SAICA Communication – Auditor Opinions, in terms of Management Rule 26(5)(c) of the Sectional Titles Schemes Management Regulations, 2016 The SAICA communication on opinions required of the auditor, in terms of Management Rule 26(5)(c) of the Sectional Titles Schemes Management Regulations, was originally issued in 2016, and subsequently revised in September 2022. This document was further updated in August 2024 based on the guidance issued by the IAASB regarding the IFRS trademark and the correct use of terminology in audit reports when referring to the IFRS Accounting Standards. The updated SAICA communication is available on: https://www.saica.org.za/resources/89141 [...]

IESBA Q&A Update: Clarifying PIE Definition for Global Compliance The Staff of the International Ethics Standards Board for Accountants (IESBA) has released an update to its Questions and Answers (Q&As) publication, including IESBA revisions to the definitions of ‘listed entity’ and ‘public interest entity’ (PIE) in the IESBA Code of Ethics. This update includes a new Q&A (16) to address the scenario where a jurisdiction has no PIE definition, or has excluded one or more of the mandatory categories in the IESBA PIE definition. In addition, Q&A 20 has been updated. The Q&A publication is designed [...]

Now Available: IESBA Handbook 2024 Edition The International Ethics Standards Board for Accountants (IESBA) has released the 2024 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards). This handbook replaces the 2023 edition and incorporates the following: Revisions relating to the definition of a ‘public interest entity’ and related provisions Changes to the definitions of ‘audit client’ and ‘group audit client’ in the Glossary Technology-related provisions of the Code. The back of the 2024 Handbook contains the IESBA-approved revisions to the Code addressing Tax Planning and Related Services, available on: Click [...]

LATEST UPDATE The IAASB has released the 2023-2024 edition of the Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, which includes International Standard on Auditing (ISA) 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors). The ISA for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE, is also included, although it has not yet become effective for jurisdictions that adopt the standard. For the first time, the 2023-2024 handbook comprises four volumes to improve user [...]

Guidance on Beneficial Ownership, in Terms of Section 21b of the Financial Intelligence Centre Act The Financial Intelligence Centre (FIC) has published public compliance communication (PCC) 59, which offers accountable institutions guidance on compliance with the beneficial ownership requirements of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001 [FIC Act]). PCC 59 illustrates different aspects of the concept of beneficial ownership as defined in the FIC Act, and the practical application of Section 21B of the FIC Act. Furthermore, PCC 59 is aimed at highlighting money laundering, terrorist financing and proliferation financing risks related to beneficial owners. [...]

Second Comprehensive Review of the IFRS for SMEs Accounting Standard The International Accounting Standards Board (IASB) maintains the IFRS for SMEs Accounting Standard through periodic reviews. In September 2022, the IASB published the Exposure Draft Third Edition of the IFRS for SMEs Accounting Standard as part of its second comprehensive review of the standard. The outcome of this second review will improve information provided to users of SME financial statements, while maintaining the simplicity of the standard for SMEs. The IASB met on 22 July 2024 to deliberate the proposals in the Exposure Draft Third Edition of the IFRS for SMEs Accounting Standard [...]