General interest audit publications and articles.
The CIPC issued a non-binding opinion on which provided relief for private companies who are required to have an audit in terms of the Companies Act and Regulations was withdrawn on 12 March 2015 with immediate effect.
For some time, there have been calls from users for the auditor’s report to provide more than a pass/fail opinion.
18 August 2014: The need for a full and frank assessment of the future role of the audit profession was highlighted at a recent roundtable discussion in South Africa.
As the severity of the global financial crisis was exposed to the world, questions shifted from the troubled institutions themselves to the auditors that provided assurance over their financial statements.
Larry Bradley, KPMG’s Global Head of Audit, explains the KPMG perspective on the value of audit, and the steps we are taking to ensure that audit remains relevant for the changing needs of all markets.
The purpose of an audit is to add credibility to an organization’s financial statements and as a result, enhance investor confidence and provide a sound basis for decision-making.
Financial statements no longer give insight into companies’ changing fortunes. So auditors must evolve themselves in order to remain relevant as a profession.
How does audit add value to the capital markets? While this has always been an issue for companies and their auditors, the financial crisis has brought the question into the full glare of the global public spotlight.
The audit profession must evolve and change to remain relevant in today’s rapidly changing global economic environment.
April 2014 saw the European Parliament approve the legislation to reform the audit market including spreading the new UK ‘long-form’ audit reporting across Europe.
2013 saw a number of new and revised IFRSs come into effect, some of which contain significant new disclosures.
Organised by topic, Insights into IFRS broadly follows the structure of a set of financial statements to give you ready access to the answers you need.
When considering their agendas, Audit Committees should consider these issues.
South African audit committees display a remarkable degree of congruence with international best practise according to a recent survey conducted by KPMG.
Operation Clean Audit 2014 is a bold Government initiative to ensure clean audits, transparency and improved service delivery within government across the country.