LATEST UPDATE PCAOB Publishes New Resource to Help Smaller Audit Firms Address Challenges of Auditing Accounting Estimates A new PCAOB publication, Audit Focus: Auditing Accounting Estimates, available on: https://pcaobus.org/resources/staff-publications/audit-focus--auditing-accounting-estimates, provides auditors with reminders and good practices regarding accounting estimates, an especially challenging aspect of financial statements. Accounting estimates are pervasive in financial statements, often substantially affecting a company's financial position and results of operations. They generally involve subjective assumptions and measurement uncertainty, making them susceptible to management bias. Consequently, accounting estimates are often some of the areas of greatest risk in an audit. The PCAOB’s [...]

LATEST UPDATE FRC Publishes Further Supporting Materials as Part of SME Audit Campaign As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the Financial Reporting Council (FRC) has released further supporting material to help SMEs to confidently and effectively engage with the annual audit process. The summary document is available on: https://media.frc.org.uk/documents/What_is_an_audit.pdf and provides stakeholders with insights into the key considerations and principles that guide a successful audit. It also sets out the key public interest benefits that audit provides for shareholders and potential investors, and the employees, suppliers and other [...]

LATEST UPDATE IRBA Issues Feedback Statement on the Post-implementation Review of Its SAAEPS 1 Subsequent to the post-implementation review (PIR) announced in August 2023, the Independent Regulatory Board for Auditors (IRBA) has issued a Feedback Statement on South African Assurance Engagements Practice Statement (SAAEPS) 1, Sustainability Assurance Engagements: Rational Purpose, Appropriateness of Underlying Subject Matter and Suitability of Criteria. This review, conducted in 2024, was aimed at gathering valuable insights for the benefit of the ongoing evolution of sustainability assurance discussions, and is available on the IRBA website, on: https://www.irba.co.za/guidance-for-ras/technical-guidance-for-ras/other-assurance/assurance-on-sustainability-reports SAAEPS 1, issued in August [...]

LATEST UPDATE New FAQ on Going Concern Now Available from IAASB The International Auditing and Assurance Standards Board (IAASB) has published a new Frequently Asked Questions (FAQ) document, available on: https://www.iaasb.org/publications/faq-reporting-going-concern-matters-auditor-s-report?utm_source=Main+List+New&utm_campaign=f8a890fbdd-EMAIL_CAMPAIGN_2025_05_14_04_05&utm_medium=email&utm_term=0_-f8a890fbdd-80668708 The aim of the document is to support stakeholders as they implement International Standard on Auditing 570 (Revised 2024), Going Concern, available on: https://www.iaasb.org/publications/faq-reporting-going-concern-matters-auditor-s-report?utm_source=Main+List+New&utm_campaign=f8a890fbdd-EMAIL_CAMPAIGN_2025_05_14_04_05&utm_medium=email&utm_term=0_-f8a890fbdd-80668708 The FAQ document addresses key questions on the enhanced auditor reporting model for going concern that is included in the revised standard. Specifically, it focuses on the implications for the auditor’s report when reporting entity-specific going concern matters in a [...]

LATEST UPDATE IESBA Releases Q&As on the Tax Planning and Related Services Standards in the IESBA Code The International Ethics Standards Board for Accountants (IESBA) released a questions and answers (Q&A) publication, available on: https://www.ethicsboard.org/publications/iesba-staff-questions-answers-tax-planning-services-and-activities?utm_source=Main+List+New&utm_campaign=07b5daec9a-EMAIL_CAMPAIGN_2025_05_08_06_39&utm_medium=email&utm_term=0_-07b5daec9a-80668708 The aim of the publication is to support the adoption and implementation of the IESBA Tax Planning and Related Services Standards, available on: https://www.iaasb.org/publications/faq-reporting-going-concern-matters-auditor-s-report?utm_source=Main+List+New&utm_campaign=f8a890fbdd-EMAIL_CAMPAIGN_2025_05_14_04_05&utm_medium=email&utm_term=0_-f8a890fbdd-80668708 The standards provide a principles-based framework and a global ethical benchmark to guide professional accountants in public practice and in business when they provide tax planning services, or perform tax planning activities. The Q&A publication is [...]

LATEST UPDATE IAASB Announces Withdrawal of ISAE 3410, Assurance Engagements on Greenhouse Gas Statements The International Auditing and Assurance Standards Boards (IAASB) has approved the withdrawal of International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements. This decision follows the approval and certification in 2024 of the International Standard on Sustainability Assurance (ISSA)TM 5000, General Requirements for Sustainability Assurance Engagements. ISSA 5000 addresses assurance of all types of sustainability information, including greenhouse gas emissions, regardless of how that information is presented. It is effective for assurance engagements on sustainability information reported [...]