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 [...]

LATEST UPDATE Finalised Disciplinary and Investigation Matters In the latest issue of IRBA News, Issue 69, two finalised disciplinary matters and 17 finalised investigation matters were reported. In one disciplinary matter, proper audit documentation was not maintained during the audit of attorney's trust accounts; unmodified assurance opinions were issued despite apparent financial irregularities; and a false and/or incomplete Assurance Work Declaration was submitted to the IRBA. In the second matter, independence of the firm and/or engagement team was not ensured; unauthorised and improper financial transfers were allowed; audit reports were issued without conducting the necessary [...]

LATEST UPDATE IAASB Seeks Feedback on the Proposed Narrow-Scope Amendments Related to Using the Work of an External Expert The International Auditing and Assurance Standards Board (IAASB) has published an Exposure Draft on the Proposed Narrow-Scope Amendments to IAASB Standards Arising from the IESBA’s Using the Work of an External Expert Project, available on: https://www.irba.co.za/upload/IAASB-Exposure-Draft-Narrow-Scope-Amendments-Experts.pdf These proposed amendments identify only those amendments to the IAASB standards needed to maintain interoperability with the IESBA Code. They address the revisions to the IESBA Code related to Using the Work of an External Expert (IESBA External Experts), available [...]

LATEST UPDATE IESBA Consults on Collective Investment Vehicles and Pension Funds – Auditor Independence The International Ethics Standards Board for Accountants (IESBA) has issued, for public comment, a Consultation Paper: Collective Investment Vehicles and Pension Funds – Auditor Independence, available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/exposure-drafts-and-comment-letters The paper seeks views on whether revisions to the IESBA’s International Code of Ethics for Professional Accountants, including International Independence Standards (IESBA Code) are necessary to address the independence of auditors when they audit the Collective Investment Vehicles and Pension Funds, collectively referred to as Investment Schemes. The Independent Regulatory Board for Auditors [...]

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