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In July 1993, the Institute of Directors in South Africa asked retired Supreme Court of South Africa judge Mervyn E. King to chair a committee on corporate governance. He viewed this as an opportunity to educate the newly democratic South African public on the working of a free economy. [4]
The first auditor general, as appointed per the Constitution, was Shauket Fakie who served until his retirement in 2006. Terence Nombembe was appointed on 1 December 2006 and served until 30 November 2013. Nombembe is a member of the South African Institute of Chartered Accountants as a Chartered Accountant (South Africa).
The Independent Regulatory Board for Auditors (IRBA), formerly known as Public Accountants and Auditors Board (PAAB), is a statutory body controlling public accountancy in the Republic of South Africa. The designation conferred by IRBA is Registered Auditor (RA).
External companies are those foreign companies which carry on business or non-profit activities within the Republic of South Africa, subject to sections 23(2) and 23(2A). What constitutes "carrying on business" was radically altered by the insertion of section 23(2A) with the first Amendment Bill.
Surrounded by crypto executives buoyed by Donald Trump's presidency, South Africa's central bank chief on Tuesday criticized industry lobbying of U.S. policymakers, telling a Davos panel event ...
Programming independence essentially protects the auditor's ability to select the most appropriate strategy when conducting an audit. Auditors must be free to approach a piece of work in whatever manner they consider best. As a client company grows and conducts new activities, the auditor's approach will likely have to adapt to account for these.
The "near privity" approach was established in Credit Alliance Corp. v. Arthur Andersen & Company. [11] This approach states that the auditor has liability under ordinary negligence if the third party is known to be using the financial statements and there has been some sort of direct communication between the two parties. [12]
A 2013 auditor's investigation, which covered Loy's employment from 2002 to 2012, when she was fired, uncovered more than $10,700 in improper disbursements, including $1,149 to herself.