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New IFAC Study Expands Insights beyond the G20

2023-10-26T16:27:56+02:00

New IFAC Study Expands Insights beyond the G20 Fresh research from the IFAC expands its sustainability disclosure and assurance data to 20 additional jurisdictions beyond the G20. The new report, The State of Play: Beyond the G20, focuses on the Global South, with data from three jurisdictions in Latin America, six in Africa and the Middle East, and four in the Asia-Pacific region, as well as six smaller economies within the European Economic Area and Switzerland. It is available on: https://www.ifac.org/knowledge-gateway/contributing-global-economy/publications/state-play-beyond-g20?utm_source=Main+List+New&utm_campaign=69a96878e1-EMAIL_CAMPAIGN_2023_09_20_01_41&utm_medium=email&utm_term=0_-69a96878e1-%5BLIST_EMAIL_ID%5D Recent Articles

New IFAC Study Expands Insights beyond the G202023-10-26T16:27:56+02:00

Now Available: IESBA Handbook 2023 Edition

2023-10-24T12:48:42+02:00

Now Available: IESBA Handbook 2023 Edition During May 2023, the WEF released an insight report on the Future of Jobs from 2023 to 2027. According to this report, there will be a great shift in skills and attitudes needed in the finance and accounting industry within the next few years. The full report is available on: https://www3.weforum.org/docs/WEF_Future_of_Jobs_2023.pdf Recent Articles

Now Available: IESBA Handbook 2023 Edition2023-10-24T12:48:42+02:00

Exposure Draft: Proposed SAAPS 3 (Revised), Illustrative Reports

2023-10-17T08:35:21+02:00

Exposure Draft: Proposed SAAPS 3 (Revised), Illustrative Reports The IRBA CFAS approved, for issue, the Exposure Draft: Proposed South African Auditing Practice Statement (SAAPS) 3 (Revised), Illustrative Reports (proposed SAAPS 3 [Revised]) in August 2023, for public comment by 30 November 2023. It is available on: https://www.irba.co.za/upload/Proposed%20SAAPS%203%20ED%20Sep%202023.pdf The expectation is for the CFAS to approve and issue the final SAAPS in March 2024. Comments, in Word format, or queries should be emailed to standards@irba.co.za by 30 November 2023. Recent Articles

Exposure Draft: Proposed SAAPS 3 (Revised), Illustrative Reports2023-10-17T08:35:21+02:00

IFAC Supports ISSB Focus on Implementation of IFRS S1 and S2

2023-10-10T12:05:49+02:00

IFAC Supports ISSB Focus on Implementation of IFRS S1 and S2 IFAC has long supported the establishment of the International Sustainability Standards Board (ISSB)  to develop a global baseline of sustainability disclosures – now endorsed by the IOSCO and ready to be internationally adopted and implemented. High-quality implementation of IFRS (International Financial Reporting Standards) S1 and IFRS S2 is critical to the ISSB’s mission. For more information, follow: https://www.ifrs.org/groups/international-sustainability-standards-board/ Recent Articles

IFAC Supports ISSB Focus on Implementation of IFRS S1 and S22023-10-10T12:05:49+02:00

QM Standards Implementation Guides and Other Related Material

2023-10-03T12:38:08+02:00

QM Standards Implementation Guides and Other Related Material Since the previous IRBA communication issued on 2 July 2021, QM implementation materials have been published for SAICA, IAASB and IFAC, available on the IRBA’s dedicated QM webpage: https://www.irba.co.za/guidance-for-ras/technical-guidance-for-ras/auditing-standards-and-guides/quality-management The IFAC materials are: The IFAC developed and published a three-part series that provides tips and guidance for the practical implementation of the QM standards. + Instalment One: It is time to Get Ready for the New Quality Management Standards, published on 31 October 2022 + Instalment Two: Developing a Detailed Implementation Plan, issued on 5 July 2023 + Instalment [...]

QM Standards Implementation Guides and Other Related Material2023-10-03T12:38:08+02:00

Newsletter September 2023

2023-09-28T11:24:24+02:00

Providing non-audit services to audit clients All audit firms strive to add value to their clients, which often takes the form of providing additional non-audit services. Providing such non-assurance services to audit clients may, however, create an independence threat. It is important to identify, evaluate and address the threat to ensure that independence is maintained. This does not necessarily mean that the non-audit service should be terminated, depending on the circumstances, provided that adequate safeguards are in place. Providing accounting and other services to statutory audit clients Section 90(2)(b) of the Companies Act requires that, [...]

