailing laws or regulations committed by the following parties: (a) A client; (b) Those charged with governance; (c) Management of a client; or (d) Other individuals working for or under the direction of a client.” The IRBA [...]

NOCLAR vs RIs2019-03-19T10:54:58+02:00

Root Cause Analysis

2018-11-01T10:37:20+02:00

Root Cause Analysis What is root cause analysis and why is it necessary? Root cause analysis (RCA) is a problem-solving method used for identifying the root causes of faults and/or problems, for example, the underlying causes behind review findings, whether specific to one audit, or more widespread inside the firm as a whole or further afield. RCA is conducted with the aim of developing appropriate and achievable remedial action to prevent recurrence of the issues identified. According to the 2017 IRBA Public Inspections Report, "There [...]

Root Cause Analysis2018-11-01T10:37:20+02:00

ETHICS – Rotten to the core?

2018-09-06T08:51:46+02:00

ETHICS - Rotten to the core? Have you wondered why the auditing profession is in such a sad state? Maybe we should start with some serious introspection and fundamental changes. Not only the IRBA Public Inspections Report 2017, but also multiple auditing scandals in the media showed that independence was the root cause of most audit deficiencies recently. Firm culture needs to be revamped drastically to start changing this around. Leadership must set a good example and communicate principles of quality and ethics to enable staff to function optimally. Build high performance teams through trust, integrity [...]

ETHICS – Rotten to the core?2018-09-06T08:51:46+02:00

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