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    The Accounting Industry in South Africa 2023

    Stephen Timm | South Africa | 27 January 2023

    The Accounting Industry in South Africa 2021

    Carole Veitch | South Africa | 15 February 2021

    The Accounting Industry in South Africa 2019

    Duncan Bekker | South Africa | 25 July 2019

    The Accounting Industry in South Africa 2017

    Duncan Bekker | South Africa | 25 October 2017

    The Accounting Industry in South Africa 2016

    Duncan Bekker | South Africa | 05 May 2016

    Report Info

    Report Summary Table of Contents
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    Report Coverage

    This report on the accounting sector in South Africa, including knowledge management, provides a comprehensive overview of the state and size of the sector, registered, employed and graduate numbers, regulations, trends and key issues, as well as information on the major players and developments. There are 18 company profiles including the Auditor-General and notable firms such as EY, Deloitte, PwC, KPMG, Mazars, BDO, Nolands and SNG Grant Thornton.

    The Accounting Sector in South Africa

    The accounting sector is the guarantor of financial reporting standards and performs a critical function in the South African economy. The industry continues to be affected by recent accounting scandals which have lowered trust in the profession. While recent regulations aim to bolster efforts to hold auditors to account, there is concern they may make the profession unattractive to graduates who may fear harsh consequences if they are linked to corporate scandals. This, and emigration of professionals, has led to concern over a shortage of auditors. Transformation, gender diversity and the continuing decline in quality of accounting in the public sector are ongoing concerns. Regulatory changes that are set to disrupt the industry include the mandatory rotation of auditors, which is due to take effect on 1 April 2023.

    Audit-Consulting Split

    Questions have for some years been raised over the big firms’ ability to conduct independent audits when they depend heavily on offering advisory services to these same clients. The Independent Regulatory Board for Auditors recently said it was considering forcing audit companies to split their structure and functions into audit-only and advisory services-only. Regulations already limit the provision of certain non-audit services to audit clients.

    Trends

    Key trends include the marked decline in the number of auditors and chartered accountants in recent years either through emigration, remote work or dropping out of the profession; the declining pass rates of candidates sitting the board exams; and the increasing opportunity offered for business restructuring professionals, particularly in business rescue procedures.

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    The Accounting Industry in South Africa 2023

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    Industry Overview

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    Historical Reports

    The Accounting Industry in South Africa 2021-02-15

    R 6 500.00(ZAR) estimated $343.74 (USD)*

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    The Accounting Industry in South Africa 2019-07-25

    R 1 900.00(ZAR) estimated $100.48 (USD)*

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    The Accounting Industry in South Africa 2017-10-25

    R 1 900.00(ZAR) estimated $100.48 (USD)*

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    The Accounting Industry in South Africa 2016-05-05

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    Table of Contents

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    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 3
    2.2. Geographic Position 4
    2.3. Size of the Industry 5
    3. LOCAL 8
    3.1. State of the Industry 8
    3.2. Key Trends 13
    3.3. Key Issues 18
    3.4. Notable Players 19
    3.5. Corporate Actions 20
    3.6. Regulations 21
    3.7. Enterprise Development and Social Development 23
    4. AFRICA 27
    5. INTERNATIONAL 29
    6. INFLUENCING FACTORS 31
    6.1. Economic Environment 31
    6.2. Labour 32
    6.3. Environmental Issues 36
    6.4. Technology, R&D, Innovation 36
    6.5. Input Costs 39
    7. COMPETITIVE ENVIRONMENT 40
    7.1. Competition 40
    7.2. Ownership Structure of the Industry 40
    7.3. Barriers to Entry 41
    8. SWOT ANALYSIS 42
    9. OUTLOOK 43
    10. INDUSTRY ASSOCIATIONS 43
    11. REFERENCES 43
    11.1. Publications 43
    11.2. Websites 44
    APPENDIX 1 46
    Summary of Notable Players 46
    COMPANY PROFILES 51
    Auditor-General South Africa 51
    Baker Tilly Greenwoods Chartered Accountants 54
    BDO South Africa Inc 57
    Crowe in Southern Africa (Pty) Ltd 66
    Deloitte South Africa 69
    Ernst and Young Inc 72
    Exceed (Cape Town) Inc 77
    KPMG Inc 79
    LDP Chartered Accountants and Auditors Inc 85
    Mazars 89
    Moore South Africa (Pty) Ltd 96
    Nolands Inc 101
    PKF South Africa Inc 104
    PricewaterhouseCoopers Inc 107
    RSM South Africa Inc 121
    SekelaXabiso CA Inc 124
    SizweNtsalubaGobodo Grant Thornton Inc 127
    Theron du Plessis Durbanville Inc 13

    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.

