Financial skills are in short supply and are expensive. In the Small and Medium Enterprise (SME) segment this can adversely impact on many businesses. It must also be remembered that in terms of fiduciary duties and responsibilities, directors and senior management are expected to have a firm grip on the entity they manage. 

One way to bridge this gap is by setting up informal audit committees.

Last year (CA(SA)DotNews November 2013 issue) we warned about the increasing trend in cyber crime.  Although there has been a response from business to fight this scourge, there has also been a marked rise in the sophistication of hackers. A recent American survey puts the global cost of cyber crime at $400 billion to $575 billion annually.

SARS now has a single registration and updating of details process for all taxpayers. This covers income tax, VAT, all payroll taxes and customs and duties. All information will be stored in one central point. So, if your bank account details change, you will only need to do this once as opposed to updating each type of tax. 

South Africa is the second largest exporter of fruit. It is behind China but ahead of the USA and Brazil.

We invented coal to oil technology. Sasol took over research done by Germany in World War 2 and now produces 28% of South Africa’s fuel. It has also set up plants in the Middle East and the USA. 

The most diverse and iconic fossils are found in South Africa. 80% of mammalian fossils were found in the Karoo Supergroup rocks which cover two thirds of the country.