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Key Audit Issues and Trends in Fraud Risk Discussions

2026-06-05T13:09:09+02:00

Fraud Risk Discussions ISA 240 requires auditors to perform specific procedures as part of the normal risk assessment procedures during audit planning to obtain information relevant to identifying risks of material misstatement, due to fraud. Included in these procedures is a requirement to make enquiries of management and those charged with governance regarding fraud-related considerations. Auditors frequently include very limited evidence of these required discussions on the audit file, with only brief comments by the party interviewed and no further, or inadequate, audit considerations of whether these comments indicate the presence of potential fraud risks that demand further response. [...]

Key Audit Issues and Trends in Fraud Risk Discussions2026-06-05T13:09:09+02:00

IESBA Releases Guide on Proportionality of the IESBA Code

2026-05-29T16:26:17+02:00

LATEST UPDATE IESBA Releases Guide on Proportionality of the IESBA Code A new staff publication, titled ‘Proportionality of the IESBA Code’ explains how proportionality is built into the IESBA Code, available on: https://www.ethicsboard.org/publications/iesba-staff-publication-proportionality-iesba-code The guide was designed to support small and medium practices (SMPs) applying the Code with confidence, and was presented at the EFAA Annual Conference in Dublin as part of IESBA’s SMP engagement. The publication is meant to underscore that while ethics is not proportionate, the Code is. Every professional accountant is required to uphold the same five fundamental principles: integrity, objectivity, professional [...]

IESBA Releases Guide on Proportionality of the IESBA Code2026-05-29T16:26:17+02:00

Educational Modules on the Third Edition of IFRS for SMEs Published

2026-05-29T16:28:07+02:00

LATEST UPDATE Educational Modules on the Third Edition of IFRS for SMEs Published The IFRS Foundation has published new educational resources in the first quarter of 2026 to help stakeholders learn, apply and implement the third edition of the IFRS for SMEs Accounting Standard. New educational modules: Module 18 Intangible Assets other than Goodwill, available on: https://www.ifrs.org/content/dam/ifrs/supporting-implementation/smes/2026-modules/module-18.pdf Module 26 Share-based Payment, available on: https://www.ifrs.org/content/dam/ifrs/supporting-implementation/smes/2026-modules/module-26.pdf   Module 33 Related Party Disclosures, available on: https://www.ifrs.org/content/dam/ifrs/supporting-implementation/smes/2026-modules/module-33.pdf Each module provides practical support and includes a comparison with the related full IFRS Accounting Standard. The educational models are available on: [...]

Educational Modules on the Third Edition of IFRS for SMEs Published2026-05-29T16:28:07+02:00

IRBA Anonymous Tip-Offs

2026-05-29T16:15:14+02:00

LATEST UPDATE IRBA Anonymous Tip-Offs The IRBA has created a separate email address to receive tip-offs. Tip-offs and other relevant information from the public are seen as important sources for the IRBA’s regulatory mandate. Information may be provided anonymously. The primary benefit of such a process is enhanced proactiveness of the risk-based inspections approach, which is already implemented in international jurisdictions, where tip-offs are received anonymously. Some information received through this process may yield similar proactive benefits for other IRBA departments, ultimately assisting in earlier regulatory intervention. Anonymous tip-offs are expected to empower those who [...]

IRBA Anonymous Tip-Offs2026-05-29T16:15:14+02:00

IFAC and SAICA to Co-host 2028 World Congress of Accountants in Cape Town, South Africa

2026-05-29T16:03:52+02:00

LATEST UPDATE IFAC and SAICA to Co-host 2028 World Congress of Accountants in Cape Town, South Africa The International Federation of Accountants (IFAC) and South African Institute of Chartered Accountants (SAICA) are thrilled to announce the World Congress of Accountants (WCOA) will be held in Cape Town, South Africa, in November 2028. Recognised as the accountancy profession’s premier global gathering, WCOA is a biannual event that brings together representatives of the profession from jurisdictions around the world to strengthen the accountancy community through shared learning, collaboration, and relationship-building. This represents a monumental achievement for the [...]

