IFRS 9 Impairments – Interim and Transitional arrangements applicable to Banks

IFRS 9 will become effective on 1 January 2018 and represents a fundamental change in the impairment of financial instruments. This will have a significant impact on how banks are required to calculate provisions for credit losses (impairments). The South African Reserve Bank (SARB) issued Directive 5 as a transitional arrangement and to provide clarity to banks in South Africa on how to categorise expected credit loss provisions. The transitional arrangement only applies to new provisions that did not exist prior to the adoption of the expected credit loss model.

Categorisation of provisions

As banks transition from the previous “incurred loss approach” in terms of IAS 39 to the “expected credit loss” (ECL) model in terms of IFRS 9, banks must still distinguish which portions must be regarded as “general provisions” and those regarded as “specific provisions”. The accounting provisions should be categorised as follows:

  • Provisions with no significant increase in credit risk since initial recognition as at reporting date (Stage 1 exposures as per IFRS 9) = General provisions
  • Provisions with no significant increase in credit risk since initial recognition as at reporting date but which are credit-impaired (Stage 2 exposures as per IFRS 9) = General provisions
  • Provisions that are credit-impaired as at reporting date (Stage 3 exposures as per IFRS 9) = Specific provisions

Transitional arrangements

The transitional arrangements are as follows:

  • Banks can apply a transition period by sending a notification to SARB before adopting IFRS 9.
  • Banks must apply a 3-year transition period, amortised on a straight-line basis, on a bank legal entity and a bank controlling company (consolidated basis).
  • A once-off calculation needs to be done as follows:
    o A comparison of the common equity tier1 (CET1) capital (which is based on the opening balance sheet by using IFRS 9) with the CET1 capital (which is based on the closing balance sheet by using IAS 39 ie 1 day prior to opening day).
    o The above calculation is made to isolate the impact of using the ECL model in terms of IFRS 9.
    o The decrease in the net qualifying CET1 (reflected as pre- and post-implementation) shall be phased in over a 3-year period (line item 64 of the form BA700).
    o The impact must be reflected net of the tax effect and all deductions such as shortfalls of eligible provisions compared to expected loss and threshold deductions.
    o No separate adjustments shall be made in respect of banks showing changes to shortfalls of eligible provisions compared to expected loss (since this impact would already be included in line item 64 of the form BA700).
    o The IFRS 9 transitional adjustment amount (as explained above) must be shown as follows for each year of the transitional period (as per line item204, column 1 of the BA700 form and line item 12 of the BA600 form):
    Year 1 : 3/4 of adjustment amount
    Year 2 : 2/4 of adjustment amount
    Year 3 : 1/4 of adjustment amount
    o The additional amount of special provisions (not phased in yet) shall be risk-weighted at a risk weight of 100% (this must be included in line item 5, column 1 of the BA700 form) post the adoption of IFRS 9. This amount shall be decreased annually on a straight-line basis over a 3-year period.
  • The impact of deferred tax assets as a result of the adoption of IFRS 9 and changes to taxation rules must be phased-in over a 3-year period.
  • Banks must calculate the difference between deferred tax assets arising from temporary differences, based on opening balance sheet by using IFRS 9, and closing balance under IAS 39 (ie one day prior to the opening day).
  • A portion of the deferred tax difference (which must be calculated as per the table above) shall be deducted (line item 110 of form BA700) from the deferred tax amount arising from temporary differences, net of deferred tax liabilities.
  • Banks using the SA to measure credit risk shall, on a static basis, calculate the difference between the combined stages 1 & 2 provisions (based on opening balance using IFRS 9 and closing balance of general provisions under IAS 39). The increase in general provisions as a result of IFRS 9 must be phased-in over 3 years using the table above. During the transitional period a portion of the increase in line with the table must be deducted from total general provisions before applying the limit of 1.25% of credit risk-weighted assets. 
  • Banks using the internal ratings-based (IRB) approach to measure credit risk must phase in all the new excess provisions exceeding expected losses amounts over the 3-year transitional period using the table above. A portion of the excess amount (in line with the table) must be deducted from total eligible provisions before determine the maximum amount that can be added to Tier 2 capital (0.6% of credit risk-weighted assets).
  • Banks must prepare a set of special purpose financial information within the first 5 months of implementing IFRS 9 for the 1st time, demonstrating the impact of IFRS 9 on opening retained earnings of the first year. This must include a reconciliation from the previously audited retained earnings (before IFRS 9) to the retained earnings balance at that date as adjusted for the IFRS 9 impact.
  • The information must contain a basis of preparation note setting out all the accounting policies relevant to the calculation of the IFRS 9 retained earnings adjustment, and other relevant notes as necessary.
  • The special purpose financial information must be audited within the first 5 months in accordance with ISA 805.


