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13 hours ago

Association of International Certified Professional Accountants Urges South Africa’s Audit Regulator to Reject Mandatory Audit Firm Rotation

NEW YORK & LONDON--(BUSINESS WIRE)--The Association of International Certified Professional Accountants (the

Association) has voiced its strong opposition to a plan by South

Africa's Independent Regulatory Board for Auditors (IRBA) to implement

mandatory audit firm rotation (MAFR).

In a written

response to IRBA's Consultation Paper, the Association, which has

offices in locations including Johannesburg, Colombo, Kuala Lumpur,

London, New York and Shanghai, wrote that MAFR "may have a negative

impact on audit quality, increase market concentration to a more limited

number of auditing firms, and will hinder, rather than promote,

transformation of the profession."

The letter, signed by Association CEO Barry C. Melancon, CPA, CGMA,

includes analysis of the most significant factors supporting the

profession's longstanding position. It notes that mandatory audit firm

rotation:

Negatively impacts audit quality

Causes loss of institutional knowledge and experience

Limits auditor specialization

Creates resource strains

Could increase audit market concentration

May result in unintended costs

Limits the audit committee's ability to determine the best audit firm

for the company

Limits ability to attract and retain talent

"The Association believes that each of these factors demonstrates that

MAFR should be rejected," the letter stated. "It is clear from at least

some of the regulatory regimes that have adopted it that MAFR has not

had the intended benefits and its continuation is either being

questioned or discontinued. MAFR takes away the key responsibility of

audit committees which, along with the board of directors, are in the

best position to watch management actions and ensure that companies are

obtaining high quality audits to protect the investing public."

Concluding that MAFR is not in the public interest, risks harm to audit

quality, would impose significant costs on businesses and shareholders

without commensurate benefit, would be economically disruptive and

create other negative consequences, the Association asks that IRBA

reject a move to require it.



About the Association of International Certified Professional

Accountants

The Association of International Certified Professional Accountants (the

Association) combines the strengths of the American Institute of CPAs

(AICPA) and The Chartered Institute of Management Accountants (CIMA) to

power opportunity, trust and prosperity for people, businesses and

economies worldwide. It represents 650,000 members and students in

public and management accounting and advocates for the public interest

and business sustainability on current and emerging issues. With broad

reach, rigor and resources, the Association advances the reputation,

employability and quality of CPAs, CGMAs and accounting and finance

professionals globally.



http://www.businesswire.com/news/home/20170116005079/en/Association-International-Certified-Professional-Accountants-Urges-South

2 days ago

How to become a Forensic Accountant

Forensic accountants, for all practical purposes, are financial detectives who make use of their investigative financial skills to audit and determine the accuracy of financial reporting documents. Forensic accountants are called in during ongoing or anticipated legal procedures against a business.

What does a Forensic Accountant do?



Forensic Accountants can work with non-profit, government organizations and law enforcement agencies as well as banks, accounting firms, insurance companies, private companies, police departments, Internal Revenue Service (IRS), the Federal Bureau of Investigation (FBI) etc. Their job typically includes:

o Investigating and analyzing financial reports using data-mining techniques in cases of concealment of debts and assets, embezzlement, fraud, money laundering, tax cases etc.

o Conducting interviews with the people who have been suspected to commit the fraud or who might have some knowledge about the fraud that's occurred.

o Communicate their findings to those concerned and suggest measures to reduce the likelihood of further such cases of fraud.

o They might also be asked to assist in legal proceedings or could be hired by attorneys to investigate the financial trail of suspected persons engaged in criminal activity.

o They provide advice on financial transactions such as venture capital investments, contemplated mergers and acquisitions, purchase of bonds and stock and bankruptcy proceedings.

How can you become a forensic accountant?

Many colleges and universities offer various educational programs to become a forensic accountant. In order to become a forensic accountant, a student is required to have a bachelor's degree with minimum 24 hour credit hours in accounting. The student always has the option of pursuing a bachelor's degree from a college that offers a program in accounting with a forensic accounting focus.An example of a college that offers a bachelor degree program in accounting with a forensic accounting emphasis is California College San Diego. Student reviews of California College San Diego highlight the college's accreditation, student services and much more. And as is true with any college, you should read a student review of California College San Diego to find out more about what they have to offer their students and how studying there might benefit you.

Job outlook and salaries

According to PayScale.com, the median salary for a forensic accountant is $60,923, making a career in forensic accountancy appealing. The U.S. Bureau of Labor Statistics states that the all round employment opportunities for accountants and auditors is expected to grow by 16 percent between 2010 and 2020. Those accountants and auditors who have received recognition as Certified Public Accountants (CPA) are likely Accounting firms in Johannesburg to have the best job prospects.

Forensic accounting can be a high-paying, enjoyable career with multiple potential employers. If you are detail-oriented, have a keen, analytical and inquisitive mind, forensic accounting might just be the career you're looking for.

Author's Bio:

3 days ago

Brakpan Accountants Accounting Firms



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As one of South Africa's foremost accountancy institutes, the South African Institute of Professional Accountants (SAIPA), plays a very important role in ensuring that its members are able to optimise their accountancy practices or add value to their employers in the corporate world. The majority of its members are in public practice, offering accountancy and allied services, excluding auditing, to the general public and the business community, especially in the SMME sector.



