(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Fintech

New technologies set to power an audit

By Shaaheen Tar-Mahomed We are seeing rapid digitisation of our society and our lives, where everything creates data. More data was produced in 2017 than in the previous 5,000 years of humanity.[1] New and disruptive technologies are emerging at a rapid pace. Blockchain, the cloud, robotic process automation (RPA), digital labour, machine learning, deep learning,… Read More New technologies set to power an audit

(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Audit and Assurance, Information Technology

IT as a key audit matter

By Karlien Dempsey and Ben Marx Information technology is an integral component of most organisations’ business operations, with individuals and societies placing ever-increased reliance thereon. IT brings with it significant benefits but also significant risks which impact directly on how entities conduct business . The rapid evolution of the IT landscape, coupled with the Fourth… Read More IT as a key audit matter

(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Financial Reporting

Proposed deferral of IFRS 17

By Esther Pieterse and Gerdus Dixon This is not the time to take the foot off the pedal… The International Accounting Standards Board (IASB) at its meeting on 14 November 2018 tentatively decided to propose that: The mandatory effective date of IFRS 17, Insurance Contracts (IFRS 17), be deferred by one year, to 2022, and The fixed… Read More Proposed deferral of IFRS 17

(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Tax

The Tax Administration Act: the administrative umpire for unreasonable delays by SARS

Sometimes it just doesn’t seem fair. Punitive measures against taxpayers are swift and stressful. What many taxpayers don’t know, is that the Tax Administration Act (TAA) has the role of administrative umpire, ensuring that SARS, too, plays fair. SARS needs to be efficient, economic and effective; act impartially, fairly, equitably and without bias. And no,… Read More The Tax Administration Act: the administrative umpire for unreasonable delays by SARS

(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Financial Services

Banks vs the client under FATCA and CRS

By Marelize Loftie-Eaton It is critical for both financial institutions and their clients to treat the requirements of FATCA and the CRS with the respect it commands from a compliance perspective to prevent unnecessary pain with harsh penalties being imposed for non-compliance. Although tax avoidance is legally possible or acceptable, there is a fine line between… Read More Banks vs the client under FATCA and CRS

(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Tax

Another tax interpretation rule conundrum

By Pieter Faber  The Supreme Court of Appeal (SCA) in CSARS vsDaikin, in a split judgment, tests the rules of interpretation again and creates further uncertainty on how to practically approach the rules of interpretation. Background CSARS v Daikin Air Conditioning(185/2017)[2018] ZASCA 66 (25 May 2018) is an appeal to the SCA regarding theclassification of… Read More Another tax interpretation rule conundrum