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This paper aims to evaluate the different financial reporting guidelines used by governing bodies in public schools across 9 provinces. Therefore, developing an integrated financial reporting framework to improve accountability by SGBs that can be used by public schools in South Africa. This situation motivates the researcher to explore the lack financial reporting by SGBs in section 21 schools. The study also aimed to make recommendations to all stakeholders on how integrated financial reporting can promote accountability and transparency. The target population consisted of 56 section 21 schools in KwaZulu Natal province. A mixed methods approach was employed, and a questionnaire was developed and sent to participants using monkey survey. In addition, principals were interviewed one on one online using Microsoft Teams. SPSS version 25 was used to analyse the data, generating table and bar graphs. The findings revealed that the department of basic education should formulate the audit committee to monitor and evaluate financial statements of section 21 schools. The independent auditors should report back to the department of basic education not to the SGB to promote transparency and accountability. The study recommends that the current financial reporting structure can be improve by adopting integrated financial reporting framework where all stakeholders are actively involved. The Auditor General should audit the independent audit that are auditing section 21 schools and give an annual report on their performance.

The study aimed to design the auditing framework for the audit of the chairperson’s statement. The chairperson’s statement is one of the most read narrative disclosure statements in the integrated report. Non-financial information has become twice as important as financial information yet, it is not required by the International Financial Reporting Standard (IFRS). The chairperson’s statement is not audited and this leads to the use of impression management tactics. This study answers the call from different scholars who have called upon the audit of the chairperson’s statement to curve the use of impression management tactics. The mixed method is used for data analysis. Perception of external auditors is sought through the Likert scale and interviews to ensure triangulation. Descriptive statistics, correlation, and thematic analysis are used to analyze the data. The study found that auditors are aware of the existing concern about the use of impression management in the chairperson’s statement. In this regard, an audit of the chairperson’s statement is deemed appropriate and long overdue. External auditors are the most suitable experts to audit the chairperson’s statement and issue reasonable assurance. Secondly, auditors believe that the reliability of the chairperson’s statement is crucial and to ensure credibility, the company must have strong internal control, and report accurate and complete information in the chairperson’s statement. The auditing framework is designed and shown through an integrative conceptual model. The results are consistent with previous studies that emphasise the need for the assurance of non-financial information in the integrated report. This study triggers debates amongst accounting firms, standard setters, and policymakers on the adoption of the auditing framework for the chairperson’s statement to give assurance to the users. The study contributes to the body of knowledge with an auditing framework to audit the chairperson’s statement, the first of its kind. Lastly, the study adds to the developing debate on the assurance of narrative disclosure parts of the integrated report.

Audits are essential because of the separation of ownership and control in modern economies. Shareholders or owners delegate resources to management to enhance their wealth under this arrangement. Therefore, they want the agents to provide authentic, precise, and impeccable reports. Therefore, the research evaluated the effect of auditor independence on the performance and the moderating effect of firm size on the relationship between auditor independence and the performance of deposit-taking SACCOs in Kenya. The study was based on Agency theory. The study used a descriptive survey research technique. The study used primary data collected using structured questionnaire. A sample size of 223 was selected by a simple random sampling method from a target of 504. Descriptive and inferential statistics were used to examine the data using the SPSS 26 software. The R2 of 0.512 suggests that 51.2% of the variability in the financial performance can be accounted for by the auditor's independence. Firm Size increased the R2 to 0.714 an indication that it is a significant moderator on the relation between internal audit independence and performance. For each one-unit rise in Sacco size, the impact of the Auditor’s Independence on financial performance increases by 0.222 units substantially (P=0.000). The study concluded that Sacco size has a significant moderator in this study. The study recommended that Saccos should tailor their strategies and internal audit processes based on their size. Larger Saccos may benefit from more robust auditor independence measures and closer scrutiny of financial performance indicators.

