Accounting

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A qualitative analysis of auditors' responsibility in South African corporate scandals.
(2023) Govender, Kenthran.; Lathleiff, Charmaine.
For time immemorial, the audit profession has faced backlash from the users of the annual financial statements (AFS) for not doing enough. The calls for the auditor to do more come at times when the entities being audited go into liquidation, business rescue or become corporate failures and these entities were audited with no issues being detected and reported to the users in the audit report. This resulted in financial losses to the users of the AFS who made economic decisions based on the AFS that were audited. The response by auditors is often that it is not their job to prevent corporate scandals or to detect fraud. The role of the auditor in contributing to the corporate scandals not being detected and reported was explored in this study. This study employed a qualitative document analysis approach to analyse the contents of documents relating to the performance of the audit on corporate scandals that occurred in South Africa since 2000 and for which information on the performance of the audit was publicly available. A total of three corporate scandals were explored to determine the contribution of the auditor to the corporate scandal not being detected and reported. A self-developed index was used to categorise the findings into the standard of audit work performed to answer the research questions and achieve the research objectives. It was found that in all three corporate scandals that were analysed, an inappropriate audit opinion was issued and therefore, an audit failure existed. Further, it was found that the audit partner was not independent and detected the material misstatements in the AFS but failed to report the misstatements in the audit report in all three instances. This study sought to provide an understanding of the contribution of the auditor to the corporate scandal. This study provided insight to the role of the auditor in not detecting and preventing corporate scandals and specifically where the problem lies. To the best of the author's knowledge, this study was the first study that explored the contribution of the auditor to corporate scandals not being detected and reported. Future research could explore the role of auditors in more corporate scandals as more information becomes available as well as exploring the role of auditors in corporate scandals in other countries.
A survey of South African registered Accountants' and Auditors' attitudes towards differential corporate reporting.
(2004) Wells, Michael John Cuthbert.; Stainbank, Lesley June.
The aim of this dissertation is to investigate aspects of the differential corporate reporting debate in South Africa. The dissertation summarises the background to the current position and findings in respect of all previous South African research and selected previous international research. The dissertation reports the results of a postal survey of South African registered accountants' and auditors' perceptions of the suitability of selected South African statements of generally accepted accounting practice to a range of South African entities varied by size, legal form and financial statement user base. The dissertation provides evidence of (i) the need for differential corporate reporting in South Africa, (ii) the need for multiple differential reporting thresholds in South Africa, and (iii) the need for differential reporting options to include both presentation and disclosure and recognition and measurement concessions. The dissertation also raises some questions for future research.
Accounting and finance professionals’ perception on the current state of the accountancy profession in South Africa.
(2022) Mdhluli, Sthandiwe Charity Kholiwe.; Mkhize, Msizi Vitalis.
Background: Accountants, auditors, and other finance professionals have traditionally been well respected and held in high regard by the public. They are regarded as financial reporting overseers because they are responsible for ensuring that organisations follow relevant regulations and financial laws. Globally, accounting and finance professions have been tarnished by scandals involving intentional manipulation of financial information. The professional ethics of finance professionals are under scrutiny by the concerned public at large. The importance of ethics to accounting professionals stems from the need to make ethical decisions on a regular basis. This study is informed by the repercussions of these scandals and how they have influenced the public view of the profession. Purpose and method: The study investigates how South African accounting and finance professionals perceive their ethical knowledge, compatriots’ ethical responsibility and the role of the professional bodies in maintaining ethical responsibility. The study adopted a quantitative approach using systematic sampling. The population of the study comprises 165 accounting and finance professionals at government, corporate institutions and audit firms. An anonymous online questionnaire was the instrument used for the collection of data. Main Finding: The study found that the majority of accountants and finance professionals agree in general that they perceive themselves to have a strong knowledge of ethics. They also perceive their fellow accounting and finance professionals to be ethically responsible. It also found that being a member of professional accounting bodies also influences on the ethical behaviour and professional conduct of accounting and finance professionals. The majority of accountants and finance professionals agree in general that they face a considerable amount of pressure to compromise on ethics Conclusion: The current level of ethical knowledge of accounting and finance professionals must be maintained and improved upon via training programmes such as the continuous professional development programme. Improved knowledge of ethics can reduce perceived pressures to compromise on ethics among accounting and finance professionals. Based on this contribution, this study further concluded that accounting and finance professionals should improve their ethical knowledge in order to reduce their perceived pressures to compromise on ethics.
The accounting firms' managers' and trainees' perceptions of Chartered Accountancy Profession Charter in KwaZulu-Natal, South Africa.
(2019) Nxumalo, Bhekikhaya Henry.; Mkhize, Msizi Vitalis.
