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Industry News

Does my employee benefit plan require an audit?

It is always exciting when your company is quickly growing and hiring new employees.  However, if you have an employee benefit plan, this increase in employees can result in your plan requiring audited financial statements.  If your employee benefit plan has 100 or more participants, it is considered a "large" plan, which requires an annual audit (performed by an independent qualified public accountant) as part of the Employee Retirement Income Security Act (ERISA), through the filing of the annual report Form 5500.  There are certain exceptions to these rules that will need to be considered.

SMP Profiles - What makes them different?

SAICA receives a great deal of feedback from small and medium practice (SMP) firms regarding challenges and difficulties faced in the SMP environment. However, this sector of the CA(SA) industry also offers vast opportunities, especially in light of the ever-growing focus on small and medium enterprises (SMEs) and their role in the South African economy.

Our SMP firms are at the coalface of this economic sector and have an important and vital role in supporting the success of SMEs to ensure sustainable growth in the South African economy. In light of the above, SAICA put out a call for nomina-tions of SMP firms in order to showcase successful firms and to inspire SMPs and prospective SMPs to grab opportunities and to identify “what makes them different” and use this to take their practice to the next level. From the nominations received, one of our South African member firms was chosen to be profiled in Accountancy South Africa magazine.

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