Category Archives: Auditing

The implications of Covid-19 on audits and auditors

The Independent Regulatory Board for Auditors (IRBA) has issued a newsletter relating to the Implications of the Covid-19 outbreak on audits and audit risks. “This outbreak presents an opportunity for the audit profession to reflect on the recognition of its … Continue reading

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Confidence in auditing profession is looking up

There’s been a slight improvement in the perception of shareholder governance and the strength of auditing and accounting standards, according to the World Economic Forum’s Global Competitiveness Report. This can be attributed to a number of factors. The strength of … Continue reading

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The audit process

To get a better understanding of the audit process, we can take a look at the definition of an audit. Audit – “an official inspection of an organisation’s accounts, typically by an independent body”. An efficient audit is one that … Continue reading

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MANAGEMENT’S RESPONSIBILITY

Throughout the audit of a set of financial statements, the phrase “management/director’s responsibility” appears. It is included in the engagement letter, the financial statements and the auditor’s report. But what does it mean? Management is responsible for the management of … Continue reading

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TO AUDIT OR NOT TO AUDIT?

The new Companies Act stipulates that only listed companies, and companies deemed to be in the public interest, are required to be audited and that non-public companies may choose between an independent review or an audit. Given the value of … Continue reading

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HOW TO SAVE ON AUDIT FEES: FINANCIAL AUDIT PREPARATION CHECKLIST

An audit can protect business stakeholders from the risk of fraudulent practices and therefore stakeholders will often require audits to be done annually. If a business doesn’t have a choice whether to have an audit done or not, they can … Continue reading

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HIDDEN VALUE IN AN AUDIT ENGAGEMENT

It sometimes happens that we as auditors arrive to meet a new client and one of the first things they say is, “I hope you’re not as scary as the previous auditor’’. Granted it is said in a slightly joking … Continue reading

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THRESHOLD REGISTRATION REQUIREMENT FOR THE SKILLS DEVELOPMENT LEVY

We have recently become aware of an increased level of audits being conducted by the South African Revenue Service in relation to taxpayers’ obligations in terms of the Skills Development Levies Act, 9 of 1999 (SDL Act). The focus appears … Continue reading

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