IAASB opens Public Consultation on Narrow Scope Amendments to meet Expectations for Public Interest Audits The International Auditing and Assurance Standards Board (IAASB) launched a consultation process on proposed narrow scope amendments to achieve greater convergence with the International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (Including Independence Standards). These proposed revisions have two key objectives. Firstly, to align definitions and requirements in IAASB standards with new definitions for publicly traded and public interest entities (PIE) in the IESBA Code. Secondly, to extend the applicability of existing differential requirements for listed entities to [...]

Finalised Disciplinary and Investigation Matters In the latest issue of IRBA News, Issue 64, five finalised disciplinary matters and 24 finalised investigation matters were reported. In two of the disciplinary matters, reportable irregularities were not reported to the IRBA. One matter related to a failure to maintain independence, and another to a failure to exercise professional scepticism, in relation to the acceptance and continuing of engagements. Some matters also related to misappropriation of funds and not properly discharging their duties towards clients. In several of the investigation matters, sufficient appropriate audit evidence was not obtained for material balances, and [...]

REMINDERS: Newly Effective Audit-Related Revisions and Standards-Related Exposure Draft REMINDER: Recent amendments apply to the International Standards on Auditing (ISAs); the International Standards on Quality Management; certain sections of the IRBA Code (Revised April 2023); and the IRBA Pronouncements. The revisions are: • ISA 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) and the Conforming and Consequential Amendments to Other International Standards • Revisions to the IRBA Code relating to the Definition of Engagement Team and Group Audits • South African Auditing Practice Statement 3 (Revised May 2019), Illustrative Reports • [...]

The Adoption of the International Auditing and Assurance Standards Board's 2022 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements The IRBA has resolved to adopt, issue and prescribe the following publications: 1. Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2022 Edition, Volume 1. 2. Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2022 Edition, Volume 2. 3. Supplement to the Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2022 Edition, Volume 3. IRBA has posted the publications listed [...]

New Standard for Audits of Less Complex Entities Issued by IAASB The International Auditing and Assurance Standards Board (IAASB) has published the International Standard on Auditing (ISA) for Audits of Financial Statements of Less Complex Entities (LCE), which is available on: https://www.iaasb.org/focus-areas/isa-lce-standard-audits-less-complex-entities?utm_source=Main+List+New&utm_campaign=021b6b1758-IAASB-LCE-release-12.6.23&utm_medium=email&utm_term=0_-021b6b1758-%5BLIST_EMAIL_ID%5D The ISA for LCE is a standalone global auditing standard designed specifically for smaller, and less complex businesses and organisations. Built on the foundation of the ISAs, audits performed using this standard provide the same level of assurance for eligible audits: reasonable assurance. The standard is effective for audits beginning on or after 15 December 2025 for [...]