LATEST UPDATE REMINDER: Upcoming and Newly Effective Audit-related Rules, Pronouncements and Revisions We would like to remind registered auditors and other interested parties of the several amendments that have become, or are soon to be effective. These changes apply to certain sections of the Independent Regulatory Board for Auditors (IRBA) Code of Professional Conduct for Registered Auditors (IRBA Code), the IRBA Rules and the IRBA Pronouncements. Publication Audits or reviews of financial statement for periods ending on or after: Guide for Registered Auditors: Joint Audit Engagements (Revised May 2024) 31 December [...]

LATEST UPDATE Final Pronouncement: Revisions to the IRBA Code of Professional Conduct for Registered Auditors Addressing Tax Planning and Related Services In October 2024, the Independent Regulatory Board for Auditors (IRBA) approved the Final Pronouncement: Revisions to the IRBA Code of Professional Conduct for Registered Auditors (IRBA Code) Addressing Tax Planning and Related Services, for prescription and use by registered auditors (auditors). To move away from a purely mechanical and legalistic approach, the goal of the amendments to the IRBA Code relating to Tax Planning and Related Services is to provide a [...]

LATEST UPDATE Finalised Disciplinary and Investigation Matters In the latest issue of IRBA News, Issue 68, three finalised disciplinary matters and 20 finalised investigation matters were reported. In one disciplinary matter, appropriate audit procedures were not performed to identify non-cash items in the statement of cash flow, and audit considerations were not documented relevant to a discontinued operation. In another matter, adequate procedures were not performed regarding independence; it was not ensured that financial statements were prepared, in compliance with IFRS for SMEs; audit work performed was not documented; reportable irregularity considerations [...]

LATEST UPDATE SAICA 2025 Training Regulations The South African Institute for Chartered Accountants (SAICA) recently issued the 2025 Training Regulations applicable to all training offices implementing the SAICA training programme and all role-players. The 2025 Training Regulations are effective from 1 January 2025. Documents published include: Clean version of the 2025 Training Regulations Mark-up version of the 2025 Training Regulations Explanatory memo for the 2025 Training Regulations. The 2025 Training Regulations are available on: https://www.saica.org.za/resources/training-offices/training-regulations more

Artificial Intelligence Audit Risks Mitigation Update In a communiqué of 19 September 2024, IRBA brought to the attention of registered auditors and firms some developments in artificial intelligence (AI) and the potential implications for the audit profession. The board highlighted the emergence of new and improved AI tools, which have the potential to create more realistic and convincing false evidence or fabricated working papers, and can undermine the integrity and reliability of the audit process, and the financial statements. Confidentiality is an ongoing concern. IRBA also addressed and made recommendations regarding other risks, while reiterating the [...]

Updated list of banks with banking arrangements with the LPFF Trust accounts that are kept by legal practitioners, in terms of Section 86 of the Legal Practice Act of 2014 (Act No. 28 of 2014) (LPA), must be held at a bank that has entered into a banking arrangement with the Legal Practitioners’ Fidelity Fund (LPFF), in terms of Section 63(1)(g) of the LPA. The updated list of banks that have entered into banking arrangements with the LPFF, in terms of Section 63(1)(g) of the LPA, was issued by the LPFF on 2 September 2024. The [...]