Companies unaware of inherent tax risks

Issued by PwC The global financial crisis, combined with King III and the New Companies Act, demands greater corporate risk management. However, a lack of inherent tax risk awareness may be counteracting efforts to improve transparency and manage threats, leaving unsuspecting directors liable for negligence. “When it comes to tax there is little focus on [...]

How to make your Audit Committee even more effective

Issued on behalf of the IoDSA by PR Republic Having an audit committee can become a mere box-ticking exercise if it’s not functioning properly, according to the Institute of Directors of Southern Africa (IoDSA). Which would be a real waste considering all the positive effects a well-functioning committee can have on one’s organisation. However, by [...]

The birth of integrated reporting for companies

Media Release SAICA Code defines integrated reporting as a holistic and integrated representation of a company’s performance in terms of finance and sustainability. “ Johannesburg, Monday, 5 October 2009 – The King III Code on Governance Principles calls for integrated reporting. But what exactly is this and does it mean an overhaul of how companies [...]

King III: The reality of good governance

TAXtalk Prof Mervin E King SC (Chairman of the King Commission) highlighted the governance aspects of the companies bill and King III, in a presentation held by PFK in Sandton yesterday . King III was introduced to reinforce intergrated reporting, companies do not operate in a vacuum and we can see this with the current [...]

Internal Audit claims its rightful place in governance

Mark Dunn, Director BDO Spencer Steward The recently released draft King III Corporate Governance Report reinforces the need for internal audit (IA) in an organisation and gives further guidance on the nature of this function. “By giving recognition to the key role that IA plays in a business, King III elevates the function to where [...]

What you need to know about the Companies Act

Pastell Payroll During 2003, the Department of Trade and Industry embarked on a project to update and rewrite the Companies and Close Corporations Acts in an effort to launch the current outdated legislation into the 21st century. These changes aim to update our legislation to be more appropriate for today’s business environment. In July 2008, [...]