    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.

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    The Accounting Industry in South Africa 2021

    Full Report

    R 6 500.00(ZAR) estimated $343.74 (USD)*

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    Industry Overview

    R 4 550.00(ZAR) estimated $ 240.62 (USD)*

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    Historical Reports

    The Accounting Industry in South Africa 2023-01-27

    R 20 000.00(ZAR) estimated $1057.67 (USD)*

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    The Accounting Industry in South Africa 2019-07-25

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    The Accounting Industry in South Africa 2017-10-25

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    The Accounting Industry in South Africa 2016-05-05

    R 1 900.00(ZAR) estimated $100.48 (USD)*

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    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 5
    2.2. Geographic Position 6
    3. SIZE OF THE INDUSTRY 7
    4. STATE OF THE INDUSTRY 8
    4.1. Local 8
    4.1.1. Corporate Actions 13
    4.1.2. Regulations 13
    4.1.3. Enterprise Development and Social Economic Development 16
    4.2. Continental 18
    4.3. International 19
    5. INFLUENCING FACTORS 21
    5.1. Coronavirus 21
    5.2. Economic Environment 22
    5.3. Labour 24
    5.4. Technology, Research and Development (R&D) and Innovation 26
    5.5. Accounting Scandals 27
    5.6. Environmental Concerns 29
    6. COMPETITION 30
    6.1. Barriers to Entry 31
    7. SWOT ANALYSIS 32
    8. OUTLOOK 33
    9. INDUSTRY ASSOCIATIONS 33
    10. REFERENCES 34
    10.1. Publications 34
    10.2. Websites 35
    APPENDIX 1 36
    Summary of Notable Players 36
    COMPANY PROFILES 41
    AUDITOR-GENERAL SOUTH AFRICA 41
    BAKER TILLY GREENWOODS CHARTERED ACCOUNTANTS 45
    BDO SOUTH AFRICA INC 47
    CROWE IN SOUTHERN AFRICA (PTY) LTD 54
    DELOITTE SOUTH AFRICA 56
    ERNST AND YOUNG INC 59
    EXCEED (CAPE TOWN) INC 64
    KPMG INC 66
    LDP CHARTERED ACCOUNTANTS AND AUDITORS INC 71
    MAZARS 75
    MOORE SOUTH AFRICA (PTY) LTD 81
    NOLANDS INC 85
    PKF SOUTH AFRICA INC 87
    PRICEWATERHOUSECOOPERS INC 90
    RSM SOUTH AFRICA INC 100
    SEKELAXABISO CA INC 102
    SIZWENTSALUBAGOBODO GRANT THORNTON INC 104
    THERON DU PLESSIS DURBANVILLE INC 108

    Report Coverage

    This report examines the accounting sector and sector-related knowledge management. It provides comprehensive information on the state and size of the sector and factors that influence it including regulation, revenue and market share, mergers, leadership changes, discussion of mandatory rotation and the sector’s response to it, as well as continental and international information. There are 18 profiles including of the big four firms PwC, Deloitte, EY, and KPMG and medium-sized firms including Grant Thornton, SizweNtsalubaGobodo (SNG) and BDO, which have been involved in a series of mergers. Other profiles include Mazars and PKF in the private sector, as well as the Auditor-General.

    The Accounting Sector

    The South African accounting sector is a major contributor to the tertiary economy and the guarantor of financial reporting standards. Accounting firms are knowledge-intensive businesses, and this report offers an overview of the core profession as well as the role and benefits of knowledge management in the professional services industry. Income from accounting services stands at R29bn and the industry employs some 56,000 people.

