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Joint Communication 4 of 2025: Criteria for the exemption of an external central counterparty (CCP) or external trade repository (TR) from the provisions of the Financial Markets Act (FMA)

2025-11-26T12:19:58+02:00

LATEST UPDATE Joint Communication 4 of 2025: Criteria for the exemption of an external central counterparty (CCP) or external trade repository (TR) from the provisions of the Financial Markets Act (FMA) The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) published this Joint Standard allowing foreign CCPs or TRs with equivalent regulatory frameworks to apply for exemption from FMA licensing requirements, subject to meeting specified criteria set out in the Joint Standard. The communication is available on: https://www.resbank.co.za/en/home/publications/publication-detail-pages/prudential-authority/pa-public-awareness/Communication/2025/joint-communication-4-of-2025 more LEAFQuest Advance Your Knowledge in Auditing Enroll in [...]

Joint Communication 4 of 2025: Criteria for the exemption of an external central counterparty (CCP) or external trade repository (TR) from the provisions of the Financial Markets Act (FMA)2025-11-26T12:19:58+02:00

External Auditor Assessment Tool: A Tool for Audit Committees

2025-11-26T12:27:04+02:00

LATEST UPDATE External Auditor Assessment Tool: A Tool for Audit Committees The Centre for Audit Quality (CAQ) issued a targeted assessment tool that audit committees can use to evaluate whether to retain the external auditor. The questionnaire focuses on four key areas: service quality and resources, communication effectiveness, and the auditor’s independence and objectivity. Constructive, two-way dialogue with the auditor strengthens audit quality and committee oversight. The evaluation should cover the auditor’s qualifications, firm-wide quality practices, transparency, and professional scepticism. The tool is available on: https://www.thecaq.org/external-auditor-assessment-tool-a-tool-for-audit-committees/ more LEAFQuest Advance [...]

External Auditor Assessment Tool: A Tool for Audit Committees2025-11-26T12:27:04+02:00

Now Available: IESBA Handbook 2025 Edition

2025-11-26T12:23:23+02:00

LATEST UPDATE Now Available: IESBA Handbook 2025 Edition Digital Access and Print Orders Available The International Ethics Standards Board for Accountants (IESBA) has released the 2025 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards), available on: https://www.ethicsboard.org/publications/2025-handbook-international-code-ethics-professional-accountants This handbook incorporates the tax planning pronouncement that became effective for tax planning services and activities after 30 June 2025. The back of Volume 1 of the 2025 Handbook contains the IESBA-approved revisions to the Code addressing ‘Using the Work of an External Expert’, as well as ‘Sustainability Reporting-related Revisions’. These revisions [...]

Now Available: IESBA Handbook 2025 Edition2025-11-26T12:23:23+02:00

New Educational Materials Available to Support Implementation of the IFRS for SMEs Accounting Standard

2025-11-26T12:25:02+02:00

LATEST UPDATE New Educational Materials Available to Support Implementation of the IFRS for SMEs Accounting Standard The IFRS Foundation has published a package of new educational resources to support implementation of the third edition of the IFRS for SMEs Accounting Standard. These materials are aimed at stakeholders learning about, or applying the IFRS for SMEs Accounting Standard. New educational modules: Module 19 Business Combinations and Goodwill Module 35 Transition to the IFRS for SMEs Standard Each module provides practical support and includes a comparison with the related full IFRS Accounting Standard. The education models are [...]

New Educational Materials Available to Support Implementation of the IFRS for SMEs Accounting Standard2025-11-26T12:25:02+02:00

Release of Staff Audit Practice Alert 11: The Use of Generative Artificial Intelligence and Emerging Technologies in Audits

2025-11-26T12:16:30+02:00

LATEST UPDATE Release of Staff Audit Practice Alert 11: The Use of Generative Artificial Intelligence and Emerging Technologies in Audits The Independent Regulatory Board for Auditors (IRBA) has issued Staff Audit Practice Alert 11: The Use of Generative Artificial Intelligence and Emerging Technologies in Audits. This non-authoritative guidance provides insights into the impact of generative artificial intelligence (GenAI) and emerging technologies when applying certain requirements of the International Standards on Quality Management and the International Standards on Auditing in the South African context. As the profession continues to evolve in response to technological advancements, it [...]