Making Materiality Judgements – Practice Statement 2

The IFRS Practice Statement 2 was issued in September 2017 by the IASB to provide companies with guidance on making materiality judgements when preparing financial statements. The practice statement is non-mandatory guidance and is aimed at promoting greater application of judgement. Companies are permitted to apply the guidance in the Practice Statement to financial statements prepared any time after 14 September 2017.
What is meant by “materiality”?

Information is material if omitting it or misstating it could influence decisions that users make on the basis of financial information.

The need for materiality judgements is pervasive in the preparation of financial statements. It is required to make materiality judgements when making decisions about presentation, disclosure, recognition and measurements. The requirements contained in IFRS standards only need to be applied if their effect if material.

The Materiality Process

The materiality process is a four-step process and incorporates the materiality requirements that a company must apply to state compliance with IFRS Standards.

STEP 1 – Identify information that has the potential to be material

Identify information about transactions, other events and conditions that primary users might need to understand to make decisions about providing resources to the entity. In identifying this information, an entity considers, as a starting point, the requirements of the IFRS Standards applicable to its transactions, other events and conditions.

STEP 2 – Assess whether the information identified in Step 1 is material

In making this assessment, the entity needs to consider whether its primary users could reasonably be expected to be influenced by the information when making decisions about providing resources to the entity on the basis of the financial statements. The entity performs this assessment in the context of the financial statements as a whole. An entity might conclude that an item of information is material for various reasons. Those reasons include the item’s nature or size, or a combination of both, judged in relation to the particular circumstances of the entity. Therefore, making materiality judgements involves both quantitative and qualitative considerations. It would not be appropriate for the entity to rely on purely numerical guidelines or to apply a uniform quantitative threshold for materiality.

Quantitative factors – assessing whether information is quantitatively material is done by considering the size of the impact of the transaction, other event or condition against measures of the entity’s financial position, financial performance and cash flows. Consideration should also be given to any unrecognised items that could overall perception of the entity’s financial position, financial performance and cash flows (eg contingent liabilities or contingent assets). The entity needs to assess whether the impact is of such a size that information about the transaction, other event or condition could reasonably be expected to influence its primary users’ decisions about providing resources to the entity.

Qualitative factors – qualitative factors are characteristics of an entity’s transactions, other events or conditions, or of their context, that, if present, make information more likely to influence the decisions of the primary users of the entity’s financial statements. The mere presence of a qualitative factor will not necessarily make the information material, but is likely to increase primary users’ interest in that information.

STEP 3 – Organise the information within the draft financial statements in a way that communicates the information clearly and concisely to primary users

An entity exercises judgement when deciding how to communicate information clearly and concisely. An entity considers the different roles of primary financial statements and notes in deciding whether to present an item of information separately in the primary financial statements, to aggregate it with other information or to disclose the information in the notes.

STEP 4 – Review the draft financial statements to determine whether all the material information has been identified and materiality considered from a wide perspective and in aggregate, on the basis of the complete set of financial statements.

When reviewing its draft financial statements, an entity draws on its knowledge and experience of its transactions, other events and conditions to identify whether all material information has been provided in the financial statements, and with appropriate prominence.

Best Advice Conversations

In 2008 Author, Siya Mapoko published the book “Conversations with JSE AltX entrepreneurs”. The book featured Nexia SAB&T, CEO, Bashier Adam in a 20 page interview section. Fast forward to 2017 and Siya has since published a further book in 2012 titled “The Best Advice I Ever Got”, which he is taking on the road in a series of face to face interviews with the entrepreneurs featured in the books.

Bashier Adam is one of three business leaders on the inaugural panel held on 4 November 2017 at Melrose Arch.

If you would like to read the original feature on Bashier from “Conversations with JSE AltX entrepreneurs”, please click here.