    Scandals and Challenges

    Prominent firms have been implicated in a slew of accounting scandals and company failures, and the profession is suffering a crisis of public confidence. As a consequence, regulatory pressure is on the rise while technological disruption and market consolidation are increasing competition in the market. This report includes detailed descriptions of the challenges facing the sector and discussion on the response of firms and sector organisations to these developments. While the accounting sector continues to be rocked by new revelations, and is expected to face long-term headwinds as it attempts to rebuild trust and confidence, a number of firms are looking to capitalise on the crisis to win new clients. In the public sector, the financial performance and audit outcomes of government departments, state-owned enterprises and municipalities have generally continued to regress.

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    The Accounting Industry in South Africa 2019

    Full Report

    R 1 900.00(ZAR) estimated $100.48 (USD)*

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    Industry Overview

    R 1 330.00(ZAR) estimated $ 70.34 (USD)*

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    Historical Reports

    The Accounting Industry in South Africa 2023-01-27

    R 20 000.00(ZAR) estimated $1057.67 (USD)*

    View Report Add to Cart

    The Accounting Industry in South Africa 2021-02-15

    R 6 500.00(ZAR) estimated $343.74 (USD)*

    View Report Add to Cart

    The Accounting Industry in South Africa 2017-10-25

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    The Accounting Industry in South Africa 2016-05-05

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 4
    2.2. Geographic Position 6
    3. SIZE OF THE INDUSTRY 7
    4. STATE OF THE INDUSTRY 10
    4.1. Local 10
    4.1.1. Corporate Actions 20
    4.1.2. Regulations 22
    4.1.3. Enterprise Development and Social Economic Development 26
    4.2. Continental 27
    4.3. International 29
    5. INFLUENCING FACTORS 31
    5.1. Economic Environment 31
    5.2. Labour 31
    5.3. Technology, Research and Development (R&D) and Innovation 34
    5.4. Environmental Concerns 36
    6. COMPETITION 37
    6.1. Barriers to Entry 39
    7. SWOT ANALYSIS 39
    8. OUTLOOK 40
    9. INDUSTRY ASSOCIATIONS 41
    10. REFERENCES 41
    10.1. Publications 41
    10.2. Websites 42
    APPENDIX 1 44
    Summary of Notable Players 44
    COMPANY PROFILES 48
    AUDITOR-GENERAL SOUTH AFRICA 48
    BAKER TILLY GREENWOODS CHARTERED ACCOUNTANTS 51
    BDO SOUTH AFRICA INC 53
    CROWE IN SOUTHERN AFRICA (PTY) LTD 58
    DELOITTE SOUTH AFRICA 61
    ERNST AND YOUNG INC 64
    EXCEED (CAPE TOWN) INC 69
    KPMG INC 72
    LDP CHARTERED ACCOUNTANTS AND AUDITORS INC 78
    MAZARS 81
    MOORE STEPHENS SOUTH AFRICA (PTY) LTD 85
    NOLANDS INC 90
    PKF SOUTH AFRICA INC 92
    PRICEWATERHOUSECOOPERS INC 96
    RSM SOUTH AFRICA INC 106
    SEKELAXABISO CA INC 108
    SIZWENTSALUBAGOBODO GRANT THORNTON INC 110
    THERON DU PLESSIS DURBANVILLE INC 114

    Report Coverage

    The South African Accounting Sector describes current conditions and developments, focusing on Mandatory Audit Firm Rotation (MAFR), a rule published by the Independent Regulatory Board for Auditors (IRBA) in June 2017. This rule and other factors that influence the success of the sector are discussed in this detailed report. Profiles for 19 companies are provided, including market leaders, the locally-owned operations of the largest audit firms in the world, PricewaterhouseCoopers (PwC), Deloitte, EY and KPMG. Also profiled are the Auditor-General of South Africa and medium-sized South African accounting firm PKF South Africa, which in May 2017 announced the acquisition of Durban-based audit and accounting practice De Witt & Saestad. The deal sees PKF's Durban office grow to 240 employees, solidifying the firm's position as the largest independent accounting firm in KwaZulu-Natal.

