Knowledge of Fasset and Skills Development Fasset is the Finance and Accounting Services Sector Education and Training Authority. The finance and accounting services sector is particularly important because it is the largest employer of people with financial management, accounting, and auditing skills. In 2012 more than 135 000 people worked in the sector.
Category: Accounting and Tax Blogs
Client Liaison Best Practices
The best way to improve communication is to write a communication policy that outlines your plan to exchange information between clients, vendors and employees. For example, when handling potential clients who have expressed an interest in your services, you may want to create a new client communication policy that defines what steps should be taken…
Rights, Powers and Duties of Office Bearers
The Committee of Management is the governing body of a non-profit organisation and is legally accountable to the body of members for its decisions, actions and obligations, and to always act on their behalf and in their interest. The Committee directs and monitors the financial and operational performance of the legal entity through a formally…
Requirements In Terms Of The Companies Act In Respect Of The Annual Financial Statements
All companies must prepare annual financial statements (“AFS”). Public and State Owned companies (SOC) must have audited AFS while a Private, Personal liability and Non-Profit company is not required to have its AFS audited unless:
A General Article about Risk.
(We at PATC do not conduct Audits on Annual Financial Statements as governed by IRBA however, we regularly advise, guide and make recommendations and or take on forensic work…) Risks & Materiality – Materiality is a fundamental concept in auditing. It means that misstatement, including omissions, are considered to be material if they, individually or…
INTERNAL CONTROL PROCEDURES
Internal Control Definition – Internal controls are systems and procedures designed to ensure that all employees perform their duties ethically, honestly and to ensure the continued reliability of the accounting system.
CLIENTS/STAKEHOLDERS MEETINGS – RECORDING AND AUTHORISATION OF AGENDAS AND MINUTES
The agenda of the Annual General Meeting (AGM) will depend on the legal structure of the organisation, how actively it has been operating over the past year and how much engagement the board is seeking from the owners. A basic agenda might include a. Minutes from the last Meeting b. Appointment of a new Trustee…
SAIPA – National Conference in Cape Town
Gavin has recently attended the National Conference in Cape Town which was from the 19th to 21st Oct. Introduction: Surviving Beyond the Numbers SAIPA holds a National Conference every five years, giving members and stakeholders in the accounting industry the opportunity to come together and network, share knowledge and hear about updates in the industry. Click…
Income Tax Return 2017 Deadline
The deadline dates are as follows: 22 September 2017 for manually submitted returns; 24 November 2017 for returns submitted electronically at a SARS branch or via e-filling; or. 31 January 2018 for returns submitted by provisional taxpayers via e-filling. (remember the deadline of 31.1.2018 is only applicable for Provisional Taxpayers who are 100% up to date with everything) http://www.sars.gov.za/TaxTypes/PIT/Tax-Season/Pages/default.aspx http://www.pkf.co.za/news/2017/submit-your-2017-income-tax-return-submityourreturn-avoidpenalties/
Fringe benefits – Right of use of motor vehicle
Meaning: A taxable benefit shall be deemed to have been granted where an employee is granted the right of use of any motor vehicle for private or domestic purposes. Click here to read the full article
