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Newsletter April 2024

2024-04-29T15:40:22+02:00

Proposed Changes to Fraud Standard The IAASB published an exposure draft in February 2024, which proposes a significant strengthening of ISA 240, The auditor’s responsibilities relating to fraud in an audit of financial statements (ED-240). The proposed changes should be considered thoroughly, and comments submitted to the IRBA by 10 May 2024, or to the IAASB by 5 June 2024, as the proposed revised standard will affect all auditors. Work effort required, if fraud or suspected fraud is identified The IAASB is proposing the following revisions in ED-240 to enhance clarity around the auditor’s response [...]

Newsletter April 20242024-04-29T15:40:22+02:00

Exposure Draft: Proposed South African Auditing Practice Statement 7

2024-04-19T10:51:27+02:00

The IRBA CFAS has approved the Exposure Draft: Proposed SAAPS 7, Transparency Reports of Firms that Audit Financial Statements of Publicly Traded Entities Audit Engagements, available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/exposure-drafts-and-comment-letters Transparency reports are often an appropriate tool to achieve the ISQM 1 objective of communicating relevant and reliable information to external parties. Examples are available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/exposure-drafts-and-comment-letters Comments, in Word format, should be submitted to standards@irba.co.za by 15 June 2024. Other Updates Go to News Room

Exposure Draft: Proposed South African Auditing Practice Statement 72024-04-19T10:51:27+02:00

Publication of SAAPS 3 (Revised March 2024)

2024-04-18T11:00:43+02:00

On 6 March 2024, the IRBA Committee for Auditing Standards approved the SAAPS 3 (Revised March 2024), Illustrative Reports for publication. The main reason for revising SAAPS 3 (Revised March 2024) was to incorporate the IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of PIEs (EAR Rule) into the illustrative reports. The EAR Rule is available on: https://www.irba.co.za/guidance-for-ras/general-guidance/enhanced-auditor-reporting-ear SAAPS 3 (Revised March 2024) is available on: https://www.irba.co.za/upload/SAAPS%203%20(Revised%20March%202024)%20Final%20Pronouncement(1).pdf

Publication of SAAPS 3 (Revised March 2024)2024-04-18T11:00:43+02:00

Withdrawal of A Guide for Registered Auditors: Combating Money Laundering and Financing of Terrorism

2024-04-17T21:29:47+02:00

The IRBA notified registered auditors of the withdrawal of A Guide for Registered Auditors: Combating Money Laundering and Financing of Terrorism. The IRBA Board approved the withdrawal of the guide, due to changes in legislation, notably to the FIC Act, 2001 (Act No 38 of 2001).

Withdrawal of A Guide for Registered Auditors: Combating Money Laundering and Financing of Terrorism2024-04-17T21:29:47+02:00

IRBA Board Adopts Narrow-scope Amendments to ISA 700 (Revised) and ISA 260 (Revised)

2024-04-17T21:31:49+02:00

In January 2024, the IRBA Board approved the IAASB narrow-scope amendments to ISA 700 (Revised) and ISA 260 (Revised) for adoption, issue and prescription by registered auditors in South Africa. These amendments are available on: https://www.irba.co.za/handbooks-of-international-standards/2022-handbook-of-international-standards The narrow-scope amendments are effective for audits of financial statements for periods beginning on or after 15 December 2024. For queries, contact the Standards Department by emailing standards@irba.co.za

IRBA Board Adopts Narrow-scope Amendments to ISA 700 (Revised) and ISA 260 (Revised)2024-04-17T21:31:49+02:00

EQR Procedures

2024-03-28T11:31:00+02:00

Your Content Goes Here EQR reviews, previously known as ISQC1 reviews under ISQC1, are required when certain requirements of ISQM1, the Code, and firm policy are met, or when an EQR review acts as a safeguard against a threat to audit quality. Its importance should not be underestimated, as there are numerous benefits to be obtained. Audit engagement files to be subject to EQR reviews need to be identified as soon as possible after the acceptance or continuance of an engagement to ensure the necessary resources are available to perform the review. These resources may be internal or external, [...]

EQR Procedures2024-03-28T11:31:00+02:00

IESBA Staff Releases a High-Level Summary of Prohibitions in the IESBA Code for Audits of Public Interest Entities

2024-03-28T11:20:59+02:00

IESBA Staff Releases a High-Level Summary of Prohibitions in the IESBA Code for Audits of Public Interest Entities The staff of the International Ethics Standards Board for Accountants (IESBA) released a high-level summary of prohibitions in the International Code of Ethics for Professional Accountants, (including International Independence Standards) (the Code), especially in relation to independence for audits of public interest entities (PIEs), which is available on: https://ifacweb.blob.core.windows.net/publicfiles/2024-03/Summary%20-%20Prohibition%20List%20for%20PIE%20Audit%20Clients%20%28Final%29.pdf The high-level summary is designed to highlight non-assurance services, relationships, interests or circumstances that are prohibited for PIE audits. It will be a useful reference for stakeholders, including regulators and audit oversight [...]

IESBA Staff Releases a High-Level Summary of Prohibitions in the IESBA Code for Audits of Public Interest Entities2024-03-28T11:20:59+02:00

Sustainability Reporting and Assurance Practices of Largest Global Companies Continue to Mature

2024-03-28T11:12:51+02:00

Sustainability Reporting and Assurance Practices of Largest Global Companies Continue to Mature The largest global companies are providing more detail and breadth in their sustainability reporting, and are obtaining a greater scope of assurance on those disclosures, according to an updated report from the International Federation of Accountants (IFAC), AICPA & CIMA. • 98% of companies reported some level of detail on sustainability.                                                                          [...]

Sustainability Reporting and Assurance Practices of Largest Global Companies Continue to Mature2024-03-28T11:12:51+02:00

Webcast: Overview of the forthcoming IFRS Accounting Standard ‒ IFRS 18

2024-03-28T11:09:34+02:00

Webcast: Overview of the forthcoming IFRS Accounting Standard ‒ IFRS 18 IASB technical staff members Nick Barlow and Juliane-Rebecca Upmeier have introduced IFRS 18 Presentation and Disclosure in Financial Statements, the forthcoming IFRS accounting standard, which will set out the overall requirements for presentation and disclosures in the financial statements. This new standard responds to investors’ demand for better information about companies’ financial performance. It will affect all companies and all investors. IFRS 18 is expected to be issued in April 2024, and will be effective for annual reporting periods beginning on or after 1 January 2027. The webcast [...]

Webcast: Overview of the forthcoming IFRS Accounting Standard ‒ IFRS 182024-03-28T11:09:34+02:00

IAASB Launches New Video Series and Global Webinar to Understand the ISA for LCE

2024-03-28T11:05:58+02:00

IAASB Launches New Video Series and Global Webinar to Understand the ISA for LCE New resources from the International Auditing and Assurance Standards Board (IAASB) are now available to help stakeholders understand, implement, and use the new standard for audits of smaller and less complex entities (the ISA for LCE). A comprehensive new three-part video series is available and registration has opened for a global webinar. Navigating the ISA for LCE Video Series The newly released video series details important aspects of the standard: • Exploring the Benefits • A Closer Look at Applicability and Use • A Step-by-Step [...]

IAASB Launches New Video Series and Global Webinar to Understand the ISA for LCE2024-03-28T11:05:58+02:00
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