    The South African Accounting Sector

    The accounting industry is part of the wider business services sector which contributed 20.2% to GDP in 2016. There were more than 41,000 Chartered Accountants (CAs) registered in South Africa in 2016 and some 2,000 active audit firms. Of concern in the domestic arena is that South Africa has lost its status as the global leader when it comes to the strength of auditing and reporting standards. The local industry is also beset with concerns over recently promulgated regulations, slow transformation and a perceived decline in independence due to allegations relating to the KPMG South Africa controversy.

    Technological Developments

    The accounting sector is changing rapidly as a result of technological advancement and firms are increasingly turning to cloud computing, data analytics and outright automation in an effort to reduce the amount of laborious, repetitive and time-consuming tasks and focus on a more strategic and consultative role for their clients. However, analysts comment that while technology promises to significantly reduce the amount of time accountants and auditors spend on low-level tasks, the sector is also increasingly aware of the threat of serious disruption, and potential replacement, of a number of key value propositions offered by accountants.

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    The Accounting Industry in South Africa 2017

    Full Report

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    Buy Now +

    Industry Overview

    R 1 330.00(ZAR) estimated $ 70.34 (USD)*

    Buy Now +

    Historical Reports

    The Accounting Industry in South Africa 2023-01-27

    R 20 000.00(ZAR) estimated $1057.67 (USD)*

    View Report Add to Cart

    The Accounting Industry in South Africa 2021-02-15

    R 6 500.00(ZAR) estimated $343.74 (USD)*

    View Report Add to Cart

    The Accounting Industry in South Africa 2019-07-25

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    The Accounting Industry in South Africa 2016-05-05

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 2
    2.2. Geographic Position 3
    3. SIZE OF THE INDUSTRY 4
    4. STATE OF THE INDUSTRY 9
    4.1. Local 9
    4.1.1. Corporate Actions 20
    4.1.2. Regulations 22
    4.1.3. Enterprise Development and Social Economic Development 23
    4.2. Continental 24
    4.3. International 26
    5. INFLUENCING FACTORS 27
    5.1. Economic Environment 27
    5.2. Labour 28
    5.3. Technology, Research and Development (R&D) and Innovation 30
    5.4. Environmental Concerns 32
    6. COMPETITION 32
    6.1. Barriers to Entry 33
    7. SWOT ANALYSIS 33
    8. OUTLOOK 34
    9. INDUSTRY ASSOCIATIONS 35
    10. REFERENCES 35
    10.1. Publications 35
    10.2. Websites 36
    COMPANY PROFILES 37
    AUDITOR-GENERAL OF SOUTH AFRICA 37
    BAKER TILLY GREENWOODS CHARTERED ACCOUNTANTS 40
    BDO SOUTH AFRICA INC 43
    DELOITTE SOUTH AFRICA 48
    ERNST AND YOUNG INC 51
    EXCEED (CAPE TOWN) INC 55
    GRANT THORNTON SOUTH AFRICA (PTY) LTD 58
    HORWATH IN SOUTHERN AFRICA (PTY) LTD 63
    KPMG INC 66
    LDP CHARTERED ACCOUNTANTS AND AUDITORS INC 74
    MAZARS 77
    MOORE STEPHENS SOUTH AFRICA (PTY) LTD 82
    NOLANDS INC 87
    PKF SOUTH AFRICA INC 90
    PRICEWATERHOUSECOOPERS INC 94
    RSM SA INC 104
    SEKELAXABISO CA INC 106
    SIZWENTSALUBAGOBODO INC 109
    THERON DU PLESSIS DURBANVILLE INC 113

    Report Coverage

    The South African Accounting Sector describes current conditions and recent developments including merger and acquisition activity and the impact of recently introduced regulations. The report profiles 21 companies, ranging from the Big Four market leaders to small companies such as SekelaXabiso (Pty) Ltd and Theron du Plessis Durbanville Inc.