Controlling corporate governance decision-making RISK is one of the prime safeguarding directives in the PCAOB’s requirement that the financials of Market Trading Firms [MTFs] are reasonably free from material error and thus are reliable indications of the results of operations. In this Corporate Governance Risk [CGR] context, it is important to understand the Interacting- & Integrated-Systemic Components of CGR and how they have evolved over time. We examine these aspects from Circa 1985 to date. We argue that the Driving Control System is: The Firm’s decision-making system of Internal Control over Financial Reporting [ICoFR] that impacts the Nature of CGR—to wit, Increasing CGRisk results as management experiences Increasing difficulties in maintaining adequate ICoFR. We examine the historical development of these systemic components and how they have spawned an Economic Sector of Firms that Rate & Score MTFs on the nature of their CGR profile, one currently predominate aspect of which is: The Nature of the MTF’s Caretaker Persona. With this as context, we present a duel-effect inferential design that examines the reliability of the Bloomberg™ Market Navigation Platform’s Institutional Shareholder Services™ [ISS]-Profiler as an information-link to be used in selecting MTFs to create CGR-sensitive Investment Portfolios. Our inferential results suggest for the MTFs in the ISS-Groups [{1: Lowest CGR} & {5: Mid-Level CGR} & {10: Highest CGR]}, it is likely that: (i) The decisions made by all involved in Management’s System of ICoFR, in its current COSO-version, are reflective of these MTF’s Caretaker Personas, (ii) The effects of these Caretaker Personas are analytically perceptible as reflected in the MTF’s Financials, and (iii) are aligned with the expected Nature of the ISS-Groups.

Despite anecdotal evidence indicating that a lack of management support towards internal audits (IAs) affects their efficacy, only a few studies have been conducted on the topic in a provincial government (PG) context. Besides, studies on the lack of management support towards IA efficacy lack theoretical grounding. This research aims to address this knowledge gap. The paper applied principal–agent theory to identify barriers to efficient management support towards the IA role within PGs, using the case of the Western Cape Government (WCG). Initially, questionnaires were sent to 260 WCG participants. The results revealed that management has a bad perception of IA as adding value to the organisation and does not take timely corrective actions based on audit findings and recommendations. The study adds to the limited knowledge about management and the IA relationship within PGs.

Controlling corporate governance decision-making RISK is one of the prime safeguarding directives in the PCAOB’s requirement that the financials of Market Trading Firms [MTFs] are reasonably free from material error and thus are reliable indications of the results of operations. In this Corporate Governance Risk [CGR] context, it is important to understand the Interacting- & Integrated-Systemic Components of CGR and how they have evolved over time. We examine these aspects from Circa 1985 to date. We argue that the Driving Control System is: The Firm’s decision-making system of Internal Control over Financial Reporting [ICoFR] that impacts the Nature of CGR—to wit, Increasing CGRisk results as management experiences Increasing difficulties in maintaining adequate ICoFR. We examine the historical development of these systemic components and how they have spawned an Economic Sector of Firms that Rate & Score MTFs on the nature of their CGR profile, one currently predominate aspect of which is: The Nature of the MTF’s Caretaker Persona. With this as context, we present a duel-effect inferential design that examines the reliability of the Bloomberg™ Market Navigation Platform’s Institutional Shareholder Services™ [ISS]-Profiler as an information-link to be used in selecting MTFs to create CGR-sensitive Investment Portfolios. Our inferential results suggest for the MTFs in the ISS-Groups [{1: Lowest CGR} & {5: Mid-Level CGR} & {10: Highest CGR]}, it is likely that: (i) The decisions made by all involved in Management’s System of ICoFR, in its current COSO-version, are reflective of these MTF’s Caretaker Personas, (ii) The effects of these Caretaker Personas are analytically perceptible as reflected in the MTF’s Financials, and (iii) are aligned with the expected Nature of the ISS-Groups.

Despite anecdotal evidence indicating that a lack of management support towards internal audits (IAs) affects their efficacy, only a few studies have been conducted on the topic in a provincial government (PG) context. Besides, studies on the lack of management support towards IA efficacy lack theoretical grounding. This research aims to address this knowledge gap. The paper applied principal–agent theory to identify barriers to efficient management support towards the IA role within PGs, using the case of the Western Cape Government (WCG). Initially, questionnaires were sent to 260 WCG participants. The results revealed that management has a bad perception of IA as adding value to the organisation and does not take timely corrective actions based on audit findings and recommendations. The study adds to the limited knowledge about management and the IA relationship within PGs.

