Page 4 - KZN Business Sense 12.4 - Terry Flack

BOOSTING CONFIDENCE, GOVERNANCE

AND RESILIENCE ACROSS

KWAZULU‑NATAL

Irshaad Soomar, Partner, become a central concern. For
EY some organisations, this involves
navigating leadership changes
ow and succession at board or
Assurance management level. For others, it
HAnd Trust requires responding to evolving
Are Enabling Better regulatory expectations,
Decisionmaking
In A Complex climaterelated risks or changing
Business stakeholder demands.
Environment The common thread is the
need for clear, forwardlooking
KwaZulu- judgement supported by credible
Natal information. Assurance plays
remains one of South Africa’s a vital role in supporting this –
most strategically important not only by validating historical
provinces. As home to major performance, but by enhancing
ports, manufacturing and the quality of information used
logistics hubs, regional for future decisionmaking.
headquarters of multinational
groups, listed entities, A Trusted Presence In
regulated institutions and KwaZulu-Natal
privately held enterprises, the What distinguishes EY’s role in
province plays a critical role in Despite differences in size For boards and audit only technical rigour, but sound KZN is its combination of local
national economic activity and and structure, organisations committees, assurance judgement and documentation. presence and global capability.
employment. across the province face similar underpins oversight and Teams based in the region
EY works closely with
Yet KZN businesses are challenges: accountability. For executives, boards, audit committees work closely with clients across
operating in a period of ■ Increased expectations from it provides a reliable foundation and management teams to sectors, supported by access
to global expertise, industry
sustained complexity. regulators, investors, lenders for capital allocation, strengthen these foundations insight and leading audit and
Infrastructure constraints, and customers transformation initiatives and – supporting organisations assurance methodologies.
energy instability, logistics ■ Heightened accountability for risk management. For external to move beyond minimum
disruption, regulatory scrutiny stakeholders – including compliance towards governance This enables EY to serve
and market volatility have boards and audit committees investors, banks, regulators and frameworks that are as a trusted advisor across
become enduring features of the ■ Greater scrutiny of going customers – it is often the basis proportionate, practical and the broader KZN business
operating environment. Against concern, liquidity and on which trust is established. effective. ecosystem – helping
this backdrop, confidence resilience EY’s assurance practice in organisations navigate
– in financial information, ■ Pressure on management KwaZulu-Natal serves a broad Enabling Growth, Capital complexity, meet rising
governance structures and to make decisions with spectrum of organisations, Decisions And Transformation expectations and build
leadership decisions – has limited margin for error including listed entities, While resilience is a priority, confidence in an increasingly
emerged as a defining business multinational groups growth and transformation demanding environment.
priority. In this environment, confidence with regional operations, remain firmly on the agenda. As KwaZulu-Natal continues
is not created through ambition
Building and sustaining that alone. It is built through credible publicinterest and regulated Many KZN organisations are to adapt and reposition itself for
confidence is where assurance, information, disciplined institutions, and private reassessing operating models, future growth, the importance
governance and highquality governance and independent companies. This breadth investing in technology, of strong institutions,
reporting play an indispensable assurance. provides deep insight into restructuring portfolios or transparent governance and
role. emerging risks, governance exploring acquisitions and credible assurance will only
Assurance As A Strategic expectations and regulatory partnerships. increase.
A Diverse Economy, Facing Enabler, Not A Compliance developments, allowing lessons In all these activities, EY remains committed to
Common Pressures Exercise learned in one part of the assurance and governance supporting the organisations
market to inform best practice
KZN’s economic landscape Across sectors, there has been across others. play a critical enabling role. that shape the KZN economy
is marked by diversity. Large, a clear shift in how assurance Reliable financial information, – strengthening trust,
listed groups operate alongside is perceived. No longer Governance And Transparency strong controls and transparent enabling better decisions and
multinational subsidiaries, viewed merely as a statutory In A Volatile Environment reporting enhance an contributing to longterm
exportfocused manufacturers, requirement, highquality Volatility has sharpened the organisation’s ability to access resilience across the region.
regulated entities and privately audits and strong control focus on governance quality. capital, engage with partners EY continues to work alongside
held businesses deeply environments are increasingly Boards are being challenged not and execute transactions with businesses and institutions
embedded in local value chains. seen as strategic enablers. confidence.
only on performance, but on in KwaZulu-Natal, bringing
preparedness – how well risks EY supports organisations global standards and local
are identified, assessed and across these journeys through understanding to support
EY remains committed to managed, and how transparently integrated capabilities – linking sustainable value creation. 
supporting the organisations they are communicated. assurance insights with strategy, T: +27 (0)31 576 8000
tax, transactions and technology
Robust internal controls,
that shape the KZN economy – wellconsidered accounting – while maintaining the W: www.ey.com/en_za/locations/south-africa
strengthening trust, enabling judgements, and clear independence and objectivity
that underpin trust.
better decisions and contributing disclosures are central to this Supporting Longterm
conversation. Areas such as
to longterm resilience across going concern assessments, Sustainability And Continuity
impairment, provisions,
the region. liquidity management and Across the provincial economy,
revenue recognition require not longterm sustainability has

4