Sophisticated accounting

2022-12-06T16:28:17+02:00

Your Content Goes Here Over the last few decades, audit firms have been led down a path of compliance above all else, and, especially small firms, have insisted on holding on to their traditional methods and approach to auditing to limit the risk of making a mistake when interpreting auditing standards. The risk and internal control standard, ISA315, is highly confusing, and the latest amendments have only added to the confusion. Therefore, firms, some of them not so small, have insisted on always using the substantive approach in auditing, regardless of the state of controls and the business model [...]

Sophisticated accounting2022-12-06T16:28:17+02:00

Failure To Attract

2022-09-13T14:30:05+02:00

Your Content Goes Here Audit firms are struggling to attract talent. Not only in South Africa, but globally, audit firms and Professional Accounting Organisations (PAOs) are losing their appeal for suitable candidates. In their publication, Accountancy education ecosystems are complex. Our ability to attract potential accountants suffers, IFAC highlights the following education-specific challenges in certain regions: • University curricula are not consistently aligned to International Education Standards (IES) and/or PAO expectations, which impacts graduate quality and pass rates in professional exams. • Limited appreciation among students of the wide variety of opportunities for professional accountants and the broader role [...]

Failure To Attract2022-09-13T14:30:05+02:00

What’s News June 2022?

2022-07-01T11:27:40+02:00

Your Content Goes Here Talent Exodus Qualified CAs and RAs have been leaving the country at a steady pace, which has accelerated over the past year. This has involved RAs or potential RAs leaving a firm altogether, or joining the same firm in another country. The firms bearing the brunt of this are small firms, as the large networks are replacing staff by recruiting talent from small firms. The reason for this is not only financial, but also due to the global trend of young professionals moving around and not staying in one place for [...]

What’s News June 2022?2022-07-01T11:27:40+02:00

References to quality control

2022-06-30T16:02:44+02:00

References to quality control With the issuing of the ISQM standard, the regulatory world is abuzz with changing all references to quality control, to quality management, due to the fact that the new standard is named, ‘International Standard of Quality Management’, whereas the old standard was called, ‘International Standard of Quality Control’. I find it a bit absurd, as the concept of quality control has not vanished; the standard was expanded to ensure that the management aspect of quality control was also addressed. At LEAF, we have always applied the management aspects of quality control, and do not [...]

References to quality control2022-06-30T16:02:44+02:00

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