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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.
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.