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AI driven automation is expected to extend to more complex tasks such as, audits, riskmanagement, and financial planning and analysis. As AI permeates finance, questions about its compliance with audits and financial governance will arise.
These include the Companies Act, the Tax Administration Act, the Financial Sector Regulation Act, and the International Financial Reporting Standards (IFRS), among others. These statements must be audited or independently reviewed, depending on the company’s public interest score.
“Depending on an organisation’s environmental/social footprint, an ESG team or dedicated senior member is generally appointed to ensure that the organisation’s enterprise riskmanagement adapts to the regulatory landscape,” he continues. This will improve consistency and comparability amongst organisations.
The registrant’s governance of climate-related risks and relevant riskmanagement processes; ? Certain climate-related financial statement metrics and related disclosures in a note to its audited financial statements; and ?
AI driven automation is expected to extend to more complex tasks such as, audits, riskmanagement, and financial planning and analysis. As AI permeates finance, questions about its compliance with audits and financial governance will arise.
To deliver sustained profitable growth and meet new disclosure obligations CFOs will have to embed sustainability into business decisions by connecting material issues to value creation and riskmanagement.
As they assist in compliance audits and the monitoring of internal controls to ensure that everyone within the company does their job correctly, they are also expected to thrive and flourish amid the challenges along the way for the benefit of the organisation.
Key Highlights Dr. Suresh Kana’s Session : Dr. Kana discussed new developments around IFRS S1 and S2, focusing on sustainability-related disclosures. Looking Ahead The 7th Annual CFO Africa highlighted the expanding roles of CFOs and the need for skills in financial competence, strategic decision-making, and riskmanagement.
IFRS, US GAAP). RiskManagement: Intangible assets come with regulatory risks , such as compliance with data protection laws, which CFOs must manage to avoid legal complications. Is there a significant difference between US GAAP and IFRS , or are we just being a bit too conservative here in South Africa?
RiskManagement: Identifying and mitigating ESG-related risks, which are increasingly recognized as indicators of potential business vulnerabilities. 1 is, of course, the traditional route, which a lot of people follow and go through one of the accounting firms, and, typically, they go through audit related activities.
Ensure auditable reporting and compliance The CFO needs to work with other functions like corporate financial reporting, regulatory compliance, tax, treasury, and legal to ensure timely, auditable reporting and financial accounting. CBAM compliance also requires the purchase, management, and surrender of CBAM certificates.
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