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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

Newsflash: COVID-19 and force majeure

2020-06-22T08:45:46+02:00

Newsflash: COVID-19 and force majeure Will the coronavirus (COVID-19) constitute a force majeure event under South African law? The answer to that is that it depends on the circumstances. The virus has been declared a pandemic by the World Health Organisation and is causing unprecedented economic chaos internationally, owing to the closure of businesses and consequent disruption of global supply chains. On a local level, it is disrupting retailers, restaurants, service providers such as taxi services, and local businesses. These disruptions may make it [...]

Newsflash: COVID-19 and force majeure2020-06-22T08:45:46+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

COVID-19: Areas where auditors have to be alert

2020-06-22T08:46:03+02:00

COVID-19: Areas where auditors have to be alert With the sudden changes in the auditing landscape, brought about by the situation with the COVID-19 virus and lockdown, a flurry of research papers, articles and social media posts are emerging with points of view on the areas requiring auditors' additional attention. The following sheet summarises the latest accumulation of these areas, and may be used as a 'cheat sheet' to double check documentation and procedures. Audit Field Focus Area Asset valuations Useful lives, pattern [...]

COVID-19: Areas where auditors have to be alert2020-06-22T08:46:03+02:00

COVID-19 effect on audits

2021-09-19T17:37:28+02:00

COVID-19 Effect On Audits Economies worldwide have been hard hit by the spread of the COVID-19 virus, with direct consequences for the clients of audit firms. Consequently, auditors need to adapt their audit approach for each client by considering the effect on audits as identified by the IRBA, as well as taking the appropriate considerations into account when implementing quality control. Analysis of the effects The effects as identified by the IRBA have been analysed, in order to determine the influence on the audit [...]

COVID-19 effect on audits2021-09-19T17:37:28+02:00

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