The aim of B-BBEE initiatives in the CA Sector is therefore to significantly increase the number of Black People who manage, own and control enterprises in the sector as well as to contribute to decreases in income inequalities in the country in general. This is to be achieved by means of an integrated and coherent socio-economic process that directly contributes to the economic transformation of South Africa. Within the CA Sector, the first step and primary focus will be on dramatically increasing the numbers of all Black participants (Africans, Indians and Coloureds) and particularly African CA(SA)s. (CA Charter, 2018). The purpose of this study was to determine the accounting firm’s managers and trainees perceptions of Chartered Accountancy Profession Charter in KwaZulu – Natal, South Africa and to examine the relationship between the accounting firms’ managers’ and trainees’ perceptions of Chartered Accountancy Profession Charter in KwaZulu–Natal and demographic variables such as age, gender and race. The setting for this study is accounting firms in KwaZulu–Natal. A systematic sampling was used. The responses of 30 accounting firm’s managers and 73 trainees were analyzed. Both managers and trainees perceived the seven key elements (ownership, management control, employment equity, skills development, preferential procurement, enterprise development and socio-economic development) of B-BBEE important in KwaZulu-Natal, South Africa. Ownership, employment equity and enterprise development were rated highly by trainees, while ownership, management control and employment equity were highly rated by managers. In terms of gender, both males and females rated higher management control. Males rated lower in socio-economic development while females rated lower preferential procurement. The variation and ratings were found of how managers and trainees view the importance of B-BBEE elements but all the variations were positive. This research finding requires the accounting profession to recognize B-BBEE ratings by managers and trainees as this will assist accounting profession in complying with the CA Charter. Incongruities between managers and trainees perceptions of the CA Charter call for the accounting profession to conduct awareness in all the accounting firms in KwaZulu-Natal.
Adoption of Islamic banking amongst Muslim accountants and lawyers in KwaZulu-Natal.
(2018) Vanker, Salma.; Deodutt, Jugjith.
Sub-Saharan Africa accounts for less than 2% of total Islamic Banking assets despite its 500 million Muslim population. As a consequence of low adoption in Africa, particularly in South Africa, there is a need to navigate this challenge and understand what drives the development of Islamic Banking in order to identify ways to stimulate its growth. Given the role and esteem of Muslim Accountants and Lawyers in the business sector of KwaZulu-Natal, this quantitative study aimed to determine the motivational factors for adopting Islamic Banking amongst Muslim Accountants and Lawyers in KwaZulu-Natal. A self-administered questionnaire was used, which contained specific questions relating to knowledge, perceptions and bank selection criteria. The study identified a lack of understanding and scepticism about the underlying principles of Islamic Banking. The original contribution of the study is the availability of a set of ranked factors that increase adoption of Islamic Banking. Further, the study addressed effective ways to bridge the education gap and promoted a collaboration between various stakeholders to find solutions to implement Islamic Banking in the ever-complex and dynamic business environment, whilst still adhering to the principles of Islam. The study identified the need for a single unified regulatory body and provided insights about its role and composition thus provides policy makers with useful information to inform policy formulation and implementation.
An analysis of the trends in integrated reporting by South African government-owned enterprises.
(2023) Omarjee, Ayesha.; Vanker, Salma.
In recent times, government-owned enterprises have faced a deficit in terms of accountability. Addressing this issue, there has been a call for an oversight mechanism to enhance governance and consequently, accountability within state-owned companies (IOD and PWC, 2011). Integrated reporting has emerged as a response to this demand, primarily due to its capacity to offer a comprehensive perspective on the factors that contribute to value creation for an organisation over different time frames. Recognising the advantages that integrated reporting brings to corporate governance, South African government-owned enterprises have acknowledged its potential and subsequently incorporated integrated reporting in accordance with King IV principles and the IR Framework. The objective of this research is to analyse the patterns in integrated reporting among government-owned enterprises according to The Public Finance Management Act of 1999, focusing on the financial periods of 2018, 2019, and 2020. This study assesses the depth of information disclosed by government-owned enterprises and its alignment with the suggestions and criteria set forth by the King IV guidelines and IR Framework for integrated reporting. This evaluation utilizes a scorecard methodology to gauge the degree of disclosure achieved by each individual government-owned enterprise. Based on the empirical facts from the analysis, it is clear and conclusive that the level of reporting and disclosure of government-owned enterprises has improved consistently over the years. This assertion is based on the evident adoption and the upward trend in the application of the Integrated Reporting Framework for integrated reporting by government-owned enterprises. Whilst the overall average level of disclosure is good, there is without debate a necessity for improvement in some critical areas highlighted in this research . Notable among these areas are leadership, governance, stakeholder relationships, organizational ethics, and corporate citizenship.
