Accounting

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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.
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.
Determination of the taxable income of certain persons from international transactions : transfer pricing.
(2004) Govindsamy, Kevin.; Deodutt, Jugjith.
Many intra-firm transactions are non-market transactions and therefore lack a market determined price. A transfer price is the price assigned to such nonmarket intra-firm transfers. Transfer prices are especially important for multinational corporations, since a parent company typically has subsidiaries or branches in other countries and transfers are often made between the component parts of the multinational. As the world has become more internationally dependent, these transactions and the associated transfer prices have come under increased scrutiny. The fear often expressed by governments is that a multinational corporation may manipulate transfer prices in order to transfer profits from one country to another, and thereby affect various government policies. Most notably, transfer prices can affect the tax revenues of both the home and host country. A general international consensus is that the appropriate transfer price is the 'arm's length' price. This is the price that would be charged by two unrelated parties. However, it is often difficult to find such a comparable transaction.
An exploration of the effect of mergers and acquisitions on long-run value creation of acquiring companies within South Africa.
(2018) Gurr, Kerry-Lee.; Deodutt, Jugjith.
There are limited opportunities for companies to expand and grow organically, which is why mergers can play an important role in expansion for an entity. There are two perspectives which can be viewed in terms of a company obtaining value creation through a merger or acquisition transaction, namely, through an increase in the profitability of the company and an increase in shareholder wealth. The focus of this study will be based on the creation of long-term shareholder wealth. The analysis will therefore be conducted from the perspective of an investor and thus lead to the relevant ratios selected for analysis. This area of study is important due to the quantum of investments made resulting in significant potential value creation or destruction. Businesses that have been hampered by a recession which causes economic strain as a result of reduced consumer spending and are therefore enticed by the option of merging with a larger business, or rather forced to become acquired by a larger business. The larger businesses have the ability to sustain themselves during the pressures exerted on them by a recessionary climate and thus are able to continue without economic assistance through a merger. The purpose of this study is to determine the long-run (5 years post-acquisition) effects on the financial performance of the acquiring company to ascertain whether the financial performance is enhanced by virtue of the merger. By conducting a quantitative study on the financial ratios over the pre-acquisition and post-acquisition periods in the long run of the acquiring entity, there can be further investigation to identify any trends over the long-run. The study will contribute to the body of knowledge in mergers and acquisitions by addressing short-comings of previous studies such as using short periods of analysis (less than 3 years) which resulted in insignificant findings and the use of external indicators (example, share prices) which are driven by uncontrollable forces other than the intended measure of internal value creation; and applying the relevant methodologies.
Exploring adequate retirement funding in South Africa: a KwaZulu-Natal financial planner’s view.
(2018) Rathnasamy, Shagaran.; Deodutt, Jugjith.
The development of several social demographic and economic trends have created the interest among financial analysts and the general population in planning for retirement. By the year 2021 the number of South Africans past retirement age will be an estimated 4.4 million which should account for approximately 7.3% of the country’s population (currently 3.8 million or 6.8% of the population) (Statistics South Africa, 2016). The increase in South Africa’s population at large and longer retirement periods have raised questions about financial preparedness for retirement. Economic issues such as corporate downsizing, capped employer retirement contributions, changing of jobs for greater remuneration and increased daily living costs have shifted the responsibility for retirement financial well-being from employers to individuals. Adequate retirement provision does not necessarily only affect the retiree but also the family unit of the retiree as a whole, as the vast majority of households in developing countries such as South Africa rely solely on one breadwinner. A global financial planning survey “was conducted by the FPI in 2015. The survey shows that only 38% of South Africans are confident that they will achieve their financial life goals, with 55% indicating that they do not know where to start with financial planning (Financial Planning Institute of South Africa, 2015) Gustman, Mitchell and Steinmeier (1995), as sited in (Greninger, Hampton, Kitt, & Jacquet, 2000) reported that, “there is no consensus in literature regarding the definition of retirement. If we do not understand the meaning of retirement, is it possible to judge whether a population is financially prepared?” This question underlines the importance of gathering informative qualitative data such as goals and risk tolerances and quantitative data, in order to develop a capital needs analysis to establish how clients can successfully meet their retirement goals. This paper aims to explore the role of the Financial Planner in the retirement planning process.
Strategies for dealing with mandatory audit firm rotation as proposed by accounting professionals in KwaZulu-Natal.
(2019) Chetty, Yoshin.; Deodutt, Jugjith.
On 1 June 2017, the Independent Regulatory Board of Auditors (IRBA) approved the implementation of mandatory audit firm rotation (MAFR) for all Johannesburg Stock Exchange (JSE) listed companies. The IRBA is of the opinion that MAFR will increase audit quality, improve auditor independence, increase market competition, and increase the rate of transformation in the profession. The auditing and accounting professions have met this announcement with sustained resistance, with the charge being led by the South African Institute of Chartered Accountants (SAICA). Among the arguments of those who oppose the implementation are the perceived large costs that are incurred to on-board a new audit firm, the decreased institutional intelligence of the client by the new audit firm, and the loss of a strong working relationship between auditor and audit client. Many believe that the large audit firms stand to benefit significantly from the implementation of MAFR. This is mainly because audit clients will tend only to select large audit firms to perform their audit. The smaller market will have an increased audit firm rotation rate (turnover), meaning that large audit firms will also be able to target small audit clients. It is feared that these factors will concentrate the market further. This study aimed to provide insight into the key role-players and factors from the viewpoint of accounting professionals. The study utilised a grounded theory methodology, in the form of in-depth interviews with audit profession and industry experts. The results provide evidence of what accounting professionals think will lead to success once MAFR is implemented. This study is unique in South Africa as it surveyed auditors and audit clients. Although not a key aim, this study also sought to shed light on the perceived challenges that are facing the auditing profession in relation to the implementation of MAFR.

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