South African auditing profession debating the adoption of a new International Standard
Johannesburg, 1 March 2024 - The International Auditing and Assurance Standards Board (IAASB) published a new auditing standard, the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (the ISA for LCE), on 6 December 2023. This auditing standard may only be applied in territories where it has been adopted for use. The adoption of this auditing standard in South Africa is currently a highly debated topic within the South African auditing profession.
SAICA Wishes First-Year Tertiary Students a Remarkable 2024
As you embark on this exciting chapter of your life, transitioning from school to tertiary education, SAICA extends heartfelt wishes for an extraordinary, fulfilling year ahead.
How load shedding affects food prices – through diesel
Johannesburg, 19 February 2024 – In the 2023 Budget Speech, the Minister of Finance announced tax relief measures to address the load shedding problem the country is facing.
The state of local government; so what’s the solution?
Johannesburg, 19 February 2024 – The Auditor General’s (AG) annual report on the condition of local government is met every year with disbelief, gloom, and doom.
SARS … at your service?
Johannesburg, 19 February 2024 – Whilst many are speculating as to what tax increases or incentives the Minister of Finances will announce in his 2024 Budget Speech on 21 February, questions may also arise regarding the plans to further capacitate the South African Revenue Service (SARS) to expand the tax base and improve overall tax compliance.
Load shedding: A lifetime of crisis
Johannesburg, 16 February 2024 – Seventeen years is a long time to be in a state of crisis. With load shedding starting in 2007 and no end in sight, the question is where to from here? Lisa Kahanovitz, Project Director: Tax Advocacy at the South African Institute of Chartered Accountants, takes a closer look.
Budget 2024: Plugging the R15 billion tax hole
Johannesburg, 16 February 2024 – In the 2023 Medium Term Budget Policy Statement, the Minister of Finance already identified that tax collections would not be as robust as he had projected in February 2023. A downward adjustment of R53 billion was then made to the 2024/2025 expected revenue collections, though tax revenues were expected to increase to R2,1 trillion over the 2023-2026 medium term. In addition, the Minister noted that he would also have to raise additional revenue to partially plug this hole, and a need for a further R15 billion in taxes was projected for the 2024/2025 fiscal year.