Revenue recognition – how to account for free gifts and loyalty programmes

IFRS 15 includes specific requirements related to “customer options for additional goods or services” – for example free gifts, discount vouchers, etc – and requires a distinction to be made as to whether this option confers a “material right”. We will look at what is a “material right” and how do you make this assessment.

Performance obligations

A promise deemed to be free or deemed to be a marketing tool is probably a PO. One of the steps of IFRS 15 is the identification of performance obligations in the contract to enable the recognition of revenue. Performance obligations (POs) are promises to a customer that arise every time they enter a contract to supply a good or service. Not all POs need to be explicitly stated in the contract. Contracts may provide customers with the option to acquire additional goods or services either for free or at a discount through loyalty point programmes, customer award credits, sales incentives, contract renewal options, etc. Where the buyer has a valid expectation of an ‘extra’ or ‘free’ good or service being provided this is an additional PO and needs to be considered in the application of IFRS 15.

Material right

Retailers transfer goods directly to their customers on or close to the date the goods are paid for, so many retailers believe that the implementation of IFRS 15 will be straightforward. However, where incentives are offered, like free goods, coupons or loyalty points to keep customers returning this future offer is referred to as a material right under IFRS 15.

If the option provides a right the customer would not have received had they not entered into this contract, (e.g., a right incremental to the rights provided to other customers in the same region or market), the customer is in effect paying in advance for future goods and services. If such an option provides the customer with a “material right”, then the option should be accounted for as a separate performance obligation.

Entities may argue that the cost of the free goods is a marketing expenses. However, if a free good is promised to a customer, then it should be treated as a separate PO.

Accounting requirements

Once the determination has been made that a material right exists and it is a separate PO, a portion of the total transaction price must be allocated to this right. If the stand-alone selling price of the material right is not directly observable, it must be estimated. In determining this value, entities should factor into their estimate:

  • any discounts that could be obtained without exercising the option
  • the likelihood the option will be exercised.

How much is allocated to each item (or PO), will depend on how the transaction price is allocated.

Loyalty points are in substance the same as a coupon or free good. Some of the consideration received in exchange for the goods sold at the time when the points are earned should be deferred until the points are exchanged for goods or services in the future. The loyalty point is providing a right to a good or service to the customer, and therefore is a distinct PO.

Example – Free gift: If a customer buys a football and receives a voucher for a free cap if they buy another football in the following month, part of the consideration for the initial football would need to be allocated to the free cap.

What to consider?

In the process to determine when and how much revenue should be recognised, consideration should be given to all the promises being offered to the customer, those POs must be identified, including those which are implicit.

Example – Customer Loyalty Programme: A customer loyalty programme rewards a customer with one loyalty point for every R10 of purchases. Each point is redeemable for a R1 discount on any future purchases. During a reporting period, customers purchase products for R100,000 and earn 10,000 points that are redeemable for future purchases. The consideration is fixed and the stand-alone selling price of the purchased products is R100,000. The entity expects 9,500 points to be redeemed. The entity estimates a stand-alone selling price of 95 cents per point (totalling R9,500) on the basis of the likelihood of redemption. It was concluded that the promise to provide points to the customer is a PO. The entity allocates the transaction price (R100,000) to the product and the points on a relative stand-alone selling price basis as follows: 

  • Product = R91,324 [R100,000 × (R100,000 selling price ÷ R109,500)] 
  • Points = R8,676 [R100,000 × (R9,500 selling price ÷ R109,500)]

End of Year 1: 

  • 4,500 points have been redeemed and the expectation is still that 9,500 points will be redeemed in total. 
  • The entity recognizes revenue for the loyalty points of R4,110 [(4,500 points ÷ 9,500 points) × R8,676] and recognizes a contract liability of R4,566 (R8,676 less R4,110) for the unredeemed points at the end of the first reporting period.

End of Year 2: 

  • 8,500 points have been redeemed cumulatively. The entity updates its estimate of the points that will be redeemed and now expects that 9,700 points will be redeemed. 
  • The entity recognizes revenue for the loyalty points of R3,493 {[(8,500 total points redeemed ÷ 9,700 total points expected to be redeemed) × R8,676 initial allocation] less R4,110 recognized in the first reporting period}. 
  • The contract liability balance is R1,073 (R8,676 initial allocation less R7,603 [R4110 + R3493] of cumulative revenue recognized).

