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The Accounting Sector in South Africa 2021

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    Report

  • 112 Pages
  • February 2021
  • Region: South Africa
  • Who Owns Whom
  • ID: 5301107

The Accounting Sector in South Africa


The accounting sector is the guarantor of financial reporting standards and performs a critical function in the economy. Although well-established and anchored by the world’s largest accounting firms, the auditing profession has been mired in controversies relating to fraud and financial irregularities involving its clients. These have highlighted the shortcomings of the external audit and various stakeholders have called for audit reforms. Regulatory changes that are set to disrupt the industry include the mandatory rotation of auditors, which is scheduled to come into effect on 1 April 2023.



Reputational Damage


Poor accountability, specifically the failure of certain major auditing firms to report financial malpractice and fraud involving private companies and public entities, has resulted in a credibility crisis for the auditing profession. Major firms have implemented controls including audit quality monitoring systems, integrity checks, whistle-blowing initiatives and publication of annual transparency reports. The large firms’ increased reticence to take on clients who present an elevated risk is expected to drive many clients to smaller accounting firms.



Technology


While traditional accounting software has reduced the amount of time spent on routine tasks such as transaction entry, data capture and number crunching, new technologies are fundamentally changing the structure of the profession, entirely automating some of the work. Large firms have launched digital auditing platforms and some have partnered with international technology companies. Big data analytics and the internet of things will vastly increase the amount of data that is analysed and stored.



Report Coverage


This report focuses on the accounting sector in South Africa and includes information on the state of the sector, recent developments and influencing factors. There are profiles of 18 companies including the big four, PwC, Deloitte, EY and KMPG, as well as other prominent companies including BDO and Mazars, and a number of smaller firms.


Table of Contents

1. Introduction
2. Description of the Industry
2.1. Industry Value Chain
2.2. Geographic Position
3. Size of the Industry
4. State of the Industry
4.1. Local
4.1.1. Corporate Actions
4.1.2. Regulations
4.1.3. Enterprise Development and Social Economic Development
4.2. Continental
4.3. International
5. Influencing Factors
5.1. CoronavirUS
5.2. Economic Environment
5.3. Labour
5.4. Technology, Research and Development (R&D) and Innovation
5.5. Accounting Scandals
5.6. Environmental Concerns
6. Competition
6.1. Barriers to Entry
7. SWOT Analysis8. Outlook9. Industry Associations
10. References
10.1. Publications
10.2. Websites
  • Appendix
  • Summary of Notable Players
  • Company Profiles
  • Auditor-General South Africa
  • Baker Tilly Greenwoods Chartered Accountants
  • Bdo South Africa Inc
  • Crowe in Southern Africa (Pty) Ltd
  • Deloitte South Africa
  • Ernst and Young Inc
  • Exceed (Cape Town) Inc
  • Kpmg Inc
  • Ldp Chartered Accountants and Auditors Inc
  • Mazars
  • Moore South Africa (Pty) Ltd
  • Nolands Inc
  • Pkf South Africa Inc
  • Pricewaterhousecoopers Inc
  • Rsm South Africa Inc
  • Sekelaxabiso Ca Inc
  • Sizwentsalubagobodo Grant Thornton Inc
  • Theron Du Plessis Durbanville Inc

Companies Mentioned

  • Auditor-General South Africa
  • Baker Tilly Greenwoods Chartered Accountants
  • BDO South Africa Inc
  • Crowe in Southern Africa (Pty) Ltd
  • Deloitte South Africa
  • Ernst and Young Inc
  • Exceed (Cape Town) Inc
  • KPMG Inc
  • LDP Chartered Accountants and Auditors Inc
  • Mazars
  • Moore South Africa (Pty) Ltd
  • Nolands Inc
  • PKF South Africa Inc
  • PricewaterhouseCoopers Inc
  • RSM South Africa Inc
  • SekelaXabiso CA Inc
  • SizweNtsalubaGobodo Grant Thornton Inc
  • Theron du Plessis Durbanville Inc

Methodology

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