In the most recent World Economic Forum’s Global Competiveness Report, South Africa achieved a country ranking of 52nd out of 144 countries that were ranked, and beat stiff competition to be ranked number one in the following areas: •  Strength of auditing and reporting;  •  Regulation of securities exchanges; and  •  Efficacy of corporate boards.
In order to ensure that cost cutting does not diminish the quality of the products offered or the effectiveness of internal controls, it will be necessary to adopt strategies to increase human capital.