VAT on Non-Executive Director Fees

What is the Binding General Ruling (BGR) about?

As no control or supervision is exercised by a company over the manner in which a non-executive director (NED) performs his or her duties or the NED’s hours of work NEDs are not regarded as common law employees.

The fees earned for services rendered as a NED do not constitute “remuneration” and should therefore not be subject to the mandatory deduction of employees’ tax (PAYE) by the company concerned. It was clarified that NEDs are carrying on an “enterprise” in respect of services rendered as a NED and should therefore register for VAT where the fees exceed the VAT registration threshold.

Who does the BGR apply to?

The Ruling applies to any person appointed as an NED under the Companies Act 71 of 2008. It does not matter what type of company the NED serves – whether it be a public, private, state owned or non-profit company. This also applies to the extent that the member is a NED, serving in the various committees of a company. This includes, for example, Board committees, Risk and Audit committees, Remuneration committees and Social and Ethics committees.

What about executive directors?

Executive directors are normally regarded as employees of the company which they serve. The BGR only deals with individuals that are appointed as NEDs to serve on the board of a company as contemplated in the Companies Act. As such, NEDs are regarded as independent contractors (sole proprietors) that provide services to the company concerned in their personal capacity and are therefore treated differently to employees of the company.

Should all NEDs register for VAT?

Only those NEDs that earn NED fees and other income from taxable supplies that have, in total, exceeded the compulsory VAT registration threshold of R1 million in any consecutive period of 12 months (or will exceed that amount in terms of a written contractual arrangement). NEDs that earn fees below the compulsory VAT registration threshold can choose to register voluntarily if the minimum threshold of R50 000 has been exceeded and all the other requirements for voluntary registration have been met.

How to determine total fees and income from taxable supplies?

  • The value of all taxable supplies of goods or services made in the course or furtherance of the enterprises conducted by the NED as a sole proprietor must be added together.
  • For example, if, in addition to your NED fees for serving on the board of a company, you also supply forensic accounting services to other clients in the normal course of conducting an enterprise as a sole proprietor, then you need to add the total value of NED fees and the total value of service charges from the forensic accounting business together. The resultant total value of income from taxable supplies in a 12 month consecutive period must then be compared to the R1 million compulsory VAT registration threshold to see if you have to register.
  • Any salary (or any other type of remuneration) earned in the capacity as an employee is not taken into account when determining the VAT registration liability. The reason is that NED fees or other charges for goods or services supplied constitute consideration received for the taxable supply of goods or services, whereas remuneration earned for services supplied to your employer is not.
  • The value of other benefits (for example company car) received by the NED forms part of the calculation of the consideration charged in respect of the NED services. The NED is therefore required to account for VAT based on the open market value of the benefit as well as any other component of consideration which is used to calculate the total of the NED fees.

What about income tax?

The fact that the payments to an NED are not subject to PAYE, does not mean they are not subject to normal tax. The normal tax liability arising from the income earned must be settled via the provisional tax system during the year of assessment.

Effective Date

The levying and accounting for VAT on NED fees earned was already effective from 1 June 2017.

Those NEDs that became liable to register before 1 June 2017, but have not done so, will be required to register and start accounting for VAT from 1 June 2017 on NED fees earned from this date, unless the NED chooses an earlier date of registration.

Message to Indyebo Clients

Since the inception of Indyebo in 2007 it is humbling to look back on the past 10 years as I am filled with immense pride for what we have achieved. Our successes, imbedded in our continuous determination for excellence, are in every way a direct result of the overwhelming support we have received from our valued clients and dedicated employees. Indyebo’s merger with one of South Africas leading audit firms, Nexia SAB&T, could only have been possible with your constant and unwavering support. We owe this progression to both our long-time clients, and those who only recently joined our client base. Without you we would not be where we are today and we would like to take this opportunity to thank you.

The merger will see us continue to improve on our quality of service, allow us to offer a wider range of services to a broader geographic spread, as we now have a truly national footprint, having 10 offices in 9 provinces. We continuously strive to achieve the highest possible levels of customer service and retention and we have no doubt that this collaboration will afford us the opportunity to do so in-line with the strictest ethical standards and utmost integrity.

