Remember CAATs? This was an acronym for Computer Assisted Audit Tools – a general category for all things computery that helped us work with more efficiency and power.

Now that virtually all we do uses a computer, ISA 315 (Revised 2019) does not refer to CAATs but to Automated Tools and Techniques (ATTs).

This kind of thing gets audit software developers like us salivating like Fluffy when the fridge door opens. But let’s stay calm and examine what the standard says first.

In support of the Government's mandate in assisting the development of small sized businesses, Cabinet has approved that the Tax Invoice Monitoring System (TIMS) will not apply to businesses with an annual turnover of less than SAT$200,000 tala.

Amendment to IFRS 16 Leases Paragraph 46B is amended. Paragraphs C1C and C20BA–C20BC are added. New text is underlined and deleted text is struck through.

Lessee ...

Measurement ...

Subsequent measurement ...

Lease modifications ...

The practical expedient in paragraph 46A applies only to rent concessions occurring as a direct consequence of the covid-19 pandemic and only if all of the following conditions are met:

Auditors are prime candidates for burnout, but some accounting firms are dealing with mental health head on.

IN BRIEF

  • Auditors are at risk of burnout due to the constant nature of the job.
  • COVID-19 has shone the spotlight on mental health across the accounting profession.
  • Restructuring workflow may help mid-tier firms reduce the burnout risk.

SHOULD SAMOA ADOPTS THE USA COVID RELIEF GRANTS FOR BUSINESSES AND PEOPLE WITH SEVERE IMPACT. ALTHOUGH FACING THE CRISIS, THE NPF 10% INCREASE CONTINUES!

SBA debt relief
SBA offers debt relief to existing SBA loan borrowers whose businesses have been impacted by COVID-19.

Paycheck Protection Program
An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis.

COVID-19 Economic Injury Disaster Loan
This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.

IMPORTANT NOTICE TO ALL OUR CLIENTS AND STAKEHOLDERS.

SAMOA TAX REFORMS – EFFECTIVE JANUARY 2018!

Matters of Priorities

1. Massive increase by 60% on annual business license per annum 


Ministry of Finance in partnership with Samoa Chamber of Commerce Wage Subsidy Scheme Fact Sheet Overview:

Wage subsidy will be available for Employees in the affected Tourism and Hospitality/Manufacturing Industries who are struggling to retain employees because of Covid 19.

The Wage subsidy is to be distributed via the Employers to affected employees. Amount of support: Universal wage subsidy to all affected Employees from the Tourism and Manufacturing sector affected by Covid 19.
A paid out flat rate approved and decided by the Ministry of Finance. Read More PDF File

Su'a inducted in Auckland
Su'a inducted in Auckland

Tagaloa Fa'afouina Su'a inducted in the college of Chartered Accountants (CA) for Chartered Accountant Australia & New Zealand (CAANZ) last night at a ceremony held Cordis Hotel in Auckland CBD.

Su'a with Beatie Carlson

Congratulations Rugby League Samoa GOVERNOR Tagaloa Fa'afouina Su'a recognition of his dedication and professional services to Rugby League International Board of Directors presented during this weeks AGM in Darling Harbour, Sydney.

Malo lava le galue Govenor from all Rugby League Samoa executives and our chapters and members. Viia le Alii

The Fund wishes to advise the public that Parliament has passed the National Provident Fund Amendment Act 2019 increasing the minimum member and employer contribution rate that is currently set at 7% as follows:

Incremental Increase of 1% per annum Employee Minimum Contribution Employer Minimum Contribution
Current  7% 7%
1 st July 2019 8% 8%
1 st July 2020 9% 9%
1 st July 2021 10% 10%

Read more full report (PDF Click here)