Data Analytics – a change of perspective
“What gets measured, gets managed”. This quote provides the essence of why data analytics is important. With the use of today’s technology, there is a wide variety of information available on a recurring basis and on short notice. The challenge now is to identify which of the data is important and relevant in order to […]
FU2F – IFRS 16
The new standard on lease accounting (IFRS 16) was issued in January 2016 with major changes, of which the most significant are the following: The new definition of the lease can cause that some contracts previously treated as “service contracts” can now be treated as “lease contracts”; and Accounting for leases in the lessee’s financial […]
Customer service – the second strategic objective of our audit department
In a previous article, we looked at the strengths and opportunities associated with employee motivation. This article will place a focus on the strengths and opportunities regarding our audit departments second strategic objective, namely customer service. As an audit or independent review is frequently viewed as a burden, we strive to change the perception through […]
Audit, review and compilations – differences and Companies Act requirements
The Companies Act No. 71 of 2008 together with amendments and companies’ regulations, stipulates requirements whether a company’s financial statements should be audited, independently reviewed or only compiled. As a business owner, it is important to understand the requirements together with the differences in these services provided. To understand what category applies to your company, […]
Oudit, onafhanklike oorsig en kompilasies – verskille en vereistes van die Maatskappywet
Die Maatskappywet No. 71 van 2008, tesame met wysigings en maatskappyregulasies, stipuleer vereistes wat bepaal of ’n maatskappy se finansiële state geoudit, onafhanklik nagesien of slegs gekompileer moet word. As ’n besigheidseienaar is dit belangrik om die vereistes te verstaan tesame met die verskille van hierdie dienste. Sien onderstaande besluitboom om te verstaan watter kategorie […]
Employee Motivation
In our previous article about employee motivation, we looked at the reasons why we need motivated employees. In this article, we’ll look at the strengths and opportunities associated with having motivated employees. Strengths: Our mentor-mentee programme: Each first-year trainee is assigned a mentor – this mentor is usually a third-year or assistant manager. They know […]
IFRS 15 – Revenue from Contracts with Customers
IFRS 15 recently became effective for financial periods beginning on or after 1 January 2018. IFRS 15 is only applicable to entities that have implemented International Financial Reporting Standards as their financial reporting framework. The new standard does not currently affect entities utilising the International Financial Reporting Standards for Small and Medium-Sized Entities as financial […]
Audit efficiency – the constant strive to improve service excellence
As an Audit Department and SAICA training office, the balancing act between developing trainees to the competencies required, adhering to all regulatory requirements, remaining current and up to date with all changes in the industry together with providing high quality work efficiently and service excellence can be challenging. We believe that efficiency in everything we […]
Cryptocurrency
Cryptocurrency and blockchain has been the hot topic in the media the past year. It is a concept that few truly understand, and could change the future for everyone in a major way. But what is cryptocurrency and blockchain? Per the online dictionary: A cryptocurrency is a digital currency in which encryption techniques are used […]
Audit department strategy – Employee motivation
As a SAICA training office, our department largely consists of trainees completing a 3-year training contract. Throughout the contract, we are responsible for providing them with sufficient learning opportunities to obtain the competencies SAICA has set. We also provide extensive on-the-job training to mould them into the best professionals they can be. The trainees make […]