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General news in Leaf Quality Systems

Newsflash: IFAC Practice transformation action plan

2020-06-22T16:58:02+02:00

Newsflash: IFAC Practice transformation action plan Welcome to the Fast-Future We will not recognise the accountancy profession in the next 10 years. Actually, the fact of the matter is that it will probably be in the next five years. —Barry Melancon, President & CEO, American Institute of CPAs and CEO, Association of International Certified Professional Accountants We live in a dynamic, fast-paced world. Accenture predicted that advances in robotics would automate, or eliminate 40% of basic accounting roles by 2020. Within 10 years, robots [...]

Newsflash: IFAC Practice transformation action plan2020-06-22T16:58:02+02:00

Subsequent events – COVID

2020-05-20T15:29:40+02:00

SUBSEQUENT EVENTS – The Topic We All Jumped to with the COVID Virus Lockdown, without Reading the Standard Subsequent events — the topic we all jumped to when the COVID-19 virus hit and the lockdown became a reality. How difficult can it be? Look at your adjusting and non-adjusting events and move on. And, of course, this strategy may be applied to all engagements not completed yet. Thank God, you say, the completed engagements have fallen outside the net. Not true. A scenario which was seldom relevant in the past, and hardly ever received any attention, has now hit us without us [...]

Subsequent events – COVID2020-05-20T15:29:40+02:00

Why is audit so easy?

2021-09-19T17:37:37+02:00

Why Is Audit So Easy? Confidence Very few auditors and students have the confidence to perform their duties. The key to being a good auditor or auditing student, is to become a professional auditor. Not on paper, but in their mind, and their whole being. A student that wakes up in the morning and sees a fearful student in the mirror, trying to motivate him or herself to do well in the exam, or at work, is already at a disadvantage. But students [...]

Why is audit so easy?2021-09-19T17:37:37+02:00

Risk Assessment

2019-10-01T17:36:25+02:00

Risk Assessment Risk assessment Many audit failures are caused by bad planning and incorrect risk assessment. Unidentified significant risks could lead to material misstatements. This article addresses common pitfalls and how to address them. Common findings: Revenue The IRBA Public Inspections Report, 2018 identified the following common risk assessment issues relating to revenue: • Findings related to incorrect justification for risk assessment, i.e. insufficient justification documented on the audit file regarding the assertions identified as significant risks • Work performed did not always agree [...]

Risk Assessment2019-10-01T17:36:25+02:00

Attorneys: audit report template

2025-05-07T13:59:22+02:00

Attorneys: audit report template Important news for the current reporting period SAICA has issued a very important communication regarding the audit report template to be used for attorneys trust accounts for the current year. SAICA's communication on the transitional arrangement relating to the Legal Practice Act and Legal Practice Council Rules is available on the SAICA website. How is this different from previous communications? In the LEAF Webinar on Attorneys trust accounts and in the previous newsletter on the same topic, dual reporting was [...]

Attorneys: audit report template2025-05-07T13:59:22+02:00

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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