Council for Medical Schemes Publication that Impacts Auditor’s Reports There has been a recent regulatory development subsequent to a previous communication on 28 March 2024, in respect of the revisions to the IFRS Foundation® Trade Mark Guidelines, which is available on: Click Here The Council for Medical Schemes (CMS) has issued Circular 15 of 2024, titled ‘IFRS Foundation trademark impact on auditor report templates’, available on: Click Here This circular informs stakeholders about the publication of the revised prescribed auditor report templates for medical schemes, effective for auditor’s reports of annual reporting periods of medical schemes beginning on 1 [...]

Guide for Registered Auditors: Joint Audit Engagements (Revised May 2024) The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards has approved the Guide for Registered Auditors, Joint Audit Engagement (Revised May 2024) (this Guide) for final issue. This Guide provides guidance to registered auditors on the application of International Standards on Auditing and IRBA pronouncements when auditors or firms perform a joint audit engagement. This Guide has been revised to include sources of information and/or procedures that a joint auditor may consider in determining that there are appropriate systems of quality management in place at each firm [...]

SAICA Media Release on the Audit and Review of Legal Practitioners' Business Accounts On 14 March 2024, the Gauteng Division of the High Court handed down an order in a matter between the Law Society of South Africa (LSSA) and the Companies and Intellectual Property Commission (CIPC). The matter related to the audits and independent reviews of law firms as envisaged in the Companies Act. The court order came to SAICA’s attention on various public platforms, and SAICA was not a party to the court action. SAICA approached the CIPC, LSSA, the Independent [...]

An opportunity to influence worldwide accounting education: IFAC International Education Standards The International Federation of Accountants (IFAC) recently proposed changes to the International Education Standards (IES) related to sustainability assurance. The Independent Regulatory Board for Auditors (IRBA) was involved in, and contributed to a rigorous process undertaken by IFAC. The process involves inviting stakeholders, including professional bodies, academics and educators, firms, trainees, investors, auditors, regulators, sector education and training authorities, quality councils, other government authorities, preparers and users to contribute to the IFAC’s proposed changes to the IES. Your input will ensure that the standards reflect the evolving needs [...]

SAICA FAQs on the ISA for Less Complex Entities  The prospective adoption of the ISA for LCE in South Africa is a dynamic topic. While the standard has not yet been adopted in South Africa, SAICA has issued FAQs on the ISA for Less Complex Entities to introduce the standard in the South African context. This document, available on the link below, reflects information as of 3 May 2024, and will be updated to reflect significant local or international developments, as and when required. https://saicawebprstorage.blob.core.windows.net/uploads/resources/Introduction_to_the_ISA_for_LCE_Final_3May2024.pdf

IASB simplifies Financial Reporting for Eligible Subsidiary Companies The International Accounting Standard Board (IASB) has issued a new IFRS Accounting Standard for subsidiaries. IFRS 19 Subsidiaries without Public Accountability: Disclosures permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will reduce the cost of preparing subsidiaries’ financial statements while maintaining the usefulness of the information for users of their financial statements. Subsidiaries are eligible to apply IFRS 19 if they do not have public accountability and their parent company applies IFRS Accounting Standards in their consolidated financial statements. A subsidiary does not have public accountability if [...]

IESBA Interactive Webinars on the Global Ethics Standards on Tax Planning The IESBA held two interactive global webinars to present the recently released first global ethics standards on tax planning, available on: https://www.ethicsboard.org/publications/final-pronouncement-revisions-code-addressing-tax-planning-and-related-services?utm_source=Main+List+New&utm_campaign=529b95630f-EMAIL_CAMPAIGN_2024_04_25_10_46&utm_medium=email&utm_term=0_-529b95630f-%5BLIST_EMAIL_ID%5D The standards establish a comprehensive ethical framework to guide professional accountants when providing tax planning and related services. The framework stipulates the expected mind-set and behaviours of professional accountants when they recommend, or otherwise advise on tax planning arrangements for employing organisations or clients. The webinars, held in English, both featured a high-level overview of the standards and a Q & A session. They presentation slides [...]