Analysing the need for financial literacy in micro-enterprises in the City of uMhlathuze, KwaZulu-Natal.
(2021) Soldat, Anne Margaret.; Gurr, Kerry-Lee.; Doorasamy, Mishelle.
Small, Medium and Micro-Enterprises (SMMEs) have a fundamental role to play in the South African Government’s National Development Plan. Jobs created by this sector are expected to alleviate poverty and drive economic transformation. Financial literacy is key to the sustainability of SMMEs. The main objective of the study was to establish the financial literacy needs of micro-entrepreneurs in the City of uMhlathuze, KwaZulu-Natal. The participants' financial literacy level was measured, and areas of financial literacy weakness were identified. The possibility of a significant relationship between financial literacy and the gender, age, education, and years in business of micro-entrepreneurs was also explored. A quantitative research approach was used to gather and analyse primary data collected from fifty micro-entrepreneurs in the City of uMhlathuze. A non-probability sampling technique was used, and hence the results are unique to these participants and should not be generalised. The study revealed a high level of financial literacy. The weakest domains of financial literacy were financial planning, budgeting and control; risk management; and understanding funding sources. Additional weaknesses include insufficient use of digital technologies and inefficient use of financial investment products. Inadequate knowledge of external funding sources and prevalent macro-environmental conditions were also revealed. Lastly, the study concluded that the demographic factors tested do not serve as suitable predictors of an individual’s financial literacy score. Financial education interventions are recommended to support the sustainability of SMMEs.
An analysis of information technology risks and governance disclosure: evidence from the top 40 JSE listed companies.
(2022) Nyagope, Taurayi Stephen.; Rajaram, Rajendra.; Oloyede, Obagbuwa.
The study analysed the extent to which information technology risks and governance is disclosed by top 40 JSE-listed companies in their 2021 integrated reports as part of the risk governance practices. It also conducted a review to identify similarities and differences between King IV and other international standards such as ISO 27002, 38500, COBIT 5, SOX, and ISA 315 on IT governance and risk disclosure requirements. The results revealed that 32 out of the top 40 JSE-listed companies (80%) fully complied with King IV and other international standards on the disclosure of their IT governance and risk management in the integrated and corporate governance reports. The results further revealed that 8 out of the top 40 JSE-listed companies (20%) partially complied with King IV on disclosure of IT governance and risk management. Furthermore, the results indicated that King IV and other international standards were similar on 19 out 24 (79%) of the IT governance and risk management disclosure requirements and differed on 5 out of 24 (21%) requirements. The study confirmed the extent of IT and risk governance disclosure of the selected companies and determined areas of similarities and differences. The study adds to the debate on King IV disclosure requirements with regards to IT governance and risk management by public companies in corporate reporting and further adds to the debate on stakeholder theory.
An analysis of the approach of the courts in determining the capital or revenue nature of income and expenditure.
(2002) Maliti, T. L. C.; Garach, D.; Sullivan, Phillip Lester.
The aim of this research is to analyse the approach of the courts in determining the capital and revenue nature of income and expenditure.
An analysis of the performance of residential property investments in South Africa.
(2021) Mashaba, Edwin.; Naicker, Yergenthren.
Abstract available in PDF.
An analysis of the South African Revenue Services' recognition of unmarried partners as spouses.
(2002) Galt, Harold Hermanus.; Garach, D.; Sullivan, Phillip Lester.
The focus of this study is on the criteria and processes used by the South African Revenue Services (SARS) in recognising spouses in permanent, unmarried unions. In theoretically positioning this focus, four possible areas of tax benefits were reviewed . These include: (i) donations tax, (ii) capital gains tax, (iii) estate duty tax and (iv) transfer duty. Also , the focus of this study was positioned relative to South African taxation acts. Specifically, three Acts were selected for review, viz.: (i) the Income Tax Act, No. 58 of 1962, the Estate Duty Act, No. 45 of 1955, and the Transfer Duty Act, No. 40 of 1949. These Acts may be understood relative to the South African Constitution's framing of notions like equality - given that these Acts signal the legislation's intention to honour the constitutional rights of its tax-paying citizenry. Furthermore, a theoretical framework that highlights official and espoused perspectives of practice is reviewed as it provides a theoretical frame for this study. Given this legislative and theoretical background the following aims were focussed: (1) To identify the official and espoused criteria used by the South African Revenue Services to recognise unmarried partners as spouses, and (2) To identify the official and espoused processes used b~ the South African Revenue Services to recognise unmarried partners as spouses. The chosen methodology is an explorative descriptive methodology, as situated within a qualitative framework. Data sources are described as constituting the three tax Acts, a senior SARS official, and SARS helpdesk personnel. Data selection criteria are described , and convenience and purposive sampling are the stated data selection techniques. Document analysis and interview schedules were used to collect data. Data was managed and analysed via the use of several data analysis techniques. Results are presented and discussed. Significantly, SARS has non-specific criteria that are nebulous, and open to interpretation. Furthermore, processes are poorly stated and provide insufficient guidance to the taxpayer. Given these outcomes, this study also offers two South African legal cases that cogently illustrate criteria and processes for recognising a spouse. Each of these cases are analysed regarding the criteria and processes used to determine the definition of 'spouse'. These cases, while dealing with issues of same-sex adoption and same-sex partner's rights to remuneration benefits serve to highlight factors that may be of use to SARS. Furthermore, international case exemplars are also discussed. Specifically, Canada's taxation laws were focussed. Canada's criteria and processes used to define common-law partners (read as spouse for purposes of this study) serves as an informative case exemplar, relative to other countries also investigated in this study, viz .: the United States of America , Belgium and other European countries. Finally, several recommendations are stated , and an evaluation of the study is provided.
