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Audit Exemption

With effect from 1 July 2015, the exempt private company approach is replaced by the new small company concept, which exempts a company from statutory audit if at least 2 of the 3 criteria are met. Please click to read more.

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Information Technology (IT) and Data Analytics

The biggest impact IT has made on accounting is the ability of companies to develop and use computerized systems to track and record financial transactions. IT networks and computer systems have short

Functional Currency

The functional currency of a company is the currency that is widely used (or transacted in) by a company in normal daily business. Nowadays, companies buy products from suppliers in different countrie

Arguments Against Audit Exemption for Small Companies

Owners of a company who are not involved in the management of the company derive value from a third party opinion on the truth and fairness of the company’s financial statements. Accounts that are aud