Final Pronouncement: Revisions to the Definitions of Listed Entity and Public Interest Entity in the IRBA Code In October 2023, the Independent Regulatory Board for Auditors (IRBA) approved the Revisions to the Definitions of Listed Entity and Public Interest Entity (PIE) in the IRBA Code of Professional Conduct for Registered Auditors (IRBA Code) for prescription and use by registered auditors. A Board Notice to the same effect will be published in the Government Gazette. The revisions are available on: https://www.irba.co.za/guidance-for-ras/ethics:-the-rules-and-the-code/the-irba-code-revised-april-2023 These revisions comprehensively revise the definitions, approach, categories and thresholds applicable to these entities, and will impact many engagement [...]

Audit Quality Indicators Survey Report Shows Commitment to Transparency and Continuous Improvements The 2023 Audit Quality Indicators (AQIs) Survey Report reflects on a year that has shown some progress in the auditing profession in South Africa. The report indicates that, in relation to the relevant quality indicators, firms have stayed on course in their commitment to transparency and continuous improvement. The report presents an analysis of over a dozen AQIs, including firm tenure, the proportion of non-audit fees relative to the total audit fees and training hours. In the period under review, encouraging trends were observed in these areas, [...]

Amendments to the JSE Listings Requirements & JSE Debt Listings Requirements: Auditor Accreditation The Johannesburg Stock Exchange (JSE) made amendments to the JSE Listings Requirements, available on: https://www.jse.co.za/sites/default/files/media/documents/Amendment%20Schedule%20Equity%20Listing%20Requirements%20CLEAN%2016%20Oct%202023.pdf The JSE Debt Listings Requirements, dealing with Auditor Accreditation which originated from the JSE Consultation Paper (JSE Listings Review), issued in May 2022, were also amended, and are available on: (https://www.jse.co.za/sites/default/files/media/documents/Amendment%20Schedule%20Debt%20Listings%20Requirements%20CLEAN%2016%20Oct%202023.pdf) The Financial Sector Conduct Authority published the approval of the amendments to the JSE Listings Requirements and the JSE Debt Listings Requirements in the Government Gazette through Board Notice 505 of 2023, No. 49603, effective from 4 December 2023. The [...]

Agreed-upon Procedures Engagement Performed in Respect of an Application by a Legal Practitioner Firm for a Refund of Bank Charges and Audit Fees The agreed-upon procedures (AUP) report to be used for legal practitioners’ applications for a refund of bank charges and audit fees has been published on the SAICA website. The Legal Practitioners Fidelity Fund (LPFF) published a directive on 1 November 2023, available on: https://www.fidfund.co.za/wp-content/uploads/2023/11/LPFF-Directive.pdf. It prescribes the utilisation of this AUP report from 1 November 2023 on the following link: https://saicawebprstorage.blob.core.windows.net/uploads/Agreed-Upon-Procedures-Engagement-Performed-In-Respect-Of-An-Application-By-A-Legal-Practitioner-Firm-For-A-Refund-Of-Bank-Charges-And-Audit-Fees.pdf Until such time as the application form is updated to reflect the guidance in the [...]