While 2017 marks the dawn of a new era for Indyebo as being an incorporated firm of Nexia SAB&T, we believe that the future holds just as much, if not more promise. We will continue to provide support to our clients during any changes the industry may face and will continue to examine new opportunities that will ensure the continuous development of both our company and yours. So I say that this is not good bye, but ‘ watch this space’  as we are extremely excited about what lies ahead and we hope that you will continue with us on this journey.

Ndumi Medupe

2017 Standard Bank Top Women Awards

Since 2003, Standard Bank Top Women has been South Africa’s leading gender empowerment brand; celebrating visionary organisations that prioritise gender empowerment as integral to their strategy for growth and success.

The elegant awards ceremony was held on the 17 August 2017, at Emperors Palace.

In an evening that was all about South Africa’s most inspiring women our CEO, Bashier Adam, got to share the spotlight for a moment having been recognised as the Top Male Driving Gender Transformation in South Africa for 2017.

Being a firm that provides equal opportunities to all and in particular seeks to provide opportunities to those who previously were not afforded the same has always been a part of Bashier’s vision for Nexia SAB&T.

Be sure to follow all the Nexia SAB&T news on Facebook:  https://www.facebook.com/NexiaSABandT/


Performance Auditing an Introduction

Contextualising Performance Audit

It is important that prior to introducing the subject of performance auditing that it be correctly contextualised in relation to its integration with other audits. The various types of auditing may inter alia be categorised as follows:

Financial Auditing

The assessment of whether the financial statements of an entity fairly present its financial position at a given point in time. To achieve this opinion, the entity’s accounting and financial management systems are interrogated and assessed against predetermined standards.

Compliance Auditing

The process of determining whether a process or transaction executed by an entity has met the applicable legislative and/or regulatory guidelines that are applicable to the entity.

Audit of Predetermined Objectives

The process of determining whether reliance in all material aspects when measured against a set of predetermined criteria can be placed on the reported performance against predetermined objectives in the annual performance report of an entity.

Information Systems Auditing

The assessment of whether information technology investments made by an entity have contributed to the reduction of costs, enhanced service delivery and the quality of information being produced.

Forensic Auditing

An examination and evaluation of an entity’s financial information and accounting procedures to collect evidence for the prosecution or investigation of financial crimes such as theft and fraud. Forensic audits may be conducted to determine if wrongdoing occurred, or to gather evidence for the case against an alleged criminal.

Now that we have been able to contextualise performance auditing within the audit matrix, we will attempt to provide more context to performance auditing, defining it in more detail, introducing the standards against which performance auditing is conducted and a brief chronology on how the performance auditing process is applied.

Definition of Performance Auditing

Performance auditing may thus be defined as an independent auditing process to evaluate the measures instituted by management to ensure that resources have been procured economically and are used efficiently and effectively.

The objective of performance auditing includes the following three assertions:

The main objective of performance auditing is to promote constructive economical, effective and efficient governance. It also contributes to accountability and transparency and promotes accountability by assisting those charged with governance and oversight responsibilities to improve performance. It promotes transparency by affording identified stakeholders an insight into the management and outcomes of different activities. It thus serves as a basis for learning and identifying potential improvements for the entity being audited.

Performance Audit Standards

Performance audits are benchmarked against the International Standards and Guidelines of Supreme Audit Institutions (ISSAI), which are issued by the International Organisation of Supreme Audit Institutions (INTOSAI). The following standards and guidance are normally complied with in conducting a performance audit:

  • ISSAI 300 – Fundamental Principles of Performance Auditing
  • ISSAI 3000 – Standards for Performance Auditing
  • ISSAI 3100 – Central Concepts for Performance Auditing


Provides the framework, the general principles and an overview of the nature and the elements for performance audits. It is used as the basis from which to develop performance audit standards.

ISSAI 3000

Provides the features and principles of performance auditing and a basis for good performance audit practices; 1.2 states that “performance auditing is not overly subject to specific requirements and expectations. While financial auditing tends to apply relatively fixed standards, performance auditing is more flexible in its choice of subjects, audit objects, methods, and opinions. Performance auditing is not a regular audit with formalised opinions. It is an independent examination made on a non-recurring basis. It is by nature wide ranging and open to interpretations. It must have at its disposal a wide selection of investigative and evaluative methods and operate from a quite different knowledge base to that of traditional auditing. It is not a checklist-based form of auditing.”

ISSAI 3100

Provides the guidelines which outline a common understanding of what defines high quality work in performance auditing.

