IAASB Announces Additional Ways to Engage on Audit Evidence and Risk Response Proposals
Leaf Quality Systems2026-09-07T15:43:18+02:00CIPC Notice 35 of 2026 clarifies transitional provisions for sections 30A and 30B of the amended Companies Act.
IAASB Technology Position: Technology Catalogue of Issues and Possible Actions
Leaf Quality Systems2025-11-28T14:08:38+02:00LATEST UPDATE IAASB Technology Position: Technology Catalogue of Issues and Possible Actions As part of the IAASB’s Technology Position, ongoing gap analyses are conducted to ensure standards keep pace with technological developments. This Technology Position is available on: https://www.iaasb.org/publications/technology-position-statement The findings of these analyses are captured in this Catalogue of Issues and Possible Actions. This living document serves as the IAASB’s cross-functional repository for technology-related issues, drawing on stakeholder feedback, outreach activities, and other inputs. It is updated at least semi-annually, or more frequently as needed. The catalogue supports a holistic approach to technology-related developments [...]
IRBA Annual Report 2025 Tabled in Parliament: A Milestone Year
Leaf Quality Systems2025-11-28T13:47:36+02:00LATEST UPDATE IRBA Annual Report 2025 Tabled in Parliament: A Milestone Year The Independent Regulatory Board for Auditors (IRBA) has officially tabled its Annual Report for the 2024/2025 financial year before the Standing Committee of Finance in Parliament, marking the conclusion of its five-year strategic cycle. The Annual Report reflects a year of significant progress in restoring trust with key stakeholders, enhancing oversight effectiveness, and fostering transparency within the profession. Key highlights include: Strategic Transition Audit Quality Improvements Transformation and Talent Development Regulatory Advancements Stakeholder Engagement. The IRBA also received a clean audit opinion from [...]
IASB Issues Amendments for Translating Financial Information into Hyperinflationary Currencies
Leaf Quality Systems2025-11-28T13:40:52+02:00LATEST UPDATE IASB Issues Amendments for Translating Financial Information into Hyperinflationary Currencies The International Accounting Standards Board (IASB) has issued amendments to clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one. These narrow-scope amendments aim to improve the usefulness of the resulting information in a cost-effective manner. Developed in response to stakeholder feedback, these amendments are expected to reduce diversity in practice and provide a clearer basis for reporting in a hyperinflationary currency. The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates are effective for [...]
Educational Modules on the Third Edition of IFRS for SMEs Published
Leaf Quality Systems2025-11-28T13:42:52+02:00LATEST UPDATE Educational Modules on the Third Edition of IFRS for SMEs Published The IFRS Foundation has published a package of new educational resources to support implementation of the third edition of the IFRS for SMEs Accounting Standard. These materials are aimed at stakeholders learning about or applying the IFRS for SMEs Accounting Standard. New educational modules: Module 12 Fair Value Measurement Module 9 Consolidated and Separate Financial Statements. Each module provides practical support and includes a comparison to the related full IFRS Accounting Standard. The educational models are available on: https://www.ifrs.org/supporting-implementation/2025-ifrs-for-smes-supporting-materials/modules/ more [...]
High Court Judgment on Case between the IRBA and the Auditor of a Property Owners’ Association
Leaf Quality Systems2025-11-28T13:27:38+02:00LATEST UPDATE High Court Judgment on Case between the IRBA and the Auditor of a Property Owners’ Association South Africa’s Independent Regulatory Board of Auditors (IRBA) was sharply criticised by Judge Mandlenkosi Motha of the High Court in Johannesburg for failing to follow the provisions of the Auditing Professions Act (APA) when investigating a complaint against an auditor. The procedure followed was antithetical to the APA Thomas Lessing, member of the Serengeti Estates Property Owners Association NPC (Sepoa), brought an application to review and set aside a decision taken by IRBA regarding 10 complaints he [...]
South Africa’s Removal from the FATF Greylist & FIP Update
Leaf Quality Systems2025-11-28T13:20:57+02:00LATEST UPDATE South Africa’s Removal from the FATF Greylist SAICA welcomed South Africa’s removal from the FATF greylist, highlighting its role in supporting reforms through technical guidance, awareness campaigns, and collaboration with regulators. By promoting transparency, ethics, and compliance within the accountancy profession, SAICA helped to strengthen the country’s financial integrity and global reputation. The media release is available on: https://www.saica.org.za/news/south-africas-removal-from-the-fatf-greylist-marks-a-milestone-in-strengthening-financial-integrity-saicas-role-in-the-process Financial Intelligence Centre hails South Africa’s exit from the greylist South Africa has been removed from the FATF greylist as of 24 October 2025, following strenuous efforts to address weaknesses in its anti-financial crime [...]
The Rabbit Hole of Substantive Testing
Leaf Quality Systems2026-09-03T11:44:46+02:00What’s News? For decades now, audit firms, especially small firms, or SMPs, as they are known nowadays, have insisted on the substantive approach, without any regard for controls. This was due to fears of blowing the budget, not knowing how to audit systems, or deciding that they would have to go substantive anyway, when controls prove to be ineffective. The result was that the audit client received less bang for their buck, in that feedback on system weaknesses was shoddy, and risks were not properly identified, as the requirements of ISA315 were interpreted as that one could not [...]
Implementation of IFRS 19
Leaf Quality Systems2026-09-03T11:34:46+02:00Implementation of IFRS 19 The introduction of IFRS 19: Subsidiaries without Public Accountability: Disclosures represents a notable step towards reducing the financial reporting burden for many private companies. Its primary benefit is the creation of a tailored, standalone, voluntary disclosure standard for eligible subsidiaries (as defined in IFRS 10 Consolidated Financial Statements), which are entities that are not publicly accountable and whose parent company prepares consolidated financial statements compliant with IFRS, available for public use. By providing a prescribed, simplified set of disclosures, IFRS 19 eliminates the complexity, time and cost involved of having to wade through the full [...]
Pending Disciplinary and Finalised Investigation Matters
Leaf Quality Systems2025-11-26T12:21:36+02:00LATEST UPDATE Pending Disciplinary and Finalised Investigation Matters In the latest issue of IRBA News, Issue 71, six disciplinary matters pending disciplinary hearings and 16 finalised investigation matters were reported. Current open matters involve eight categories of improper conduct. The most common charge remains insufficient appropriate audit evidence. Other frequent charges include dishonesty and integrity issues, as well as failure to exercise due care and skill. In several investigation matters, among others, sufficient, appropriate audit evidence was not obtained for material balances and disclosures; material misstatements were not appropriately identified, evaluated and addressed; a risk [...]