Release of Staff Audit Practice Alert 11: The Use of Generative Artificial Intelligence and Emerging Technologies in Audits2025-11-26T12:16:30+02:00

Taking responsibility for quality on the engagement – Partner or EQR

2026-09-03T11:45:01+02:00

What’s News? With the implementation of quality management systems to comply with ISQM, audit firms are compelled to be aware of threats to the ability of engagement teams to issue appropriate audit reports, and threats to the system of quality management to ensure that the firm as a whole does not issue inappropriate audit reports. When an engagement partner is nervous about a new industry, a very large client, or a complex audit, as examples, this would be seen as a threat. Typically, these threats require immediate attention, and engagement monitoring reviews will address the threat too late, [...]

Taking responsibility for quality on the engagement – Partner or EQR2026-09-03T11:45:01+02:00

Risk Scoping

2026-09-03T11:40:12+02:00

1. Risk scoping Many auditors are still grappling with applying the principles of ISA 315 (Revised 2019) when performing risk assessment and audit scoping. The standard requires the auditor to identify relevant assertions based on risks identified. An assertion is regarded as relevant where there is a reasonable possibility of a material misstatement. Assertions that have no risks attached to them may be scoped out for audit testing, provided that the auditor documents adequate reasons, in support of the risk assessment. For material balances with no relevant assertions, i.e. no identified risks linked to the assertions, the auditor simply [...]

Risk Scoping2026-09-03T11:40:12+02:00

Revised Illustrative Auditor’s Reports on Financial Statements (ISA 700 (Revised) Reports) of Medical Schemes

2025-09-29T18:30:21+02:00

LATEST UPDATE Revised Illustrative Auditor’s Reports on Financial Statements (ISA 700 (Revised) Reports) of Medical Schemes The Independent Regulatory Board for Auditors’ Committee for Auditing Standards has approved the issue of the Revised Illustrative Auditor’s Reports on Financial Statements (International Standard on Auditing (ISA) 700 (Revised) Reports) of Medical Schemes: Appendix 5 in the Revised Guide for Registered Auditors: Assurance Engagements on the Annual Financial Statements and Annual Statutory Returns of a Medical Scheme. These reports are available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/industry-specific-guides-and-regulatory-reports/medical-schemes-engagements The South African Auditing Practice Statement 3 (Revised September 2025), Illustrative Reports, has also been updated for [...]

Revised Illustrative Auditor’s Reports on Financial Statements (ISA 700 (Revised) Reports) of Medical Schemes2025-09-29T18:30:21+02:00

Publication of Draft Conduct Standard – Requirements Relating to Securities Financing Transactions (Draft Conduct Standard)

2025-09-29T18:27:49+02:00

LATEST UPDATE Publication of Draft Conduct Standard – Requirements Relating to Securities Financing Transactions (Draft Conduct Standard) The Financial Sector Conduct Authority (FSCA) recently published a draft FSCA Conduct Standard – Requirements Relating to Securities Financing Transactions (SFT). The draft Conduct Standard adopts a principles-based approach, emphasising governance, risk management and internal control frameworks for SFT participants. Interested parties are invited to submit comments on the draft Conduct Standard and supporting documents, using the comments template published alongside the draft Conduct Standard, on or before 17 October 2025, to FSCA.RFDStandards@fsca.co.za The FSCA Communication 17 of [...]

Publication of Draft Conduct Standard – Requirements Relating to Securities Financing Transactions (Draft Conduct Standard)2025-09-29T18:27:49+02:00

IAASB 2025 Handbook Available for Digital Access and Print Orders

2025-09-29T18:24:56+02:00

LATEST UPDATE IAASB 2025 Handbook Available for Digital Access and Print Orders The International Auditing and Assurance Standards Board (IAASB) has released the 2025 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, available on: https://www.iaasb.org/publications/2025-handbook-international-quality-management-auditing-review-other-assurance-and-related-services The IAASB Handbook comprises the following five volumes: Volume 1: International Auditing Practice Notes, International Standards on Auditing, and International Standards on Quality Management Volume 2: International Standard on Auditing for Audits of Financial Statements of Less Complex Entities Volume 3: International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements Volume 4: International [...]

IAASB 2025 Handbook Available for Digital Access and Print Orders2025-09-29T18:24:56+02:00
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