Over the last decade, blockchain and its use of a distributed ledger has demonstrated its ability to disrupt the financial sector to create various initiatives by both businesses and entrepreneurs. This new and unique industry has catalysed the need for a traditional audit, tax and advisory service providers to also adapt in order to serve clients who operate in the cryptocurrency space.
Within Forvis Mazars, we have built sector specialism and expertise to provide businesses in the crypto sector with audit, tax, accounting and advisory services. After realising the potential that the industry has, we invested ample time into truly understanding blockchain technology. This allows us to add real value to our current and prospective clients who operate in this unique industry as well as to provide stakeholders with the quality assurance represented by the Mazars brand.
The large traditional banks have been monopolising the banking industry for as long as we have known - not just in South Africa but globally. We have trusted banks as intermediaries with our money and paid their fees - not because we were happy about it but more because there was no alternative.
Bitcoin and other cryptocurrencies are seen by many as a new form of money. Others query whether these alternative assets truly meet the definition of money from a practical point of view.
18/05/2021 As cyber capabilities grow, so too do the risks. In March 2021, Forvis Mazars sponsored the Africa Financial Industry Summit and moderated a business case on how to address existing and upcoming fraud and cyber risks that increasingly threaten the financial services sector in Africa. Read the Q&A panel discussion below featuring Jean-Louis Menann-Kouamé, Managing Director, Orange Bank...
Crypto-currency, while not new, remains a buzzword as people grapple not only with the concept, but also with the accounting thereof.
South Africa’s infamous MTI was crowned as the world’s largest crypto Ponzi scam with a total loss of around $589m which affected hundreds and thousands of investors, according Chainanalysis’ 2020 crypto crime report. MTI’s illicit scheme using cryptocurrencies to commit fraud overshadowed the thriving cryptocurrency industry in South Africa and the rest of the world which gave credible and reputable...
The auditing profession is slowly but surely moving into a technological era with the use of data analytics, artificial intelligence (AI), data mining and now even blockchain technology. Blockchain technology does not only relate to cryptocurrencies, but has a much wider potential to disrupt various industries we operate in, including the auditing profession.
PRESS RELEASE: August 2020 Over the last five years, South Africa has emerged as one of the world’s most notable cryptocurrency adopters, and an estimated 13% of its internet users owning or using cryptocurrencies. With the South African Bitcoin/ZAR weekly trading volume – to name just one – currently standing close to R30million, there are various manners in which the South African Revenue Service...
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