IFAC and SAICA to Co-host 2028 World Congress of Accountants in Cape Town, South Africa2026-05-29T16:03:52+02:00

The Brain Drain of Audit Quality

2026-06-01T15:13:52+02:00

What’s News? The Brain Drain of Audit Quality For decades, audit quality, in general, has failed to prevent audit failures. Upgraded audit standards, and stricter independence requirements have been implemented in an attempt to address the challenge. In my opinion, there are a number of environmental factors being overlooked in the formal structures that set audit standards and educational standards, causing a drain on knowledge and experience in the profession, (the so-called ‘brain drain’). I am listing a few: Computer skills In my opinion, the brain drain started when personal computers were introduced into audit. Many manual calculations, [...]

The Brain Drain of Audit Quality2026-06-01T15:13:52+02:00

IFIAR releases 2026 Report on the Use of Technology in Audits

2026-05-29T15:04:07+02:00

LATEST UPDATE IFIAR releases 2026 Report on the Use of Technology in Audits IFIAR has released its 2026 report on ‘Use of Technology in Audits – Innovation and Audit Quality’, which forms part of a series by its Technology Task Force. The report highlights how advancements in technology are reshaping audits globally while introducing new risks, and provides observations and insights on emerging trends and practices. The observations in this report are based on information shared with IFIAR and are intended to provide insights into emerging trends, practices, and areas of focus. Building on the [...]

IFIAR releases 2026 Report on the Use of Technology in Audits2026-05-29T15:04:07+02:00

IAASB Seeks Feedback on Proposed Revisions to ISRE 2410 to Strengthen Interim Review Engagements

2026-05-29T11:36:49+02:00

LATEST UPDATE IAASB Seeks Feedback on Proposed Revisions to ISRE 2410 to Strengthen Interim Review Engagements The International Auditing and Assurance Standards Board has released for public consultation an Exposure Draft that proposes revisions to International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information by the Independent Auditor of the Entity’s Annual Financial Statements. The proposed revisions represent the first comprehensive review of the standard since its issuance in 2005. These proposed revisions reflect changes in the global environment, and improvements to the audit and assurance model made over the last two [...]

IAASB Seeks Feedback on Proposed Revisions to ISRE 2410 to Strengthen Interim Review Engagements2026-05-29T11:36:49+02:00

Innovative new guidance supports audit firm adoption of emerging AI technologies

2026-05-29T11:27:52+02:00

LATEST UPDATE Innovative new guidance supports audit firm adoption of emerging AI technologies The Financial Reporting Council has published guidance to support audit firms in the responsible use of generative and agentic AI in audit engagements, helping firms manage risks to audit quality while realising efficiency and quality benefits. The guidance codifies good practice, rather than addressing identified deficiencies, and reinforces that auditors remain fully accountable for audit quality. At a glance: Generative and Agentic AI Guidance outlines a practical framework for building appropriate confidence in AI outputs, supported by professional judgment and illustrative real-world [...]

Innovative new guidance supports audit firm adoption of emerging AI technologies2026-05-29T11:27:52+02:00

FIC announces submission dates for 2026 Risk and Compliance Returns

2026-05-29T11:21:54+02:00

LATEST UPDATE FIC announces submission dates for 2026 Risk and Compliance Returns The Financial Intelligence Centre (FIC) issued Directive 11 of 2026 on 31 March 2026, effective from 1 April 2026, requiring specified accountable institutions to submit their 2026 Risk and Compliance Return to the FIC electronically. The directive is available on: https://www.fic.gov.za/wp-content/uploads/2026/03/Media-release-2026-Risk-and-compliance-return-1.pdf The submission period opens on 4 May 2026 and closes on either 30 June or 31 July 2026, depending on the specified category of the accountable institution. The FIC has published Draft Public Compliance Communication 125 of 2026 to provide practical guidance [...]

FIC announces submission dates for 2026 Risk and Compliance Returns2026-05-29T11:21:54+02:00
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