LATEST UPDATE IFIAR releases 2024 Report on Annual Survey of Audit Inspection Findings In March 2025, IFIAR released its thirteenth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks. Please click here to access the 2024 Inspection Findings Survey and related documents: https://www.ifiar.org/latest-news/ifiar-releases-2024-report-on-annual-survey-of-audit-inspection-findings/ more LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests List LEAFQuest Advance Your Knowledge in Auditing Enroll in Our [...]

LATEST UPDATE EAR Rule – Example Audit Reports SAICA recently included a page on their website containing links to audit reports issued on public interest entities after the IRBA EAR Rule became effective, available on: https://www.saica.org.za/resources/audit-and-assurance/technical-resource/auditor-reporting/irba-enhanced-auditor-reporting/ear-rule-example-audit-reports This is not a complete list of all such audit reports and only links to information that is publicly available. These audit reports have not undergone any SAICA review or vetting process. These example audit reports are made available to assist auditors with the implementation of the IRBA EAR Rule. For further guidance, refer to the IRBA Staff Audit [...]

LATEST UPDATE IAASB Strengthens Auditor Responsibilities for Going Concern through Revised Standard The International Auditing and Assurance Standards Board (IAASB) has released its revised International Standard on Auditing 570 (Revised 2024), Going Concern. The revised standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. Effective for audits of financial statements for periods beginning on or after December 15, 2026, the standard will also increase consistency in auditing practices and strengthen transparency through communications [...]

LATEST UPDATE Continuous Professional Development Webinar Recording and Presentation Slides Now Available In March 2025, the Independent Regulatory Board for Auditors (IRBA) hosted a webinar themed, ‘Continuous Professional Development (CPD)’. The information session provided valuable insights into the key aspects of the IRBA CPD Policy, offering clarity and direction on how to navigate the CPD process effectively. A FAQ guide will be compiled and shared in due course and will be made available on the IRBA website, on https://www.irba.co.za/guidance-to-ras/education,-training-and-development/continuing-professional-development The webinar recording has been prepared and is now accessible on the IRBA website, along with [...]

LATEST UPDATE SAICA Audit and Assurance YouTube Page: ISQM Post-Implementation Masterclass Series Since the end of 2024, SAICA has been sharing podcasts, called ‘ISQM post-implementation masterclass series’, on their SAICA Audit and Assurance YouTube page, including interviews with various professionals with experience in ISQM implementation. In SAICA’s latest podcast episode of this series, SAICA shares insights on the challenges and best practices from Christel Pretorius and Mari Baragwanath. The podcasts in this series are available on: https://www.youtube.com/playlist?list=PLuG9AdcCxNgt3a227zmES5u5R2FMEGInv more Advance Your Knowledge in Auditing Enroll in Our [...]

LATEST UPDATE Exposure Draft: Proposed SAAPS 3 (Revised XX 2025), Updates to Illustrative Auditor’s Reports The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards (CFAS) has approved the Exposure Draft (ED): Proposed South African Auditing Practice Statement (SAAPS) 3 (Revised XX 2025), Illustrative Reports (proposed SAAPS 3 [Revised]), as a result of the IAASB’s Narrow Scope Amendments to ISA 700 (Revised), for exposure and public comment by 16 April 2025. The proposed SAAPS 3 (Revised) outlines changes that are primarily focused on audits of financial statements for public interest entities. [...]