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IAASB Issues Narrow-Scope Amendments Related to IESBA’s Using the Work of Experts

2026-01-29T15:11:57+02:00

LATEST UPDATE IAASB Issues Narrow-Scope Amendments Related to IESBA’s Using the Work of Experts The International Auditing and Assurance Standards Board (IAASB) has published narrow-scope amendments to its standards arising from the International Ethics Standards Board for Accountants’ (IESBA) Using the Work of an External Expert project. These narrow-scope amendments are available on: https://www.iaasb.org/publications/narrow-scope-amendments-iaasb-standards-arising-iesba-s-using-work-external-expert-project They respond to the IESBA’s recently approved revisions to its International Code of Ethics for Professional Accountants (including International Independence Standards), which introduced, among others, explicit ethical requirements for using the work of external experts in audit, assurance, and non-assurance engagements. The IAASB’s updates [...]

IAASB Issues Narrow-Scope Amendments Related to IESBA’s Using the Work of Experts2026-01-29T15:11:57+02:00

Recap of 2025

2026-02-03T14:48:19+02:00

As we come to the close of 2025, it’s appropriate to reflect on key articles and updates communicated throughout the year. In this article, we identify key takeaways and focus areas for 2026.   Articles The following topics were addressed in the monthly articles issued during 2025: Updates to requirements Audit quality findings Practical application guidance Changes in SAICA Training Regulations (January) Bending the Rules (February) Proactive Audit Quality: A Continuous Improvement Approach under ISQM 1 (March) Audit of Body Corporates and Homeowners’ Associations (April) Professional Scepticism [Business rationale for significant transactions (journal [...]

Recap of 20252026-02-03T14:48:19+02:00

IRBA Adopts the International Standard on Auditing 240 (Revised)

2025-12-09T14:22:33+02:00

LATEST UPDATE IRBA Adopts the International Standard on Auditing 240 (Revised) The Independent Regulatory Board for Auditors (IRBA) announced the adoption, issue and prescription of the International Standard on Auditing (ISA) 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements (ISA 240 (Revised)), for use by registered auditors in South Africa. This follows the International Auditing and Assurance Standards Board’s (IAASB) release of ISA 240 (Revised) in July 2025. Recent high-profile corporate failures have intensified the public scrutiny of auditors’ responsibilities relating to fraud. As a result, the IAASB undertook [...]

IRBA Adopts the International Standard on Auditing 240 (Revised)2025-12-09T14:22:33+02:00

Revised Illustrative Reports and Applicability of the EAR Rule

2025-12-09T14:23:17+02:00

LATEST UPDATE Revised Illustrative Reports and Applicability of the EAR Rule The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards (CFAS) has approved the issuing of the revised illustrative reports for use by registered auditors when reporting on regulatory returns for banks, mutual banks, insurers and medical schemes, available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/industry-specific-guides-and-regulatory-reports The narrow-scope amendments to ISA 700 (Revised) operationalise the changes to the IESBA Code related to PIEs. These changes, adopted into the IRBA Code, require firms to publicly disclose when the independence requirements for PIEs have been applied in an audit of [...]

Revised Illustrative Reports and Applicability of the EAR Rule2025-12-09T14:23:17+02:00

IASB Issues Illustrative Examples on Reporting Uncertainties in Financial Statements

2025-12-09T13:32:29+02:00

LATEST UPDATE IASB Issues Illustrative Examples on Reporting Uncertainties in Financial Statements The International Accounting Standards Board (IASB) has issued illustrative examples demonstrating how companies may apply IFRS Accounting Standards when reporting the effects of uncertainties in their financial statements. The examples use climate-related scenarios as practical illustrations, but the underlying principles apply more broadly to all uncertainties. According to stakeholders, the information companies provide about the effects of uncertainties is sometimes insufficient, or appears inconsistent with the information provided outside their financial statements. To help address this, the IASB developed these illustrative examples to [...]