An analysis of transfer pricing theory and an investigation into the domestic transfer pricing practices of large listed South African industrial companies.
(1997) Vally, Imtiaz A. S.; Chukwuogor-Ndu, Chiaku.; Clulow, Alistair David.
An analysis of transfer pricing theory reveals that there are three main objectives of a transfer pricing system: the attainment of goal congruence, the facilitation of fair divisional performance evaluation and the promotion of divisional autonomy. A critical evaluation of suggested theoretically correct transfer pricing methods suggests that the simultaneous attainment of all three objectives is a difficult goal to be realised by a single transfer pricing method. The most appropriate method to suit a particular set of circumstances is contingent upon those circumstances. The transfer pricing objective considered most important in practice by large listed South African industrial companies is the facilitation of fair divisional performance evaluation. Objectives relating to simplicity and ease of application are also rated more highly than goal congruence. Both these findings are somewhat surprising based on the review of current literature. The domestic transfer pricing methods used by large listed South African industrial companies are fairly evenly split between cost and non-cost-oriented methods. The most frequently used primary transfer pricing method is market price. The use of mathematical programming and economic marginal cost prices is practically non-existent. These findings are consistent with the findings of some recent overseas studies. Policies relating to the selection of the transfer pricing method, the purchase of intermediate goods and services and the settlement of transfer pricing disputes reflects some head office management involvement in the transfer price decision process in most cases. Three organisational variables appear to have a significant association with a firm's choice of transfer pricing method. Firstly, companies with a low level of interdivisional trading use non-cost oriented transfer pricing methods whereas companies with a high level of interdivisional trading use cost-oriented methods. Secondly, transfer pricing methods selected as a result of some head office management involvement tend to be cost-oriented whereas methods selected by the divisions themselves tend to be non-cost-oriented. Thirdly, cost-oriented methods tend to be used in companies in which transfer pricing disputes are normally settled by some form of head office intervention and non-cost oriented methods are used in those companies in which disputes are normally settled by the divisions themselves.
The approach by our courts of the apportionment of expenditure in terms of section 11(a) read with section 23(g) of the Income Tax Act no. 58 of 1962.
(2004) Ngubane, Dumisani Richard.; Hafejee, M.
The primary aim of a dissertation is to try to discover information that could assist in solving a particular problem at hand. The object of this dissertation is to determine the approach by our courts to apportionment of expenditure in terms of section 11(a) read with section 23(g) of the Income Tax Act No 58 of 1962. A single expenditure incurred for more than one purpose poses a problem when deduction of such an expenditure, is sought by a taxpayer. The problem that ttie courts have always encountered when dealing with the deductibility of expenditure incurred for a dual purpose, is that there is no provision in the Income Tax Act that directs what to do when faced with such a problem. The courts have always chosen apportionment of expenditure as a solution to the deductibility of expenditure incurred for more than one purpose, one such purpose being for tax purposes and the other being for non tax purposes. Apportionment of expenditure is used as a device to allocate part of the expenditure, which was incurred to produce income, as taxable expenditure, and another part of that expenditure which was incurred to produce non-taxable income, as non-deductible expenditure. This dissertation seeks to find out whether courts do take into consideration the provisions of the Income Tax Act applicable to the deduction of expenditure when called upon to make a decision on a particular case. The South African Revenue Services use apportionment of expenditure where it deems appropriate and the courts have never opposed it. The Legislature, which is responsible for the enactment of the act, seems to be happy to lie low, and allow the courts to dominate in handling the disputes that arise as a result of expenditure incurred with a dual purpose. It has been suggested that whilst the Income Tax Act does not provide any direction in situations where the deductibility of dual purposes expenditure is in dispute, apportionment is implied in the terms of section 11(a) read with section 23(g) of the Income Tax Act no 58 of 1962. The main aim of this research is to establish whether the path taken by the courts is the correct one in terms of section 11(a) and section 23(g) of the Income Tax Act no 58 of 1962. It is hoped that this work will be of assistance to both The South African Revenue Services and the taxpayers at large in terms of understanding that the courts are within the bounds of the Act.