The study aimed to design the auditing framework for the audit of the chairperson’s statement. The chairperson’s statement is one of the most read narrative disclosure statements in the integrated report. Non-financial information has become twice as important as financial information yet, it is not required by the International Financial Reporting Standard (IFRS). The chairperson’s statement is not audited and this leads to the use of impression management tactics. This study answers the call from different scholars who have called upon the audit of the chairperson’s statement to curve the use of impression management tactics. The mixed method is used for data analysis. Perception of external auditors is sought through the Likert scale and interviews to ensure triangulation. Descriptive statistics, correlation, and thematic analysis are used to analyze the data. The study found that auditors are aware of the existing concern about the use of impression management in the chairperson’s statement. In this regard, an audit of the chairperson’s statement is deemed appropriate and long overdue. External auditors are the most suitable experts to audit the chairperson’s statement and issue reasonable assurance. Secondly, auditors believe that the reliability of the chairperson’s statement is crucial and to ensure credibility, the company must have strong internal control, and report accurate and complete information in the chairperson’s statement. The auditing framework is designed and shown through an integrative conceptual model. The results are consistent with previous studies that emphasise the need for the assurance of non-financial information in the integrated report. This study triggers debates amongst accounting firms, standard setters, and policymakers on the adoption of the auditing framework for the chairperson’s statement to give assurance to the users. The study contributes to the body of knowledge with an auditing framework to audit the chairperson’s statement, the first of its kind. Lastly, the study adds to the developing debate on the assurance of narrative disclosure parts of the integrated report.

This paper aims to evaluate the different financial reporting guidelines used by governing bodies in public schools across 9 provinces. Therefore, developing an integrated financial reporting framework to improve accountability by SGBs that can be used by public schools in South Africa. This situation motivates the researcher to explore the lack financial reporting by SGBs in section 21 schools. The study also aimed to make recommendations to all stakeholders on how integrated financial reporting can promote accountability and transparency. The target population consisted of 56 section 21 schools in KwaZulu Natal province. A mixed methods approach was employed, and a questionnaire was developed and sent to participants using monkey survey. In addition, principals were interviewed one on one online using Microsoft Teams. SPSS version 25 was used to analyse the data, generating table and bar graphs. The findings revealed that the department of basic education should formulate the audit committee to monitor and evaluate financial statements of section 21 schools. The independent auditors should report back to the department of basic education not to the SGB to promote transparency and accountability. The study recommends that the current financial reporting structure can be improve by adopting integrated financial reporting framework where all stakeholders are actively involved. The Auditor General should audit the independent audit that are auditing section 21 schools and give an annual report on their performance.

Audits are essential because of the separation of ownership and control in modern economies. Shareholders or owners delegate resources to management to enhance their wealth under this arrangement. Therefore, they want the agents to provide authentic, precise, and impeccable reports. Therefore, the research evaluated the effect of auditor independence on the performance and the moderating effect of firm size on the relationship between auditor independence and the performance of deposit-taking SACCOs in Kenya. The study was based on Agency theory. The study used a descriptive survey research technique. The study used primary data collected using structured questionnaire. A sample size of 223 was selected by a simple random sampling method from a target of 504. Descriptive and inferential statistics were used to examine the data using the SPSS 26 software. The R2 of 0.512 suggests that 51.2% of the variability in the financial performance can be accounted for by the auditor's independence. Firm Size increased the R2 to 0.714 an indication that it is a significant moderator on the relation between internal audit independence and performance. For each one-unit rise in Sacco size, the impact of the Auditor’s Independence on financial performance increases by 0.222 units substantially (P=0.000). The study concluded that Sacco size has a significant moderator in this study. The study recommended that Saccos should tailor their strategies and internal audit processes based on their size. Larger Saccos may benefit from more robust auditor independence measures and closer scrutiny of financial performance indicators.