The South African Institute of Chartered Accountants (SAICA) is the pre-eminent accountancy body in South Africa. It has established itself as one of the leading Institutes in the world, playing its part in a highly dynamic business sector. It provides a wide range of support services to its members enabling them to play a key role in developing the rapidly changing South African economy. Members of SAICA are entitled to use the highly regarded and prestigious designation CA(SA) after their names.

Advertise your Brakpan Business Services in the infoHUB Business Directory & Information Portal.

Related Articles:



Accounting Software for South African Businesses -- The computerisation of most transactions in the modern business world has changed the way accounting data is stored and analysed. Accounting software packages can analyse accounting data and generate broad range of sophisticated reports. South African Businesses accountants Johannesburg have a number of options to choose from...





4 days ago

Association of International Certified Professional Accountants Urges South Africa’s Audit Regulator to Reject Mandatory Audit Firm Rotation

NEW YORK & LONDON--(BUSINESS WIRE)--The Association of International Certified Professional Accountants (the

Association) has voiced its strong opposition to a plan by South

Africa's Independent Regulatory Board for Auditors (IRBA) to implement

mandatory audit firm rotation (MAFR).

In a written

response to IRBA's Consultation Paper, the Association, which has

offices in locations including Johannesburg, Colombo, Kuala Lumpur,

London, New York and Shanghai, wrote that MAFR "may have a negative

impact on audit quality, increase market concentration to a more limited

number of auditing firms, and will hinder, rather than promote,

transformation of the profession."

The letter, signed by Association CEO Barry C. Melancon, CPA, CGMA,

includes analysis of the most significant factors supporting the

profession's longstanding position. It notes that mandatory audit firm

rotation:

Negatively impacts audit quality

Causes loss of institutional knowledge and experience

Limits auditor specialization

Creates resource strains

Could increase audit market concentration

May result in unintended costs

Limits the audit committee's ability to determine the best audit firm

for the company

Limits ability to attract and retain talent

"The Association believes that each of these factors demonstrates that

MAFR should be rejected," the letter stated. "It is clear from at least

some of the regulatory regimes that have adopted it that MAFR has not

had the intended benefits and its continuation is either being

questioned or discontinued. MAFR takes away the key responsibility of

audit committees which, along with the board of directors, are in the

best position to watch management actions and ensure that companies are

obtaining high quality audits to protect the investing public."

Concluding that MAFR is not in the public interest, risks harm to audit

quality, would impose significant costs on businesses and shareholders

without commensurate benefit, would be economically disruptive and

create other negative consequences, the Association asks that IRBA

reject a move to require it.

About the Association of International Certified Professional

Accountants

The Association of International Certified Professional Accountants (the

Association) combines the strengths of the American Institute of CPAs

(AICPA) and The Chartered Institute of Management Accountants (CIMA) to

power opportunity, trust and prosperity for people, businesses and

economies worldwide. It represents 650,000 members and students in

public and management accounting and advocates for the public interest

and business sustainability on current and emerging issues. With broad

reach, rigor and resources, the Association advances the reputation,

employability and quality of CPAs, CGMAs and accounting and finance

professionals globally.

7 days ago

Home - SAICA

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Get your results now Click Here!";

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https://www.saica.co.za/Default.aspx

1 week ago

4 charged in Dewey Leboeuf's epic collapse

The Manhattan District Attorney announced fraud charges Thursday against the men, who had been employed by the now-defunct law firm Dewey & LeBoeuf. The defendants are accused of concealing the woeful state of their firm's finances in order to secure loans to keep the firm running, and to secure their bonuses.

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1 week ago

Indians in South Africa – 150 years of toil and triumph

When the Truro dropped anchor in the bay off Durban she had arrived earlier than expected and so the preparations for the reception of the indentured labourers had not been completed. As the local newspaper, the Natal Mercury , reported on 22 November 1860, "The barracks were not completed. Whoever expected they would be? Was any work, ever executed by any Government, ready for an emergency?"

As there was at that time no harbour for ships to dock in the passengers had to be brought ashore in smaller boats. The Natal Mercury reported the event: "There has seldom been such a crowd at the Point as there was on Saturday. The boats seemed to disgorge an endless stream of living cargo. Pariahs, Christians (Roman Catholics), Malabars, and Mahometans, successively found their way ashore. The major portion of this lot are, we understand, not so much field labourers, as mechanics, household servants, domestics, gardeners, and tradespeople. There are barbers, carpenters, accountants, and grooms amongst them. Among the women we find ayahs, nurses, and maids. It seems to be rather a heterogeneous assortment, comprising a few of all callings, than a supply of labour for the plantations ... They were all provided with two days' rations from on board, consisting of rice, fish, ghee, and dholl. Each of them carried his household chattels in a teakwood box, and may appear to be flush with spare cash, which they immediately endeavoured to invest in the purchase of 'something to warm them'."



In fact, the religious groups of the passengers were 2 % Brahmins, 9 % Kshatriyas, 21 % Vaishyas and 31 % Sudras, 27% Scheduled Castes, 3 % Christians and 4 % Muslims. There were 75 women and 83 children under the age of 14 among the 342 people who arrived on the Truro.



The late Professor Fatima Meer, in her delightful book A Portrait of Indian South Africans (Avon House, 1969) commented: "They brought to their new country ancient traditions which had become theirs through telling and retelling, through learning and remembering over hundreds of generations - accounts of gods and sages and kings, and crafts of wood, metal and fibre and husbandry of animal and soil." (Professor Meer was a sociologist!)