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Newsletter February 2025

2025-02-28T15:09:44+02:00

Bending the Rules Auditors often find themselves in a delicate situation where an audit client wants a certain outcome, while the rules do not allow it. The correct treatment is usually not popular, and auditors then often try to find a way around it, on the instruction of their client. When confronted with such situations, auditors should ask themselves whether they can still comfortably say that they are acting in the public interest, or whether their objectivity may be called into question in the circumstances. There is a fine line between right and wrong, and this [...]

Newsletter February 20252025-02-28T15:09:44+02:00

File Accessibility, Integrity and Security in the Context of ISQM 1 and Regulatory Standards

2025-03-07T12:13:18+02:00

What’s News? Your Content Goes Here With the advent of quality management standards, such as the International Standard on Quality Management 1 (ISQM 1), and the stricter regulation of file lockdown procedures and archiving, many firms have had to adapt their procedures to control the lockdown of engagement files, and the retention of system and engagement files. However, one critical aspect that is often overlooked is the integrity of the files. It is an area which is easily overlooked, as the content of files can’t be easily checked or monitored. Regulatory considerations and the importance of file integrity [...]

File Accessibility, Integrity and Security in the Context of ISQM 1 and Regulatory Standards2025-03-07T12:13:18+02:00

The FIC Guidance Note 7A

2025-02-27T14:46:36+02:00

LATEST UPDATE The FIC Guidance Note 7A The FIC recently published Guidance Note 7A (GN 7A). This update provides detailed guidance for accountable institutions on complying with the risk management and compliance programme requirements under the FIC Act, which emphasises the importance of identifying and managing financial crime risks, maintaining proper records, and reporting suspicious transactions. The Guidance Note is available on: https://saicawebprstorage.blob.core.windows.net/uploads/resources/Guidance-Note-7A.pdf more

The FIC Guidance Note 7A2025-02-27T14:46:36+02:00

SAICA Code of Professional Conduct 2024

2025-02-27T14:43:56+02:00

LATEST UPDATE SAICA Code of Professional Conduct 2024 The 2024 edition of the Code of Professional Conduct of the South African Institute of Chartered Accountants (SAICA) was published recently on the SAICA website. This document replaces the 2023 edition of the SAICA Code of Professional Conduct, and incorporates the following revisions: The revised definition of a public interest entity (PIE), which, among others, specifies a broader list of mandatory PIE categories, including a new category, ‘publicly traded entity’, to replace the category, ‘listed entity’ Changes to the definitions of ‘audit client’ and [...]

SAICA Code of Professional Conduct 20242025-02-27T14:43:56+02:00

Technical Overview and Fact Sheet: Using The Work of an External Expert

2025-02-27T14:40:04+02:00

LATEST UPDATE Technical Overview and Fact Sheet: Using The Work of an External Expert The International Ethics Standards Board for Accountants' (IESBA) recently issued a pronouncement on ‘Revisions to the Code addressing using the work of an external expert’. The IRBA is currently considering possible local amendments required to the IESBA pronouncement before approving it for issue to South African registered auditors. As part of the implementation material, the IESBA issued a technical overview and a fact sheet relating to this pronouncement: The IESBA technical overview provides a technical summary of the [...]

Technical Overview and Fact Sheet: Using The Work of an External Expert2025-02-27T14:40:04+02:00

SAICA Summary of Companies Act Amendments

2025-02-27T14:34:50+02:00

LATEST UPDATE SAICA Summary of Companies Act Amendments Certain sections proposed in the Companies Amendment Act 16 of 2024 and the entire Companies Second Amendment Act 17 of 2024 have been effective as of 27 December 2024. SAICA compiled a summary of the key changes that are now in force. Continuous training on the amendments will be conducted by SAICA in Compliance in Practice, Techtalk and other training platforms. The summary may be accessed on: https://www.saica.org.za/resources/265329 more

SAICA Summary of Companies Act Amendments2025-02-27T14:34:50+02:00

IAASB approved ISA 570(Revised 2024) Going Concern

2025-02-27T14:30:18+02:00

LATEST UPDATE IAASB approved ISA 570(Revised 2024) Going Concern The IAASB approved the International Standard on Auditing 570 (Revised 2024), Going Concern, on 12 December 2024. The standard will be published following certification by the Public Interest Oversight Board, anticipated for April 2025. After certification and publication, the standard will be effective on audits of financial statements for periods beginning on or after 15 December 2026. The approved standard may be accessed on: https://www.iaasb.org/meetings/iaasb-quarterly-board-meeting-december-9-12-2024 more

IAASB approved ISA 570(Revised 2024) Going Concern2025-02-27T14:30:18+02:00

IAASB Opens Post-Exposure Public Consultation for the Penultimate Narrow-scope Amendments to the ISQMs and ISAs

2025-02-27T14:19:42+02:00

LATEST UPDATE IAASB Opens Post-Exposure Public Consultation for the Penultimate Narrow-scope Amendments to the ISQMs and ISAsThe International Auditing and Assurance Standards Board (IAASB) has opened its post-exposure public consultation for the penultimate narrow-scope amendments to the International Standards on Quality Management (ISQMs) and the International Standards on Auditing (ISAs), as a result of the revisions to the definitions of listed entity and public interest entity (PIE) in the International Ethics Standards Board for Accountants Code.The IRBA’s Committee for Auditing Standards welcomes comments on all matters that are addressed in the Post-Exposure Consultation: [...]

IAASB Opens Post-Exposure Public Consultation for the Penultimate Narrow-scope Amendments to the ISQMs and ISAs2025-02-27T14:19:42+02:00

Request for Public Comment on the Draft Guideline for the IRBA’s Enforcement/Disciplinary Committee in Determining Monetary Fines

2025-02-27T14:12:43+02:00

LATEST UPDATE Request for Public Comment on the Draft Guideline for the IRBA’s Enforcement/Disciplinary Committee in Determining Monetary Fines The draft guideline on determining monetary fines for registered auditors/registered candidate auditors found guilty of improper conduct is available, and may be downloaded from the IRBA website on https://irba.co.za/library/legislation Written comment may be submitted by email on: fineguideline@irba.co.za latest 12:00 on 4 March 2025. The IRBA board will consider the comments received on the draft guideline on determining monetary fines. more

Request for Public Comment on the Draft Guideline for the IRBA’s Enforcement/Disciplinary Committee in Determining Monetary Fines2025-02-27T14:12:43+02:00

Key Amendments to the Companies Act Effective 27 December 2024: What You Need to Know

2025-02-04T14:10:56+02:00

What’s News? Your Content Goes Here On 27 December 2024, certain sections of the Companies Amendment Act 16 of 2024 became effective, including: Section 16, dealing with the effective date of MOI changes Section 45, which now sets out that the provisions of this section do not apply to the giving by a company of financial assistance to, or for the benefit of its subsidiaries Section 61, which requires the presentation of a social and ethics committee report, and the appointment of the social and ethics committee members at the AGM Section 72, with all the updated requirements [...]

Key Amendments to the Companies Act Effective 27 December 2024: What You Need to Know2025-02-04T14:10:56+02:00
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