Newsletter September 20232023-09-28T11:24:24+02:00

Auditing Less Complex Entities

2023-09-28T12:45:01+02:00

Your Content Goes Here The International Auditing and Assurance Standards Board (IAASB) has introduced an exposure draft (ED) that aims to provide specific guidance on auditing less complex entities (LCEs). The IRBA has commenced consultations with SMPs and, I must say, their approach to the implementation in South Africa is very cautious, and risks to audit firms, the profession and clients are being identified in great detail. At LEAF, our mandate remains consistent: to provide our practitioners with the requisite tools and knowledge to effectively navigate these ever-evolving technical standards. The introduction of the LCE ED necessitates a recalibration [...]

Auditing Less Complex Entities2023-09-28T12:45:01+02:00

Now Available: IESBA Handbook 2023 Edition

2023-09-28T12:38:59+02:00

Now Available: IESBA Handbook 2023 Edition The International Ethics Standards Board for Accountants (IESBA) has released the 2023 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards), available on: https://www.ethicsboard.org/publications/2023-handbook-international-code-ethics-professional-accountants?utm_source=Main+List+New&utm_campaign=3a43b026d9-EMAIL_CAMPAIGN_2023_09_20_04_03&utm_medium=email&utm_term=0_-3a43b026d9-%5BLIST_EMAIL_ID%5D This handbook replaces the 2022 edition and incorporates the following revisions: The revisions relating to (a) the definition of engagement team, and (b) group audits. The upcoming expiry of the ‘jurisdictional provision’ addressing long association of personnel with an audit client, which will no longer be available for audits of financial statements for periods beginning on or after December 15, 2023. The back of [...]

Now Available: IESBA Handbook 2023 Edition2023-09-28T12:38:59+02:00

Exposure Draft: Proposed SAAPS 3 (Revised), Illustrative Reports

2023-09-28T12:34:23+02:00

Exposure Draft: Proposed SAAPS 3 (Revised), Illustrative Reports The Independent Regulatory Board for Auditors' (IRBA) Committee for Auditing Standards (CFAS) approved, for issue, the Exposure Draft: Proposed South African Auditing Practice Statement (SAAPS) 3 (Revised), Illustrative Reports (proposed SAAPS 3 [Revised]) in August 2023, for public comment by 30 November 2023. It is available on: https://www.irba.co.za/upload/Proposed%20SAAPS%203%20ED%20Sep%202023.pdf Depending on the comments received, the expectation is for the CFAS to approve and issue the final SAAPS in March 2024. The proposed effective date for SAAPS 3 (Revised) is for auditors' or independent reviewers' reports issued for audits or independent reviews of [...]

Exposure Draft: Proposed SAAPS 3 (Revised), Illustrative Reports2023-09-28T12:34:23+02:00

New IFAC Study Expands Insights into Sustainability Disclosure and Assurance beyond the G20

2023-09-28T12:30:26+02:00

New IFAC Study Expands Insights into Sustainability Disclosure and Assurance beyond the G20 Fresh research from the International Federation of Accountants (IFAC) expands its sustainability disclosure and assurance data to 20 additional jurisdictions beyond the G20 previously reported on. The new report, The State of Play: Beyond the G20, focuses on the Global South, with data from three jurisdictions from Latin America, six in Africa and Middle East, and four in the Asia-Pacific region, as well as six smaller economies within the European Economic Area and Switzerland. It is available on: https://www.ifac.org/knowledge-gateway/contributing-global-economy/publications/state-play-beyond-g20?utm_source=Main+List+New&utm_campaign=69a96878e1-EMAIL_CAMPAIGN_2023_09_20_01_41&utm_medium=email&utm_term=0_-69a96878e1-%5BLIST_EMAIL_ID%5D  This data demonstrates the need for ISSB global [...]

New IFAC Study Expands Insights into Sustainability Disclosure and Assurance beyond the G202023-09-28T12:30:26+02:00
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