The arbitrage pricing theory in South Africa : an empirical study of the effect of pre-specified risk factors on share prices on the Johannesburg Stock Exchange.
(1993) Reese, Bernadine Kathleen.; Miller, Jean.
This study tests the Arbitrage Pricing Theory on the Johannesburg stock Exchange (JSE). Following the McElroy and Burmeister (1988) approach of pre-specifying a factor structure to be tested, a possible set of factors was selected on the basis of a priori theoretical and empirical evidence that they could affect share prices. All combinations of these factors were separately tested against mining and industrial shares listed on the JSE. Two sets of tests were performed, firstly, a multivariate nonlinear regression with cross-equation restrictions as a test of the APT model and secondly, a seemingly unrelated regression model. The APT test results for mining shares show that the model with gold price risk and residual market risk and the model with growth rate risk and residual market risk had the highest adjusted-R2 values. However these factors were not priced APT factors since they were not significantly different from zero. Two one-factor models yielded priced APT factors. These were the model including the gold price risk and another model with growth rate risk. Whilst these were both priced APT factors, the gold price risk model was better fitted. Four models were selected from the APT tests on industrial shares, on the basis of high adjusted-R2 values and factors which were significantly different from zero. They included the following risk factors: gold price risk and residual market risk; foreign exchange risk and residual market risk; inflation risk and residual market risk; default premium risk, gold price risk and residual market risk. The seemingly unrelated regression models had very similar adjusted-R2 values and indicated that the APT did not appear to explain the variation in share returns any better or worse than the seemingly unrelated regression model. The adjusted-R2 values for individual shares and the signs of the factor risk-premiums appear to be reasonable. The residual market risk factor was significantly different from zero for both the mining and industrial share samples, indicating that further work is required to identify the APT factors operating on the JSE.
Attributes of audit committee and real activities manipulations of Nigerian quoted companies.
(2020) Samuel, Gabriel.; Farai, Kwenda.; Stainbank, Lesley June.
This study investigated the impact of audit committee attributes on real activities manipulation (RAM) among listed companies in Nigeria. The study covered 14 years, from the year 2001 to 2014, and covered 74 listed firms. The study adopted a multimodel approach, using both primary and secondary data sources by firstly conducting a regression analysis, and secondly, using survey research to evaluate the results of the panel data regression analysis which provided a triangulation of the results. Relevant data (both financial and non-financial) were sourced from the annual reports of the sampled Nigerian companies using the INET BFA, Nigerian Stock Exchange (NSE) Factbooks, NSE libraries, Securities and Exchange Commission (SEC) library, sampled companies’ websites (for soft copies of published annual reports) and responses to questionnaires administered on all the current audit committee members of the sampled firms. The study investigated three types of RAM, which included sales manipulation, discretionary expenses manipulation and production cost manipulation. The aggregate or composite value of all three types formed the dependent variable of the study. Six audit committee attributes were investigated as independent variables: independence, financial literacy, frequency of meetings, multiple directorships, female directorships, and size. The study used both panel and logistic regressions in analysing the data. The results showed the prevalence of all the three types of RAM among listed firms in Nigeria. Both results (panel regression analysis and the logistic regression analysis) confirmed that manipulations of sales and discretionary expenses are the dominant nature of RAM. The results from the panel analysis indicated that three of the attributes, vis a vis, independence, frequency of meetings and female directorships are essential audit committee attributes that can constrain RAM practices. On the other hand, the logistic regression results also revealed that two attributes, independence, and frequency of meetings could significantly impact RAM. Audit committee independence and frequency of meetings are the attributes that have a negative significant influence on RAM in both results. The SEC (2003, 2011) codes were all not statistically significant in the panel regression results except in the logistic regression result. Therefore, the study recommends that audit committee members’ independence should be enhanced, and that the audit committees of other relevant agencies should give more attention to the cash flow analysis of companies to curtail the rising manipulation through sales among listed companies in Nigeria.
A comparative analysis of impression management in chairman's statement amongst profitable and unprofitable JSE-listed companies during Covid-19 pandemic.
(2022) Dhludhlu, Nokuthula Rejoice.; Phesa, Masibulele.; Sibanda, Mabutho.