IASB Issues Illustrative Examples on Reporting Uncertainties in Financial Statements2025-12-09T13:32:29+02:00

IRBA Highlights Heightened Responsibilities and Risks in Auditing Listed Entities

2025-12-09T13:30:03+02:00

LATEST UPDATE IRBA Highlights Heightened Responsibilities and Risks in Auditing Listed Entities The Independent Regulatory Board for Auditors (IRBA) reminds audit firms of the responsibilities and risks associated with auditing listed entities. It is imperative that audit firms rigorously apply the requirements of the International Standards on Quality Management, International Standards on Auditing, the IRBA Code, and other regulatory requirements before accepting such clients. The IRBA has adopted the ‘IFIAR Core Principles’, which requires a risk-based inspections programme. Some 80 percent of IRBA’s inspection resources are dedicated to monitoring audit firms that accept public interest [...]

IRBA Highlights Heightened Responsibilities and Risks in Auditing Listed Entities2025-12-09T13:30:03+02:00

IAASB Publishes New Illustrative Reports to Support ISSA 5000 Implementation

2025-12-09T13:20:03+02:00

LATEST UPDATE IAASB Publishes New Illustrative Reports to Support ISSA 5000 Implementation The International Auditing and Assurance Standards Board (IAASB) has published a new set of illustrative practitioners’ assurance reports, available on: https://www.iaasb.org/publications/sustainability-assurance-illustrative-reports These illustrative reports aim to further support the implementation of International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. While ISSA 5000 includes four illustrative reports that reflect the baseline requirements of the standard, this new publication provides more specific examples to help practitioners apply the standard across a range of engagements. Together, these illustrative reports demonstrate how [...]

IAASB Publishes New Illustrative Reports to Support ISSA 5000 Implementation2025-12-09T13:20:03+02:00

King V (2025)

2025-11-28T14:22:18+02:00

LATEST UPDATE King V (2025) King V, the updated corporate governance code, was released on 31 October 2025 by the IoDSA and King Committee. Effective from 1 January 2026, it replaces King IV and introduces simplified language, refined principles, and a new Disclosure Framework to align with global standards and support ethical leadership. The King V code may be accessed on: https://cdn.ymaws.com/www.iodsa.co.za/resource/collection/927F0970-C1E9-4F30-803C-D74BF386A2B6/King_V_Code.pdf more LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests List LEAFQuest Advance Your Knowledge in [...]

King V (2025)2025-11-28T14:22:18+02:00

Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism

2025-11-28T14:16:44+02:00

LATEST UPDATE Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism This publication provides insights into practices, guides and considerations that can help external auditors exercise, and maintain their professional scepticism effectively during the audit. It discusses the auditor’s responsibilities to exercise professional scepticism as required by the Public Company Accounting Oversight Board (PCAOB) standards in the US. The publication is available on: https://antifraudcollaboration.org/rota-fraud-exercising-and-maintaining-professional-skepticism/ more LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests List [...]

Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism2025-11-28T14:16:44+02:00

ISSA 5000 FAQs: Relevance of ISSA 5000 to Assurance on Sustainability Reports in the European Union

2025-11-28T14:12:16+02:00

LATEST UPDATE ISSA 5000 FAQs: Relevance of ISSA 5000 to Assurance on Sustainability Reports in the European Union This Frequently Asked Questions (FAQ) focuses on the relevance of International Standard on Sustainability Assurance (ISSA) 5000 to assurance on sustainability reports to be issued in the European Union. It provides a high-level understanding of how ISSA 5000 can support consistent, high-quality sustainability assurance engagements in the EU – enhancing users’ confidence in sustainability information prepared in accordance with the European Sustainability Reporting Standards (ESRS). The new FAQ explains how ISSA 5000 could be relevant to assurance [...]

ISSA 5000 FAQs: Relevance of ISSA 5000 to Assurance on Sustainability Reports in the European Union2025-11-28T14:12:16+02:00
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