The South African Accounting Sector describes current conditions and developments, focusing on Mandatory Audit Firm Rotation (MAFR), a rule published by the Independent Regulatory Board for Auditors (IRBA) in June 2017.
This rule and other factors that influence the success of the sector are discussed in this detailed report. Profiles for 19 companies are provided, including market leaders, the locally-owned operations of the largest audit firms in the world, PricewaterhouseCoopers (PwC), Deloitte, EY and KPMG. Also profiled are the Auditor-General of South Africa and medium-sized South African accounting firm PKF South Africa, which in May 2017 announced the acquisition of Durban-based audit and accounting practice De Witt & Saestad. The deal sees PKF's Durban office grow to 240 employees, solidifying the firm's position as the largest independent accounting firm in KwaZulu-Natal.
The accounting industry is part of the wider business services sector which contributed 20.2% to GDP in 2016. There were more than 41,000 Chartered Accountants (CAs) registered in South Africa in 2016 and some 2,000 active audit firms. Of concern in the domestic arena is that South Africa has lost its status as the global leader when it comes to the strength of auditing and reporting standards.
The accounting sector is changing rapidly as a result of technological advancement and firms are increasingly turning to cloud computing, data analytics and outright automation in an effort to reduce the amount of laborious, repetitive and time-consuming tasks and focus on a more strategic and consultative role for their clients.
- Auditor-General of South Africa
- Baker Tilly Greenwoods Chartered Accountants
- BDO South Africa Inc
- Deloitte South Africa
- Ernst and Young Inc
- Exceed (Cape Town) Inc
- Grant Thornton South Africa (Pty) Ltd
- Horwath in Southern Africa (Pty) Ltd
- Kpmg Inc
- LDP Chartered Accountants and Auditors Inc
- Moore Stephens South Africa (Pty) Ltd
- Nolands Inc
- PKF South Africa Inc
- Pricewaterhousecoopers Inc
- RSM Sa Inc
- Sekelaxabiso Ca Inc
- Sizwentsalubagobodo Inc
- Theron Du Plessis Durbanville Inc
For more information about this report visit https://www.researchandmarkets.com/research/d29sn2/the_accounting?w=4