The study examined whether profitable and less profitable Top 100 Johannesburg Stock Exchange (JSE) listed companies used impression management during the Coronavirus (COVID-19) pandemic through textual characteristics in the chairperson's statement. The chairperson's statement is one of the most frequently read and highly rated narrative disclosure statements in the integrated report (IR). Quantitative content analysis was used to analyse the chairperson's statements of the Top 100 JSE-listed companies. The profitable and less profitable companies were evaluated using six textual characteristics, namely the length of the chairperson's statement, the use of passive voice, the use of personal references, the use of quantitative references, the use of future references, and the readability score. The study found that both profitable and less profitable top 100 JSE-listed companies used impression management in the chairperson's statement during the pandemic. Moreover, both groups used the passive voice as well as future, personal, and quantitative references in the chairperson's statement, even during the COVID-19 pandemic. There was no significant difference in readlability, quantitative references, passive voice, personal references, length, and future references. The results are contrary to previous research that indicates that impression management is used less during a crisis than during normal economic conditions. The study shows that the chairperson's statements are used by management as a form of attribution, which is a self-serving bias that could lead to the misallocation of capital by investors. The study adds to the debate on the use of impression management in corporate reporting during the crisis and adds to the debate on attribution theory.
A comparative analysis of Islamic and conventional fund performance on the Johannesburg Stock Exchange.
(2021) Abdul Latiff, Arshad.; Sibanda, Mabutho.; Vanker, Salma.
The study comparatively evaluated the performance of Islamic and Conventional funds vis-à-vis selected market benchmark indices. This was carried out by the creation of both Islamic and Conventional portfolios based on existing individual South African funds listed on the Johannesburg Stock Exchange (JSE). Whilst the study utilised descriptive statistical analysis for the non-risk adjusted performance analysis, several investment performance models were used for the risk adjusted performance analysis. Relevant statistical tests were performed to decipher relationships between the Islamic fund and the Conventional fund vis-à-vis the selected market benchmarks. Based on the non-risk adjusted performance analysis and absolute risk adjusted performance analysis, the empirical evidence suggests that the Conventional fund performed better than the Islamic fund. However, the relative risk adjusted performance analysis shows a mixed overall result during the entire period of the study. While the Modigliani & Modigliani measure and Jensen alpha showed that the Conventional fund performed better than the Islamic fund from a risk adjusted return perspective, the Treynor ratio showed that the Islamic fund performed better than the Conventional fund. Likewise, from a relative risk perspective, the study found that the Conventional fund performed better and is less risky than the Islamic fund when benchmarked against the JSE Shariah Index, the Johannesburg Stock Exchange All Share Index (JSE ALSI) Index and the Morgan Stanley Composite Index (MSCI) Emerging Markets in Europe, the Middle East and Africa. More so, while the t-test analysis suggests that there is no statistically significant evidence to support that the Islamic fund under or outperforms the Conventional fund, the correlation analysis showed that both funds are more positively correlated and statistically significant with the South African market indices. The findings of the study imply that an investment in the Conventional fund would have offered a superlative non-risk adjusted return than the Islamic fund. Also, the relative risk adjusted performance imply that upon the diversification of unsystematic risks in some market indices, the Islamic fund may perform better than the Conventional fund. Finally, the positive correlation of both portfolios with the local market benchmarks, imply that their performance is largely influenced by the performance of both the JSE Shariah All Share Index and the JSE All Share Index
Complicated colorectal cancer : prevalence in KwaZulu-Natal teaching hospitals.
(2018) Mothae, Sibongile Joalane.; Madiba, Thandinkosi Enos.
