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A finance director at a large niche pharmaceutical company told us: “We have a lot of manual processes and inputting and that type of stuff which I am trying to get away from. One workaround found in cumbersome financialreporting processes includes using old legacy Excel-based financial models.
In South Africa, we seem to apply IAS 38 with extra caution—thanks in part to our regulatory environment , where bodies like the Independent Regulatory Board for Auditors (IRBA) enforce stringent controls on audit firms that forces them to favour conservatism over practical considerations to avoid fines and penalties from the IRBA.
A finance director at a large niche pharmaceutical company told us: “We have a lot of manual processes and inputting and that type of stuff which I am trying to get away from. One workaround found in cumbersome financialreporting processes includes using old legacy Excel-based financial models.
We don’t know what do we need to do to make sure we pass our next audit? So, you mentioned earlier the SEC, and I think I brought up audits, pre-pandemic, the rule of thumb was, hey, expect an audit every three years, and then the pandemic happened, and for three years, you know, everybody was sort of frozen.
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