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Business Combinations and Related Disclosures

2024-03-11T13:26:05+02:00

Business Combinations and Related Disclosures When performing a group audit, one can become so involved in verifying the detailed consolidation workings that one may omit to specifically consider the impact of business combinations. The relevant financial reporting framework establishes principles and requirements for the recognition, measurement and disclosure of business combinations by the acquirer during the financial reporting period. It is important that the auditor verifies whether business combinations are correctly dealt with in terms of the requirements. Accounting for business combinations IFRS for SMEs Section 19 para 19.6 refers to the application of the purchase [...]

Business Combinations and Related Disclosures2024-03-11T13:26:05+02:00

New Maximum Fines

2023-08-01T11:53:27+02:00

Your Content Goes Here The IRBA and National Treasury recently instituted new maximum fines for auditors. These fines don’t apply to specific situations, nor to certain types of firms or clients. In an attempt to determine the reasons for the maximum fines, and the effect they will have, considered with other measures taken by the IRBA and the National Treasury, one can safely assume that IRBA had the following train of thought, as their actions have not proven otherwise to date. The IRBA is limited by previous maximum fines to disciplining auditors appropriately and will use the maximum amount [...]

New Maximum Fines2023-08-01T11:53:27+02:00

SAICA Anti-Money Laundering Portal Launched

2023-07-27T09:44:49+02:00

SAICA Anti-Money Laundering Portal Launched SAICA’s Anti-Money Laundering (AML) Portal is live and accessible to all SAICA members. This online platform provides information and resources on AML practices, and a wide range of content. It is available on: https://www.saica.org.za/anti-money-laundering-aml For any questions or further assistance, please log a query on the Member Portal at: https://my.saica.co.za/ Recent Articles

SAICA Anti-Money Laundering Portal Launched2023-07-27T09:44:49+02:00

IFAC, TI-UK, and WEF’s PACI Review of Anti-Corruption Reporting Published

2023-07-24T16:13:55+02:00

IFAC, TI-UK, and WEF’s PACI Review of Anti-Corruption Reporting Published The IFAC, TI-UK and WEF’s Partnering against Corruption Initiative (the Forum’s PACI) has published a comprehensive review of anti-corruption corporate reporting by the largest publicly traded companies worldwide. The report also highlights the urgent need for enhanced quality, reliability, and comparability. To access the full report, visit the IFAC website on: Go to link Recent Articles

IFAC, TI-UK, and WEF’s PACI Review of Anti-Corruption Reporting Published2023-07-24T16:13:55+02:00

Updates to IRBA Pronouncements Arising from Narrow-Scope Amendments to IAS 1 – SAAPS 3 and other Illustrative Reports

2023-07-18T13:54:38+02:00

Updates to IRBA Pronouncements Arising from Narrow-Scope Amendments to IAS 1 – SAAPS 3 and other Illustrative Reports The IRBA previously published a communiqué on guidance issued by the IAASB on narrow-scope amendments to IAS 1, Presentation of Financial Statements, effective for annual reporting periods beginning on or after 1 January 2023. Three IRBA pronouncements containing illustrative auditor's reports have been updated, including SAAPS 3, and are effective for audits and reviews of financial statements ending on or after 31 December 2023. They are available on the following links: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/auditing-standards-and-guides/south-african-standards-and-practice-statements https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/industry-specific-guides-and-regulatory-reports/medical-schemes-engagements https://www.irba.co.za/guidance-to-ras/industry-specific-guides-and-regulatory-reports/retirement-fund-reports Recent [...]

Updates to IRBA Pronouncements Arising from Narrow-Scope Amendments to IAS 1 – SAAPS 3 and other Illustrative Reports2023-07-18T13:54:38+02:00

Minister of Finance Publishes Maximum Monetary Fines

2023-07-13T11:40:57+02:00

Minister of Finance Publishes Maximum Monetary Fines On 15 June 2023, Minister of Finance Enoch Godongwana gazetted the Maximum Monetary Fines, in terms of Sections 51(2) and 51B(3)(b) of the Auditing Profession Act 26 of 2005 (as amended in 2021). These maximum fine limits are not fixed, and applicable to all improper conduct committed after the amendment to the Act, i.e. after 26 April 2021. The Government Gazette concerned is available on: Go to link Recent Articles

Minister of Finance Publishes Maximum Monetary Fines2023-07-13T11:40:57+02:00

Revisions to the IRBA Code of Professional Conduct (Revised April 2023)

2023-07-07T11:24:57+02:00

Revisions to the IRBA Code of Professional Conduct (Revised April 2023) The IRBA announced revisions in the IRBA Code related to the Final Pronouncement: Definition of Engagement Team and Group Audits. These revisions are effective for audits and reviews of financial statements, and audits of group financial statements for periods beginning on or after 15 December 2023. The final pronouncement is found on the IRBA website, available on: https://www.irba.co.za/guidance-for-ras/ethics:-the-rules-and-the-code/the-irba-code-revised-april-2023 Recent Articles

Revisions to the IRBA Code of Professional Conduct (Revised April 2023)2023-07-07T11:24:57+02:00

Updates to IRBA Pronouncements Arising from Narrow-Scope Amendments to IAS 1 – SAAPS 3 and other Illustrative Reports

2023-07-03T08:57:18+02:00

Updates to IRBA Pronouncements Arising from Narrow-Scope Amendments to IAS 1 – SAAPS 3 and other Illustrative Reports The Independent Regulatory Board for Auditors (IRBA) previously published a communiqué on guidance issued by the International Auditing and Assurance Standards Board (IAASB) on narrow-scope amendments to International Accounting Standard (IAS) 1, Presentation of Financial Statements. The narrow-scope amendments to IAS 1 require preparers that use the International Financial Reporting Standards (IFRS) to disclose their ‘material accounting policy information’, instead of ‘a summary of significant accounting policies’. These changes to IAS 1 became effective for annual reporting periods beginning on or [...]

Updates to IRBA Pronouncements Arising from Narrow-Scope Amendments to IAS 1 – SAAPS 3 and other Illustrative Reports2023-07-03T08:57:18+02:00

Revisions to the IRBA Code of Professional Conduct (Revised April 2023)

2023-07-03T08:53:49+02:00

Revisions to the IRBA Code of Professional Conduct (Revised April 2023) The Independent Regulatory Board for Auditors (IRBA) has announced revisions in the IRBA Code of Professional Conduct for Registered Auditors (Revised April 2023) (IRBA Code) related to the Final Pronouncement: Definition of Engagement Team and Group Audits. These revisions holistically address independence considerations in an audit of group financial statements and other implications of the changes made to the definition of an engagement team. They are effective for audits and reviews of financial statements, and audits of group financial statements for periods beginning on or after 15 December 2023. [...]

Revisions to the IRBA Code of Professional Conduct (Revised April 2023)2023-07-03T08:53:49+02:00

Minister of Finance Publishes Maximum Monetary Fines

2023-07-03T08:48:34+02:00

Minister of Finance Publishes Maximum Monetary Fines On 15 June 2023, the Minister of Finance, Enoch Godongwana, gazetted the Maximum Monetary Fines, in terms of Sections 51(2) and 51B(3)(b) of the Auditing Profession Act 26 of 2005 (as amended in 2021), which empowers the Minister to set maximum monetary sanctions. These are the maximum fine limits, and they are not fixed. The maximum fine that the Enforcement Committee may impose on an individual auditor who concludes an admission of guilt process, is now set at R5 million, while it is R15 million for an audit firm. Where the Enforcement [...]

Minister of Finance Publishes Maximum Monetary Fines2023-07-03T08:48:34+02:00
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