Audit and Assurance updates

Self service analytics in an audit

29 June 2022
It is estimated that by the year 2025, 463 exabytes of data will be created each day globally. To put that into perspective, in three years from now, the equivalent of 4.63 billion gigabytes will be generated each day!

Is independence really that important for auditors?

23 May 2022
Have you ever really thought about whether you rely on the work of auditors? Are auditors a distant thought or a foreign concept and we don’t think their work affects our lives in any significant manner?

Spreadsheet risk and how to minimise this

7 April 2022
The audit environment or function often requires analysing of large amounts of data to complete the tasks at hand. Data analysis is a tedious task to perform, especially if it must be done manually. Fortunately spreadsheets are there to eliminate the monotonous task of analysing data.

The Advocacy Threat - Beware of taking sides

17 February 2021
Early in 2020 a colleague, Shruti Maharaj, and I wrote an article called “Auditors marking their own IFRS homework”, which was also published in Accountancy SA.

The impact of 4IR on the accounting and auditing profession

27 January 2021
Over the December festive season, I encountered an article on the Innovation Enterprise website written by James Ovenden which, for obvious reasons, caught my attention. Will Blockchain render accountants irrelevant?

Another growing concern in Covid Times

5 August 2020
The “going concern” principle has been one of the fundamental concepts in the preparation of any financial statements for as long as most of us can remember.

The Brydon Report - Assess, assure and inform

25 February 2020
The title of this article is the tagline of the final report by Sir Donald Brydon that was published in December 2019.

The duties and responsibilities of an audit committee

14 November 2018
Companies may choose to appoint an audit committee as part of a good corporate governance strategy, or they may be required to do so in terms of legislation or other requirements.

Getting the most from audit readiness

2 November 2018
In preparation for an audit some groundwork can be done to aid both the audit team and client staff, which could result in saved time and costs.

The secret to growth for SMEs may be found in an audit

4 October 2018
An audit is an inspection of your business accounts, including accounting systems documents and invoices. The goal of an audit is to determine if the financial statements are representing an accurate view of the company.

Management can improve audit quality

27 September 2018
If the saying that “any publicity is good publicity” were true, auditors would have come very close to celebrity status lately.  After recent events like state capture, the SARS report, VBS Bank, Steinhoff, etc.

Reducing the cost of an audit

21 September 2018
The annual audit is never an event that our clients look forward to. It can be time consuming for the client and, of course, quite costly. The Companies Act introduced a “lighter” alternative to the audit in the form of the independent review, however many clients, understandably, are seeking ways to reduce the costs.

The key to a successful audit

10 July 2018
Planning is one of the most important parts of the audit process and proper planning will ensure that the audit is executed and conducted properly. The audit process includes the following.

The value added by external auditing

18 April 2018
An external audit provides reasonable (but not absolute) assurance that the financial statements of the entity being audited are free from material misstatement. However, external auditing is often seen as costly and of no practical value to businesses. This is particularly prevalent in small to medium-sized businesses.

Auditors' responsibilities in relation to groups

19 February 2018
There are many legal, and practical, reasons why companies may be structured in groups, branches, etc. as opposed to just one reporting unit.