    The South African Accounting Sector

    This report focuses on the South African accounting, auditing, bookkeeping and tax advisory sector which was valued at R28bn in 2015. According to the South African Institute of Chartered Accountants (SAICA), between 32,000 and 33,000 Chartered Accountants (CAs), a few thousand bookkeepers and accounting technicians, as well as 45,000 support staff are employed in the professional financial services industry. South Africa is considered the world leader when it comes to the strength of auditing and reporting standards and local firms have acted as pioneers of modern accounting principles and integrated reporting.

    Dominance by the ‘Big Four’

    The sector is dominated by the so-called “Big Four”, the locally-owned operations of the largest accounting and audit firms in the world, PricewaterhouseCoopers (PwC), Deloitte Touche Tohmatsu (Deloitte), Ernst & Young (EY), and KPMG. While the Big Four account for the majority of market demand, particularly in the lucrative audit of publicly traded companies, they have some meaningful competition in the form of a dozen or so medium-sized South African accounting firms. In particular, the firms SizweNtsalubaGobdo (SNG) and Grant Thornton have been vying for the title of fifth-largest South African firm for some years. There are also a relatively large number of small and very small firms that primarily engage themselves in general financial accounting and bookkeeping as opposed to auditing.

    Pressing Issues

    Although the World Economic Forum's (WEF) Global Competitiveness Report of 2015/16 confirms that South Africa remains the world leader when it comes to the strength of auditing and reporting standards, the local accounting sector is beset by concerns over skills shortages and the slow pace of demographic transformation. Referring to the increasing number of vacancies in both the public and private sector, SAICA describes the situation as “critical”, citing forecasts that despite stagnant economic growth, the accounting and auditing sector could present with a skills deficit of up to 35% by 2018.

    Read More..
    The Accounting Industry in South Africa 2016

    Full Report

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    Buy Now +

    Industry Overview

    R 1 330.00(ZAR) estimated $ 70.34 (USD)*

    Buy Now +

    Historical Reports

    The Accounting Industry in South Africa 2023-01-27

    R 20 000.00(ZAR) estimated $1057.67 (USD)*

    View Report Add to Cart

    The Accounting Industry in South Africa 2021-02-15

    R 6 500.00(ZAR) estimated $343.74 (USD)*

    View Report Add to Cart

    The Accounting Industry in South Africa 2019-07-25

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    The Accounting Industry in South Africa 2017-10-25

    R 1 900.00(ZAR) estimated $100.48 (USD)*

    View Report Add to Cart

    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Supply Chain 2
    2.2. Geographic Position 3
    3. SIZE OF THE INDUSTRY 4
    4. STATE OF THE INDUSTRY 12
    4.1. Local 12
    4.1.1. Corporate Actions 19
    4.1.2. Regulations 20
    4.1.3. Enterprise Development and Social Economic Development 22
    4.2. Continental 23
    4.3. International 24
    5. INFLUENCING FACTORS 26
    5.1. Economic Environment 26
    5.2. Labour 26
    5.3. Technology, Research and Development (R&D) and Innovation 29
    6. COMPETITION 30
    6.1. Barriers to Entry 31
    7. SWOT ANALYSIS 31
    8. OUTLOOK 32
    9. INDUSTRY ASSOCIATIONS 32
    10. REFERENCES 33
    10.1. Publications 33
    10.2. Websites 34
    COMPANY PROFILES 35
    Auditor-General of South Africa 35
    Baker Tilly Greenwoods Chartered Accountants 39
    BDO South Africa Services (Pty) Ltd 41
    Deloitte South Africa 43
    Ernst and Young Advisory Services (Pty) Ltd 46
    Ernst and Young Inc 51
    Exceed (Cape Town) Inc 55
    Grant Thornton Chartered Accountants SA 58
    Horwath in Southern Africa (Pty) Ltd 65
    KPMG Inc 68
    KPMG Services (Pty) Ltd 71
    LDP Chartered Accountants and Auditors Inc 74
    Mazars 77
    Moore Stephens Cape Town Inc 82
    Nolands Inc 84
    PKF South Africa Inc 86
    PricewaterhouseCoopers Inc 88
    RSM South Africa (Pty) Ltd 98
    SekelaXabiso (Pty) Ltd 101
    SizweNtsalubaGobodo Inc 104
    Theron du Plessis Durbanville Inc 107

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