Background Colorectal cancer (CRC) is the third most common +cancer in the world. According to National Cancer Registry in 2004, was listed the 4th most common cancer in South Africa. The average person’s lifetime risk of CRC is 5%. Majority of CRC is sporadic, with only 20% associated with inherited and inflammatory bowel disorders. Incidence increases with increasing age and genetic mutations. CRC incidence higher in people aged 50 and older. Unfortunately the incidence of CRC is escalating in patients younger than 50. Young age is considered a poor prognostic factor, usually presenting in advanced stages, with more aggressive histopathologic features. Other risk factors depend on lifestyle and behaviour (diet, smoking, alcohol, obesity). Survival depends on the stage at diagnosis. Five year survival for localized disease is 90%, 60% for regional disease and 10% for metastatic disease. Due to lack of recognized screening programs in South Africa, a large number of patients with CRC present to surgical units with complications of colorectal cancer. Morbidity and mortality associated with emergency surgery is very high. It is estimated that about 30% of patients with CRC present with complications such as obstruction, perforation, bleeding and fistulas. Of these 8-10% present with obstruction, and approximately 3% with perforation. These complications are associated with the worst prognosis. Aim There is a lack of data on complicated colorectal cancer in South Africa. The study was therefore undertaken in order to establish the prevalence of complicated colorectal cancer among patients presenting to the KwaZulu-Natal teaching hospitals. 8 Methods This is a retrospective analysis of a prospectively collected data. The on-going KwaZulu-Natal colorectal cancer database was established in 2000. The database now comprise 1944 patients with colorectal cancer (CRC). Of these, 448 patients presented with complicated colorectal carcinoma and these patients form the basis of this analysis. Results Four hundred and forty eight patients with complicated colorectal carcinoma were accrued during the period 2000 - 2016. There were 244 (54.5%) males and 204 (45.5%) female. There were 165 Indians, 163 Africans, 92 White and 28 Coloured patients. The mean age at presentation was 56.4± 14.4years. Seventy patients (16.1%) were young patients, presenting at or under the age of 40 years. A total of 382 (20%) patients presented with malignant obstruction, 71 (4%) with perforation and 28 (1.5%) with malignant fistula. Twenty-five patients presented with combined obstruction and perforation and eight had combined malignant obstruction and fistula. The most common sites for malignant obstruction were sigmoid and rectum; the sigmoid colon and caecum were the most common sites for perforation and the rectum and sigmoid colon predominated among patients with malignant fistula. The majority of the patients presented as stages II, III and IV at 26.3%, 26.6% and 29.7% respectively. The median follow up period was 11 months for all three groups of complications (range 1-180 months for malignant obstruction, 1-94 months for perforation and 1-94 months for malignant fistula) 9 Discussion The proportion of patients with complicated colorectal cancer was 23%.The mean age for the cohort was 56.4±14.4 years, considerably less than 63-72 years reported in the world literature. The age at presentation for Blacks was the youngest being about one to two decades younger than the other population groups. Whites were oldest at presentation in comparison to other races and their mean age approximated the world literature. These population differences in age distribution mimic that seen in the general population of patients with CRC in KwaZulu-Natal, where Blacks were a decade younger than the other population groups. The proportion of patients presenting with obstructing CRC in this study was 20%, it fell within the range of published series and did not differ between races or gender. Perforation was the second most common complication (4%) in this study. Contrary to obstruction and fistula, perforation seemed to have an equal sex incidence. The 1.5% fistula rate in this series compares favourably with the literature. In malignant obstruction resection rate was 68% with a five-year survival rate of 70%. Patients with perforation had the highest resection rate at 97% and they achieved the best an overall five-year survival of 85%. Malignant fistula had the lowest resection rate at 32% and the five-year survival was the poorest at 60% compared to the other neoplastic complications in this series. Conclusion The prevalence of complicated colorectal cancer in our setting is similar to that reported in the literature. The prevalence is the same across all population groups and the sex incidence is similar, but the age at presentation is younger in Blacks. The site distribution varied according to the complication, with obstruction associated more frequently with left-sided disease and fistula involving the sigmoid and rectum. 10 The resection rate was dependent on the type of complication. The resection rate was better for malignant perforation and obstruction than malignant fistula. The fistula population also had a worst survival rate. Patients who underwent resection had a zero in-hospital mortality rate. The perforation status did not impact on long-term outcome. Patients with malignant fistula appeared to have the worst outcome. Presentation of CCC (and CRC in general) at a younger age in our setting in Black patients highlights the need for more research in developing countries.
The constitutional validity of the search and seizure provisions in the fiscal laws and how they impact on the taxpayer's constitutional rights.
(2002) Tulwana, Mcebisi James.; Deodutt, Jugjith.
No abstract available.
Corporate governance and the firm value proposition: evidence from Nigeria=Ukuphathwa kwebhizinisi kanye nesiphakamiso somthamo eliqinile: Ubufakazi obuvela e-Nigeria.
(2021) Agara, Iwora.; Stainbank, Lesley June.
