South Africa: Accounting and Audit

An Agreed-Upon Procedures (AUP) Engagement involves an engagement team performing mutually agreed-upon procedures with the engaging party, presenting findings without providing assurance opinions or conclusions. These engagements can cover diverse financial and non-financial matters, from inventory verification and loan covenant compliance to system reviews and regulatory reporting, offering flexibility for organizations seeking specific procedural work tailored to their unique needs.

South Africa's removal from the Financial Action Task Force ("FATF") grey list in October 2025 represented an important milestone in the country's ongoing efforts to strengthen its anti money laundering...

Fraud remains one of the most pervasive and value-destroying risks facing South African organisations. Economic pressure, sophisticated fraud schemes...

Sustainability reporting in South Africa is undergoing significant transformation as global standards converge with local governance frameworks. The introduction of IFRS Sustainability Disclosure Standards, together with the King V Code, presents organisations with an opportunity to strengthen governance, improve decision-making and enhance corporate reporting credibility. As investor expectations evolve and regulatory scrutiny increases, organisations face growing pressure to provide sustainability informa

Mining companies face critical accounting decisions during the development phase, particularly regarding IAS 16 Property, Plant and Equipment compliance. Understanding what constitutes directly attributable costs, how to treat incidental revenue from pre-production extraction, and when to cease capitalisation can significantly impact financial reporting accuracy and regulatory compliance.

In a landmark judgment, the Supreme Court of Appeal (“SCA”) in the case of Ibex RSA Holdco Ltd and Another v Tiso Blackstar Group (Pty) Ltd and Others 2025 (2) SA 408 (SCA) (“Ibex”)...