Systems of Internal Control

Management is responsible for implementing a system of internal control, and these controls should be designed to ensure reasonable, rather than absolute, certainty in regards to the reliability of the financial statements, adequate security, control and responsibility for assets, as well as identifying and preventing misstatements and losses. All these controls should be well documented …

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Directors: Fighting Corruption via Your Social and Ethics Committee

State Capture and the recent high-profile corruption scandals in the private sector are behind the new CIPC (Companies and Intellectual Property Commission) “Guideline for the Corporate Compliance Programme”, and we summarise the 7 Compliance Principles that you should incorporate. With reports that we have lost R700 billion to corruption over the last 20 years, we …

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Deemed Accruals Can Seriously Disrupt Your Cash Flow – A Tax Lesson for Property Developers

Managing your cash flow is fundamental to the success of any business, and a recent Supreme Court of Appeal judgment addresses one particular threat that all taxpayers should heed. The case concerned a R1.9m tax assessment raised by SARS against a property developer. The question was whether the developer/seller had to declare its income in …

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Beware the New Corporate Income Tax Penalties! And Your Tax Deadlines For November

There are only run-of-the-mill tax deadlines for November but companies need to take note of a new warning from SARS that it will be imposing administrative penalties from December 2018 for outstanding Corporate Income Tax (CIT) returns.  Until now, penalties have only been imposed for failure to lodge personal returns. The penalties, says SARS, “range …

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