Standards and regulations
Any industry has its own standards and regulations. This is especially true of the financial sector. The accounting side of this, is no different. It is a strictly controlled section of industry.
It is unfortunate that a lot of business owners either don’t know or do not believe there are regulations when preparing their accounts. Accounting principles have not changed since they started over 100 years ago. Regulations to control these principles and the application of thereof are internationally recognised. THEY DO NOT CHANGE wherever you are! Apart from the country’s language, accounting records and reports can be read the same the world over.
TOP TIP: IF you have a tax practitioner, look them up on SARS website. you can see there if they are registered
Controls are when the standards are kept “in line” and consistent. However, these can be country specific or even industry specific. The basic tax calculation are the same and only the technical side of those principles differ in different industries. An example of this is the real estate and law sectors. Where there are principles there will always be people that will find loopholes in the law.
Because of this, it can appear like there are “grey areas” in amongst these laws. This cannot be further from the true. There are NO grey areas but rather strange interpretations of the law by owners and even accountants. Navigating through these tax laws is what we do best. We ensure that you are tax efficient. This means that you pay when necessary but also claim when necessary. We will provide you with information that is also available on SARS.gov.za and therefore accurate and legal according to SARS.
All accountants should uphold the standards of not only accounting but all aspects of what they deal with. Their are regulatory bodies that they will be part of and these have their own standards to keep. This involves continually updating your knowledge and technical skills in the areas you advise clients in. Should there be any “suspicious” activity, there are processes in place in order to either mitigate the risk or report it to the relevant authorities.
Whether you are a big company or small company, you should always seek professional help when it comes to accounting and especially tax. A word of caution here, ALWAYS use qualified professionals to do the work. Ask for the registration details for regulatory bodies.
TOP TIP: IF the tax practitioner is registered with SARS, they are registered with one (or more) regulatory body
This article was updated in October 2021