The majority of financial statements in South Africa are arguably compiled by implementing the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs) as a financial reporting framework. The International Accounting Standards Board (IASB) published IFRS for
Sufficient cash flows to enable a business to function at optimal levels during a financial cycle is paramount. Whether you have a seasonal business, are anticipating higher sale volumes during holidays or when you need just a little bit of
Throughout the audit of a set of financial statements, the phrase “management/director’s responsibility” appears. It is included in the engagement letter, the financial statements and the auditor’s report. But what does it mean? Management is responsible for the management of
South Africa’s budget paints a very interesting picture when one drills down into the numbers involved. The annual national budget presented in Parliament on 21 February 2018 by Finance Minister Malusi Gigaba presented South Africa’s biggest budget yet, providing for
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
Is it really necessary to be able to manage financial risk? The answer is a definite “Yes!” It can make the difference between having a successful business or being forced to close down the business. Make sure you give your
Can a consumer take you, the service provider, to court because they did not understand some of the terms and conditions of your signed contract? Beware, the answer is Yes! From April 2011 the Consumer Protection Act came into full
If a company/close corporation is in financial trouble and all possible avenues to save the business have been exhausted, there is one last option available to save the business: it can lodge an application for business rescue at the CIPC.