Exposure Draft: Proposed South African Auditing Practice Statement 7 The Independent Regulatory Board for Auditors' (IRBA) Committee for Auditing Standards (CFAS) has approved for issue the Exposure Draft: Proposed South African Auditing Practice Statement (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 The Exposure Draft (ED) was approved for exposure in March 2024, for public comment by 15 June 2024. International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, requires that [...]

Publication of South African Auditing Practice Statement 3 (Revised March 2024), Illustrative Reports, Incorporating Enhanced Auditor Reporting Requirements On 6 March 2024, the Independent Regulatory Board for Auditors' (IRBA) Committee for Auditing Standards approved the South African Auditing Practice Statement (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 Public Interest Entities (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 This SAAPS 3 (Revised March 2024) [...]

Withdrawal of A Guide for Registered Auditors: Combating Money Laundering and Financing of Terrorism The Independent Regulatory Board for Auditors (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 Financial Intelligence Centre (FIC) Act, 2001 (Act No 38 of 2001). These changes include revisions to Schedules 1, 2 and 3 of the FIC Act that removed the IRBA as a supervisory body, effective from 19 December 2022. Registered auditors should familiarise [...]

CIPC Enforcement of BO filing and Securities Register The Companies and Intellectual Property Commission (CIPC) issued a follow-up notice (Notice 5 of 2024) on 6 February 2024 as a follow-up enforcement notice to the one that was issued in September 2023 (Notice 53 of 2023). The CIPC implemented a beneficial ownership register from 1 April 2023 on a voluntary basis. The filing of beneficial ownership filings and securities registers became mandatory from 24 May 2023 upon promulgation of the Amended Companies Regulations. Pre-existing entities, which had their anniversary date after the promulgation of the amended Companies Regulations, are required [...]

IRBA Board Adopts Narrow-scope Amendments to ISA 700 (Revised) and ISA 260 (Revised) In January 2024, the Independent Regulatory Board for Auditors' (IRBA) Board approved the International Auditing and Assurance Standards Board's (IAASB) narrow-scope amendments to International Standard on Auditing (ISA) 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 260 (Revised), Communication with Those Charged with Governance as a Result of the Revisions to the IESBA Code that Require a Firm to Publicly Disclose When a Firm Has Applied the Independence Requirements for Public Interest Entities (PIEs) for adoption, issue and prescription by registered auditors [...]