This study investigated the relationship between compliance with the corporate governance mechanisms and the financial performance of listed non-financial firms in Nigeria from 2012 to 2019, using the compliance index and the equilibrium variable models. A compliance index was developed using the corporate governance provisions contained in the Nigerian Security and Exchange Commission (SEC) Code of 2011, which was effective from 2011 to 2019, and the Companies and Allied Matters Act (CAMA) of 1990 (as amended to date), which was also effective during the period. The agency theory was the main theoretical framework that underpinned this study. The study‟s sample was comprised of 63 listed non-financial firms, leading to 504 firm years using the panel data analysis. The research methodology was a quantitative approach based on the positivist philosophical paradigm. Using the Eviews statistical software for data analysis, the Fixed Effect estimation method was adopted. Evidence shows that during the period of the study, the compliance rate grew from 70.38% in 2012 to 71.74% in 2019. There was a negative but insignificant relationship between the corporate governance compliance index and the financial performance of the firm. A significant negative relationship existed between the Q ratio and female board membership, ROE and non-duality, and the product market share, NAT and non-duality, female board membership, and board meetings. A significant positive relationship was found between the market share and NAT. This study made 13 recommendations focusing on the enforcement of corporate governance disclosures, empowerment of the statutory audit committee, representation of the minority shareholders on boards, number of mandated board committees, frequency of meetings, inclusion of females and foreign nationals on boards, relaxing the duality requirement, fixing specific penalties for levels of corporate governance infractions, corporate governance education, and the issuance of official corporate governance ratings and scores. In addition, several policy implications were raised which are aimed at improving the corporate governance practices by listed non-financial firms to enable them to operate competitively and sustainably in the global economic renaissance. Iqoqa Lolu cwaningo luphenye ubudlelwano phakathi kwezinqubo zokuphatha izinkampani kanye nokusebenza kwezezimali kwezinkampani ezingezona ezezezimali ezisohlwini lwase-Nigeria ngokuya nge-Tobin's Q, Return on Equity (ROE), kanye Nemali Yenzuzo Yempahla, phecelezi i- Net Asset Turnover (NAT) kusetshenziswa inkomba yokuthobela imithetho namamodeli aguquguqukayo okulingana enkathi ka-2012 kuya ku-2019. Inkomba yokuthobela yasungulwa kusetshenziswa izinhlinzeko zokuphatha izinkampani eziqukethwe kuKhomishana Yezokuphepha Nokushintshisana YaseNigeria ka-2011, eyaqala ukusebenza kusukela ku-2011 kuya ku-2019, kanye Nomthetho Wezinkampani Nezihlangene ka-1990 ( njengoba ichitshiyelwe kuze kube manje), nayo eqale ukusebenza ngaleso sikhathi. Ithiyori ye-ejensi (i-agency theory) kwakuwuhlaka lwethiyori oluyinhloko olwasekela lolu cwaningo. Isampula yocwaningo yakhiwe amafemu angewona awezezimali ohlwini lwamashumi ayisthupha nantathu (63), okuholele eminyakeni engamakhulu ayisihlanu nane (504) eqinile kusetshenziswa ukuhlaziywa kwedatha yephaneli. Indlela yocwaningo bekuyindlela yokulinganisa esekelwe kumbono wefilosofi ye-positivist. Kusetshenziswa i-software yezibalo ze-Eviews yokuhlaziya idatha, indlela yokulinganisa ye-Fixed Effect (FE) yamukelwa. Ubufakazi bubonisa ukuthi phakathi nesikhathi socwaningo, izinga lokuthobela imithetho likhule lisuka ku-70.38% ngo-2012 laya ku-71.74% ngo-2019. Kube nobudlelwano obungebuhle kodwa obungabalulekile phakathi kwenkomba yokuthobela ukubusa kwebhizinisi kanye nokusebenza kwezimali kwefemu. Ubudlelwano obubalulekile obungebuhle babukhona phakathi kwesilinganiso se-Q nobulungu bebhodi labesifazane, i-ROE nokungeyona into ekabili, kanye nesabelo semakethe yomkhiqizo, i-NAT nokungeyona into ekabili, ubulungu bebhodi labesifazane, nemihlangano yebhodi. Kutholwe ubudlelwano obuhle obubalulekile phakathi kwesabelo semakethe ne-NAT. Lolu cwaningo lwenze izincomo eziyishumi nantathu (13) ezigxile ekuphoqeleleni ukudalulwa kokuphathwa kwebhizinisi, ekuhlomiseni ikomidi lokucwaninga amabhuku, ukumelwa kwabanikazi bamasheya abambalwa emabhodini, inani lamakomiti ebhodi agunyaziwe, izikhathi zemihlangano, ukufakwa kwabesifazane nabangaphandle emabhodini, ukuxegiswa kwezinhlangothi zombili, imfuneko, ukulungisa izinhlawulo ezithile zamazinga okuphulwa kokuphathwa kwebhizinisi, imfundo ngokubusa kwebhizinisi, kanye nokukhishwa kwezilinganiso zokuphatha okusemthethweni kwebhizinisi kanye namaphuzu. Ukwengeza, imithelela eminingana yenqubomgomo yaphakanyiswa okuhloswe ngayo ukuthuthukisa izinqubo zokuphatha izinkampani yizinkampani ezingezona ezezezimali ezisohlwini ukuze zikwazi ukusebenza ngokuncintisana nangokusimeme ekuvuselelweni kabusha komnotho womhlaba.

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