10 Steps to Becoming a Successful Entrepreneur

Succeeding as an entrepreneur takes hard work and persistence because, unfortunately, there is no business-start-up fairy who magically bestows success on small businesses and their owners.

Most successful entrepreneurs follow comparable patterns and share similar basic characteristics. Hundreds of online articles and published books claim to know the secret of success in business, but for the most part, they boil down to the same major points. (more…)

Personal Liability of Members / Directors to CC / Company & Other

The members of the Close Corporation are not liable for the debt of the Close Corporation unless the members have signed surety for the debt of the Close Corporation. However, there are times when the members can be held liable for the debt of the Close Corporation in their personal capacity, even if they did not sign surety for the Close Corporation. These “times” are determined by the Close Corporations Act 69 of 1984 and is discussed below. Under thesecircumstances the fact that a Close Corporation was registered can be ignored as if it was not registered and the members be held personally liable as if the Close Corporation did not exist. (more…)

Qualifying or Non-Qualifying Report

In an audit engagement, the auditor gives his opinion on the financial information disclosed by your business. The auditor’s report is an integral element of your business’s audited financial statement. At the culmination of the audit engagement, the auditor expresses his opinion in the auditor’s report, which can be qualified or unqualified.

(more…)

Professional Development

Skills developmentKnowledge 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. (more…)

Monitoring of Fees and Time Records

For Invoicing, law firms, accountants, consultancies, and other professional services firms (whose principle activity is to “sell time”) need their staff to track and account for time accurately, so that they can invoice their clients correctly.

(more…)

Client Liaison Best Practices

Client liaison best practicesThe 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 in process.

(more…)

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 established and endorsed strategic, policy and financial framework.

Each Committee requires a President, Secretary and Treasurer, with the deputy position of Vice President and optional positions of Ordinary Committee Members. An organisation’s constitution (model rules) indicate the specific requirements on each of these positions.

(more…)

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 in aggregate, could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
The main elements of materiality:-
• an omission or misstatement
• the auditor’s perception of the influence of such omission or misstatement on the economic decisions of users/shareholders.
• based on the information in the financial statements

(more…)