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High Court Judgment on Case between the IRBA and the Auditor of a Property Owners’ Association

2025-11-28T13:27:38+02:00

LATEST UPDATE High Court Judgment on Case between the IRBA and the Auditor of a Property Owners’ Association South Africa’s Independent Regulatory Board of Auditors (IRBA) was sharply criticised by Judge Mandlenkosi Motha of the High Court in Johannesburg for failing to follow the provisions of the Auditing Professions Act (APA) when investigating a complaint against an auditor. The procedure followed was antithetical to the APA Thomas Lessing, member of the Serengeti Estates Property Owners Association NPC (Sepoa), brought an application to review and set aside a decision taken by IRBA regarding 10 complaints he [...]

High Court Judgment on Case between the IRBA and the Auditor of a Property Owners’ Association2025-11-28T13:27:38+02:00

South Africa’s Removal from the FATF Greylist & FIP Update

2025-11-28T13:20:57+02:00

LATEST UPDATE South Africa’s Removal from the FATF Greylist SAICA welcomed South Africa’s removal from the FATF greylist, highlighting its role in supporting reforms through technical guidance, awareness campaigns, and collaboration with regulators. By promoting transparency, ethics, and compliance within the accountancy profession, SAICA helped to strengthen the country’s financial integrity and global reputation. The media release is available on: https://www.saica.org.za/news/south-africas-removal-from-the-fatf-greylist-marks-a-milestone-in-strengthening-financial-integrity-saicas-role-in-the-process Financial Intelligence Centre hails South Africa’s exit from the greylist South Africa has been removed from the FATF greylist as of 24 October 2025, following strenuous efforts to address weaknesses in its anti-financial crime [...]

South Africa’s Removal from the FATF Greylist & FIP Update2025-11-28T13:20:57+02:00

The Rabbit Hole of Substantive Testing

2025-11-04T13:02:54+02:00

What’s News? Your Content Goes Here For decades now, audit firms, especially small firms, or SMPs, as they are known nowadays, have insisted on the substantive approach, without any regard for controls. This was due to fears of blowing the budget, not knowing how to audit systems, or deciding that they would have to go substantive anyway, when controls prove to be ineffective. The result was that the audit client received less bang for their buck, in that feedback on system weaknesses was shoddy, and risks were not properly identified, as the requirements of ISA315 were interpreted as that [...]

The Rabbit Hole of Substantive Testing2025-11-04T13:02:54+02:00

Audit Issues & Trends to Consider

2025-11-04T13:01:32+02:00

Your Content Goes Here Implementation of IFRS 19 The introduction of IFRS 19: Subsidiaries without Public Accountability: Disclosures represents a notable step towards reducing the financial reporting burden for many private companies. Its primary benefit is the creation of a tailored, standalone, voluntary disclosure standard for eligible subsidiaries (as defined in IFRS 10 Consolidated Financial Statements), which are entities that are not publicly accountable and whose parent company prepares consolidated financial statements compliant with IFRS, available for public use. By providing a prescribed, simplified set of disclosures, IFRS 19 eliminates the complexity, time and cost involved of having to wade through the [...]

Audit Issues & Trends to Consider2025-11-04T13:01:32+02:00

Pending Disciplinary and Finalised Investigation Matters

2025-11-26T12:21:36+02:00

LATEST UPDATE Pending Disciplinary and Finalised Investigation Matters In the latest issue of IRBA News, Issue 71, six disciplinary matters pending disciplinary hearings and 16 finalised investigation matters were reported. Current open matters involve eight categories of improper conduct. The most common charge remains insufficient appropriate audit evidence. Other frequent charges include dishonesty and integrity issues, as well as failure to exercise due care and skill. In several investigation matters, among others, sufficient, appropriate audit evidence was not obtained for material balances and disclosures; material misstatements were not appropriately identified, evaluated and addressed; a risk [...]

Pending Disciplinary and Finalised Investigation Matters2025-11-26T12:21:36+02:00

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
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