The Performance Audit Process

When preparing to conduct a performance audit, the following broad processes are generally applied to ensure that the standards as mentioned above are achieved.

Most audit types, including performance auditing, comprise of three main phases:

  • Planning
  • Execution
  • Reporting

Planning Phase

The starting point in the performance audit strategic planning process is deciding what to audit from a myriad of possible activities occurring within an entity. Performance auditing should be directed toward areas where an independent audit may support the oversight function in promoting accountability, economy, efficiency and effectiveness in the use of resources at its disposal.

In determining possible areas for audit, general criterion can be used to provide guidance for areas to be focussed on in selecting an area to be audited. This criterion may be inter alia broadly described as follows:

  • Added value – where the subject has not been covered previously or in earlier audits, the greater the chance of the audit subject adding value to the entity;
  • Important problems or known problem areas – the greater the risk of consequences in terms of economy, efficiency and effectiveness the more important the problems tend to be;
  • Risk or uncertainty – the financial or budgetary amounts involved are substantial, areas which are traditionally prone to risk such as for example procurement, new or urgent activities, management structures are complex, no reliable and updated information, etc.

Once the strategic planning process has been completed, it is important that an annual plan be compiled for performance audit activities to be carried out during a financial year.

Audit Considerations for the Planning of a Performance Audit

  • Identification of important aspects of the environment in which the entity operates
  • Developing an understanding of the accountability relationships
  • Specifying the audit objectives and the tests necessary to meet them
  • Identifying key management systems and controls and carrying out a preliminary assessment to identify both strengths and weaknesses
  • Determining the materiality (both quantitative and qualitative) of matters to be considered
  • Assessing the extent of reliance that might be placed on other auditors, for example internal auditors
  • Determining the most efficient and effective audit approach

Planning Steps Included in the Audit

  • Collect information about entity and its organisation
  • Define the objectives and scope of the audit
  • Undertake a preliminary analysis to determine the approach to be adopted and the nature and extent of enquiries to be undertaken at a later stage
  • Highlight special problems anticipated during the planning of the audit
  • Familiarise the entity with the scope, objectives and assessment criteria of the audit and where necessary discuss it with them
  • Assess compliance with applicable laws and regulations when necessary to satisfy the audit objectives

Planning Procedures

  • Obtain sound understanding and knowledge of the business;
  • Identify symptoms
  • Select a potential focus area
  • Motivate the potential focus area
  • Prepare an audit planning memorandum
  • Prepare audit questions
  • Prepare audit criteria

The planning phase of a performance audit is critical to its success and at least 40 to 45% of the audit time should be spent on this phase.

Execution Phase

During the execution phase, the auditor designs tests and procedures to obtain evidence in the most cost-effective manner. Information is gathered, evaluated for its appropriateness and it is then determined whether it is sufficient to support observations about the entity’s performance.

Execution Phase Activities

  • Design audit procedures and tests
  • Carry out audit procedures and tests (audit evidence)
  • Analyse the evidence and draw conclusions – evaluate actual performance against the audit criteria that were developed
  • Evaluate the existence of sufficient and appropriate evidence
  • Develop audit findings, causes and effects

The execution phase of a performance audit should not exceed 30% of the total audit time spent on the audit.

Reporting Phase

A written report should be prepared at the end of each audit; its content should be easy to understand and free from vagueness and ambiguity and include information which is supported by competent and relevant evidence. Regarding performance audits, the report should include all significant instances of non-compliance that are pertinent to the audit objectives.

In order to recognise reasonable user needs, the report may need to have regard to expanded reporting periods or cycles.

In a performance audit, the auditor reports on economy and efficiency with which resources are acquired and used, and the effectiveness with which objectives are met. The report should not concentrate solely on criticism of the past but should be constructive.

The reporting phase of a performance audit should not exceed 25% of the total audit time spent on the audit.

In the next publication, we will provide a real-life example of a performance audit that was conducted by Nexia SAB&T, which will demonstrate how these concepts were applied

Nexia SAB&T’s Performance Audit Offering

Nexia SAB&T looks forward to assisting you with your performance audit needs. For more information please do not hesitate to contact us.

Contact Us

Naeem Hassim
Contact: +27 12 682 8800

Ndumi Medupe
ndumi@ nexia-sabt.co.za
Contact: +27 12 682 8800