Tag: Banks
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Management’s responsibility
Throughout the audit of a set of financial statements, the phrase “management/director’s responsibility” appears. It is included in the engagement letter, the financial statements and the auditor’s report. But what does it mean? Management is responsible for the management of the business, for implementing and monitoring of internal controls in the business, and in terms…
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Interest received by non-residents on SA bank accounts
Persons that are not tax resident in South Africa (“SA”) are only taxed in SA on income received by or which accrued to such non-resident from an SA source. This will include interest received on an SA bank account. Non-residents may, however, be exempt from SA income tax on interest earned in terms of section 10(1)(h)…