The following is a list of the top ten actions to minimize the risk of being sued.
This list was compiled by the author as a result of various discussions with top malpractice insurance companies.
Accounting and Auditing in Volatile Times
- Tighten Up Engagement Letters
- Watch Out for Bad Clients
- Take Precautions for Fraud and Defalcation
- Protect the Privity Defense Against Third Parties
- Supervise and Manage Personnel
- Have a Workpaper Retention Policy
- Improve Billing Procedures
- Never Sue to Collect Unpaid Fees
- Tighten Up Workpapers
High Level - Summary
VAGST THRESHOLD IN SAMOA
All business with sales over $130,000.00 per annum requires registration for VAGST at Ministry for Revenue.
IMPORTANT NOTICE TO ALL OUR CLIENTS AND STAKEHOLDERS.
SAMOA TAX REFORMS – EFFECTIVE JANUARY 2018!
Matters of Priorities
- Massive increase by 60% on annual business license per annum
- Apart from the increase in Business licenses, Sole traders will entertain the newly effective tax rates which saw the threshold increase from $12,000 to $15,000 per annum. Below example illustrates tax savings with new rates compared to prior years.
INCREASE OF MINIMUM CONTRIBUTIONS
We respectfully advise that pursuant to earlier notification in January and June 2015, the National Provident Fund Amendment Act (No. 2) 2015 has now been passed by Parliament which increases the minimum contribution from 5% to 6% of Gross Salaries & Wages commencing 1st July 2015. There will be another increase next year on 1st July 2016 from 6% to 7%.