ACCA members have been requested to participate in research relating to “Independent review engagements of financial statements” as outlined in the Companies Act, No 71. of 2008. The new Companies Act in South Africa which was signed by the President on the 08th April 2009 and gazetted in Gazette No. 32121(Notice No. 421) is set to reshape the face of the audit profession.  At present, all South African companies must produce audited financial statements. The new law, exempts all privately-owned companies from audit. It creates a three-tiered system, with public interest entities requiring an audit, some private companies requiring an independent review and the smallest companies exempt altogether.  The threshold to define what constitutes a small company has not yet been set. "We are delighted that ACCA members have been invited to participate as this research is aimed at providing guidance for the development of the regulations relating to independent reviews which the Minister of Trade and Industry intends to publish." says Tonia Valis ACCA's Head of Education.   "Inputs provided by ACCA members will contribute to shaping the profession and could potentially impact ACCA members who are likely to be required to perform these independent reviews.  We encourage all ACCA members to participate and contribute to this initiative."

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Accountants for Business – a challenging role ahead

By Quinton Simpson, head of ACCA South Africa

ACCA (the Association of Chartered Certified Accountants) has a new theme for 2009 /2010. For the next year, we will be championing the theme of Accountants for Business, of how the finance professions help small, medium and large business grow, prosper and survive in Africa.  

Research concluded by the ACCA for South Africa has indicated that over 60% of CFOs and FDs within the targeted sample agree that they find the biggest challenge for business is the financial skills shortage and that their biggest challenge was in finding the required financial professional. The top three concerns in South Africa business is the lack of general business skills and leadership and therefore the theme of the Accountants for Business has an immediate business directive within South Africa. A financial professional that is fit for business is crucial to retaining a growing economy.

When it comes to business, one of the hallmarks of sustainable enterprise and development is a strong finance function. Organisations, whether in public or private sectors, benefit strongly from the discipline of financial management, and especially when it is central to the business function, where it is part of its very culture.

 Finance professionals add value in whatever roles they are employed, and are promoters of sound business practices, champions of sustainable business development and they also identify new opportunities that can lead to high-performing organisations.  

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