LATEST UPDATE Compulsory Automation of Trust Interest Receipts In the latest issue of IRBA News, Issue 70, two finalised disciplinary matters and 26 finalised investigation matters were reported. The Legal Practitioners Fidelity Fund Board (LPFF Board) issued an important communication on 15 July 2025 indicating its decision to implement the automation of all trust interest receipts, effective from 1 September 2025. Legal practitioners with Section 86 trust accounts that are not yet integrated into the banks' Automated Monthly Transfer System must make the necessary arrangements with their banks to ensure compliance. The communication is available [...]

LATEST UPDATE Finalised Disciplinary and Investigation Matters In the latest issue of IRBA News, Issue 70, two finalised disciplinary matters and 26 finalised investigation matters were reported. In one disciplinary matter, the respondent signed a letter/director's resolution on the letterhead of the entity, purporting to be its director while being an employee, without authority; and authorised the sale of the company's property to another entity where their immediate family members were directors; and, on behalf of these directors, the respondent signed the sale and transfer agreement as a director. In the second matter, the respondent [...]

LATEST UPDATE IAASB Highlights How Revised Standards Reinforce Professional Scepticism The International Auditing and Assurance Standards Board (IAASB) has released a new non-authoritative publication – How the IAASB’s Revised Going Concern and Fraud Standards Reinforce Professional Scepticism, available on: https://www.iaasb.org/publications/how-iaasb-s-revised-going-concern-and-fraud-standards-reinforce-professional-skepticism?utm_source=Main+List+New&utm_campaign=078ce77687-EMAIL_CAMPAIGN_2025_07_18_03_52&utm_medium=email&utm_term=0_-078ce77687-80668708 The aim of the publication is to assist stakeholders with understanding how the revisions to ISA 570 (Revised 2024) and ISA 240 (Revised) strengthen the consistent application of professional scepticism throughout the audit. Developed with input from the IAASB’s Professional Scepticism Consultation Group, this publication highlights key enhancements to both standards, reflecting the IAASB’s efforts [...]

LATEST UPDATE FRC Publishes Landmark Guidance Providing Clarity to Audit Profession on the Uses of AI The Financial Reporting Council (FRC) has published its first guidance on the use of artificial intelligence (AI) in audit, alongside a thematic review of the processes of the six largest firms for certifying new technology used in audits, including insights and examples of good practice. As AI tools continue to be utilised in audit, this new guidance outlines a coherent approach to implementing a hypothetical AI-enabled tool, and offers insights into FRC documentation requirements, all designed to support innovation [...]

LATEST UPDATE IAASB Revises Fraud Standard to Enhance Public Trust The International Auditing and Assurance Standards Board (IAASB) has published a new Frequently Asked Questions document for the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), its standard tailored for financial audits of smaller and less complex entities, available on: This Link - Click Here This new FAQ addresses common questions received during webinars and outreaches, following the standard’s publication in December 2023. This release represents the final planned component of the IAASB’s implementation support package for [...]

LATEST UPDATE IAASB Releases New FAQ for the ISA for LCE The International Auditing and Assurance Standards Board (IAASB) has published a new Frequently Asked Questions document for the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), its standard tailored for financial audits of smaller and less complex entities, available on: This Link - Click Here This new FAQ addresses common questions received during webinars and outreaches, following the standard’s publication in December 2023. This release represents the final planned component of the IAASB’s implementation support package [...]

LATEST UPDATE IESBA Tax Planning Standards Now Effective The first global Ethics Standards on Tax Planning, launched by the International Ethics Standards Board for Accountants (IESBA) in April 2024, became effective recently and is available on: Click this link The landmark standards offer a robust ethical framework to guide professional accountants when providing tax planning services, or performing tax planning activities, thereby enabling them to make ethical judgments and decisions in this complex area. The objective of the framework is to help ensure that tax planning decisions take into account the public interest, including having [...]