The Week of Sad Accounting Standards: Sasria and the Reality of Impairment
When Reality Rocks the Financial Position In the world of accounting, we often deal with frameworks that feel theoretical until a “black swan”event occurs. For South Africa, the unrest of 2021 was one such event. In professional terms, this was the”week of the sad accounting standards”—specifically those governing the Impairment of Assets (IAS 36, GRAP […]
The One-Hour Trap: Why Assumptions are the “Devil in the Detail”
The Headline vs. The Reality In early 2022, a wave of cautious optimism followed the release of the Stats SA Quarterly Labour Force Survey (QLFS). The headline was positive: 370,000 jobs gained and a 0.8% decrease in the official unemployment rate. However, for the specialist accountant, a headline is merely a starting point. When you […]
The Emperor’s New Ledger: Why Disclosure is Never “Just Technical”
The Technicality Trap In March 2023, a special government gazette exempted Eskom from disclosing irregular and fruitless expenditure in its annual financial statements (AFS). The reasoning cited? “Apparent technical accounting issues.” However, for the specialist accountant and the dedicated board member, there is nothing technical about transparency. In its simplest form, a public sector entity […]
The Craftsmanship of Compliance: Why Quality is the Only Path to Growth
Returning to the Basics of Stewardship and Integrity In the wake of high-profile global auditing scandals, the industry has seen a significant shift in posture. Recently, major firms have announced a new strategic priority: “Quality before Growth and Margin.” While this may sound like a radical shift in the 21st-century pursuit of profit, for the […]
The Cost of Losing: Are Government Legal Fees Fruitless and Wasteful?
Turning the Audit Lens on Litigation Strategy In the world of public finance, the terms “Fruitless and Wasteful Expenditure” are defined by the Public Finance Management Act (PFMA) and the Municipal Finance Management Act (MFMA) as expenditure which was made in vain and would have been avoided had reasonable care been exercised. While legal fees […]
The Accountability Gap: Why Your Audit Report is Just the Beginning
Beyond the Zondo Commission and Auditor-General Findings The release of high-profile reports—whether from the Zondo Commission or the Auditor-General—often follows a predictable pattern: a “thick book” of evidence detailing the misuse of state coffers, followed by a public outcry for justice. Yet, as the technical data often shows, the transition from identifying irregular and fruitless […]
Technical Clarity in a "Royal Mess": Decoding the GRAP 3 Test
When Legal Rulings Collide with Financial Reporting In June 2021, the High Court in Pietermaritzburg declared the Ingonyama Trust’s residential lease programme unlawful, ordering the repayment of millions collected since 2012. While the headlines focused on the legal fallout, Altimax looked at the underlying challenge for the accountants and auditors: How do you account for […]
From History to the Balance Sheet: The Real Role of “Event Management” in Accounting
Why Every Global Milestone is a Reporting Reality When we look at significant global or local events—the kind that change political landscapes or mark historical anniversaries—we rarely think of them as “accounting opportunities.” To the outside world, accounting can seem detached from the drama of current events. But for the specialist, the opposite is true. […]
Continuous Improvement – The Cigfaro Way
Authors: Noeline Slogrove, Associate Director at Altimax, (B Com, MBA, Post-Graduate Diploma in Risk Management, F.Inst.Dir, IRMSA member), and Annalien Carstens, Managing Director at Altimax (MCom, CA(SA), RA, Chartered Tax Advisor) It is here! The Chartered Institute of Government Finance, Audit & Risk Officers (CIGFARO) is proud to launch the latest version of the CIGFARO […]
