Auditing your tax compliance profile

Taxpayers who make use of the South African Revenue Service’s (SARS) electronic filing system (or as it is generally known, eFiling) will know that, in addition to containing a history of income returns, value-added tax, pay-as-you-earn, etc., a significant amount of personal and company data is stored on the platform. This includes information such as banking details, a person’s physical address, email addresses, and relevant contact persons for […]

Depreciation vs Wear & Tear

Deterioration, obsolescence and wear and tear are among the reasons why assets decrease in value. By realising a deduction on depreciation for tax purposes, your company can recover the costs of certain moveable assets that are used in the production of income. Generally, businesses won’t be able to make use of assets like heavy machinery […]

Efficient and cost-effective audits

An efficient audit is one that reduces the audit risk to the targeted level, ensures that there are no errors contained in the financial statements while completed on time and within the budget. To ensure an efficient and cost-effective audit, we must understand the roles and responsibilities of both the client, or more specifically, the […]

Revised Standard on Auditing Accounting Estimates

During March 2016, the International Auditing and Assurance Standards Board (IAASB) released a project proposal with the intention to revise ISA 540, Auditing Accounting Estimates, Including Fair value Accounting Estimates and Related Disclosures. During April 2017, the IAASB released the proposed Exposure Draft. During October 2018, the IAASB released the revised ISA 540 standard and […]

The Public Audit Amendment Act: Groundbreaking for South Africa if properly implemented

On 21 November 2018, the 2017/2018 consolidated national and provincial audit outcomes report was released, which indicated a discouraging fourth consecutive year of regressive compliance with laws and regulations. Fittingly, the long-awaited Public Audit Amendment Act, Act 5 of 2018 (“the Amendment Act”), which substantially amends the Public Audit Act, Act 25 of 2004 (“the […]

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 still control the expense to a certain extent by planning for the audit and supporting […]

Your obligations regarding Returns to the Compensation Commissioner

In terms of the Compensation for Occupational Injuries and Diseases Act, No 130 of 1993 (“the Act”), it is required by any employer carrying on a business in South Africa to register as such with the Compensation Commissioner  (“the Commissioner”) for the purposes of occupational injuries and diseases. This registration is required for each business […]

Why and how to pay CIPC annual fees

1.Why do we have to lodge and pay annual returns The new Companies Act, no 71 of 2008, requires all companies (and close corporations) to submit an annual return to enable the CIPC to have on record the most relevant and recent information pertaining to that company. This annual return consists of a prescribed form […]