n IMFO : Official Journal of the Institute of Municipal Finance Officers - No such thing as 'audit lite'




Extracted from text ... IMFO ? Summer 2005 10 Anyone operating an entity will be aware of the burden of increased regulation, resulting from a combination of globalisation of economic markets and government's desire to address issues arising from recent corporate collapses. The resulting changes to standards of financial reporting and auditing affect the private and public sector alike. As regulator of the auditing profession in South Africa, the Public Accountants' and Auditors' Board (PAAB) is conscious of the impact the increased requirements of these standards have on administration costs of all businesses. In the private sector there are moves to introduce 'differential ..


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