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So far LEAF Quality Systems (Pty) Ltd has created 84 blog entries.

Investments in Associates

2023-04-03T16:30:46+02:00

Investments in Associates When considering, during an audit, whether investments have been correctly accounted for, in terms of the relevant accounting framework, it is important to know whether the entity is required to compile consolidated financial statements. This can make a difference when determining whether the accounting policy applied for investments in associates is appropriate based on the accounting framework. IFRS for SMEs International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) Section 14, Investments in associates, indicates that its requirements apply to accounting for associates in consolidated financial statements, and in [...]

Investments in Associates2023-04-03T16:30:46+02:00

Accountable Institutions

2023-03-31T13:56:42+02:00

Accountable Institutions Schedule 1 to the Financial Intelligence Centre Act, 2001 (FIC Act) has been amended, and took effect from 19 December 2022. Some of the amendments to the list of accountable institutions have far-reaching consequences that not all practitioners may be aware of. They may result in many firms and their clients becoming accountable institutions, which implies a greater burden of compliance with the FIC Act. Schedule 1 to the FIC Act The amendments to the list of accountable institutions contained in Schedule 1 to the FIC Act, as published in the Government Gazette No. [...]

Accountable Institutions2023-03-31T13:56:42+02:00

Forthcoming Key Changes to the IESBA Code

2023-02-20T10:21:34+02:00

Forthcoming Key Changes to the IESBA Code Below is a list of the forthcoming key changes to the International Ethics Standards Board for Accountants (IESBA) International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code), available from: International Code of Ethics for Professional Accountants focused on those which are coming into effect from 15 December 2022, except where indicated otherwise. •   In April 2021, IESBA released revisions to the Non-Assurance Services (NAS) provisions of the Code. https://www.ethicsboard.org/publications/final-pronouncement-revisions-non-assurance-service-provisions-code •   In April 2021, IESBA also released revisions to the fee-related provisions of Parts 4A and 4B of the Code. [...]

Forthcoming Key Changes to the IESBA Code2023-02-20T10:21:34+02:00

Exposure Draft: Proposed Amendments to the IRBA Code ‒ Revisions to the Definitions of Listed Entity and Public Interest Entity

2023-02-20T10:14:44+02:00

Exposure Draft: Proposed Amendments to the IRBA Code ‒ Revisions to the Definitions of Listed Entity and Public Interest Entity In November 2022, the IRBA Committee for Auditor Ethics (CFAE) approved the proposed amendments to the definitions of Listed Entity and Public Interest Entity (PIE) in the IRBA Code of Professional Conduct for Registered Auditors (Revised November 2018) (IRBA Code), for exposure for at least 90 days. A board notice to this effect was published in the Government Gazette for public comment. The proposed amendments to the PIE provisions in the IRBA Code will be effective for audits of [...]

Exposure Draft: Proposed Amendments to the IRBA Code ‒ Revisions to the Definitions of Listed Entity and Public Interest Entity2023-02-20T10:14:44+02:00

Expanding Roles in Sustainability and Digital Transformation Priorities for Professional Accountants in Business and the Public Sector

2023-02-20T10:13:35+02:00

Expanding Roles in Sustainability and Digital Transformation Priorities for Professional Accountants in Business and the Public Sector Organisations globally are operating in an economic environment unlike any in recent memory. Finance and business leaders face a difficult balancing act between confronting short-term realities and ensuring future pathways to resilience through investment and innovation. IFAC’s Professional Accountants in Business (PAIB) Advisory Group has compiled insights on how professional accountants are navigating uncertain global conditions, and expanding their roles in both the private and public sectors in a new report, Professional Accountants as Finance and Business Leaders, exploring the key role [...]

Expanding Roles in Sustainability and Digital Transformation Priorities for Professional Accountants in Business and the Public Sector2023-02-20T10:13:35+02:00

Artificial Intelligence Audit Risk Mitigation

2023-02-20T10:12:17+02:00

Artificial Intelligence Audit Risk Mitigation IRBA recently issued a communique containing information generated by artificial intelligence (AI). It was reviewed and authorised for issue by the Director: Standards. Here are some unedited excerpts: We bring to the attention of registered auditors and firms the growing use of AI tools in the auditing profession, and the potential risks that they pose to the integrity of their work. Specifically, we highlight the use of GPT-3, an AI tool that has the capability to generate natural-sounding language, including written text, which can be used to create false evidence and fabricated working papers. [...]

Artificial Intelligence Audit Risk Mitigation2023-02-20T10:12:17+02:00

Evaluating the System of Quality Management

2023-01-31T22:14:20+02:00

Evaluating the system of quality management In the past year, firms have been making a significant effort to update their systems of quality management and start implementing the new risk-based standards of managing quality. Throughout this coming year, firms will perform the first round of monitoring to determine whether they are complying with their updated systems. The final step of implementing the new standards must not be overlooked, namely evaluating the system of quality management. Evaluating the system The individual or individuals carrying the ultimate responsibility and accountability for the system of quality management, normally [...]

Evaluating the System of Quality Management2023-01-31T22:14:20+02:00

New IAASB Fact Sheet Helps Auditors Navigate Quality Management for Group Audits

2023-02-22T08:45:50+02:00

New IAASB Fact Sheet Helps Auditors Navigate Quality Management for Group Audits The International Auditing and Assurance Standards Board (IAASB) has published a new fact sheet, available by following the link: https://www.iaasb.org/publications/quality-management-and-group-audits-highlighting-certain-aspects-interaction-between-isa-220-revised?utm_source=Main+List+New&utm_campaign=12d32c09e5-IAASB-alert-ISA-220-ISA-600&utm_medium=email&utm_term=0_-12d32c09e5-%5BLIST_EMAIL_ID%5D. The fact sheet deals with the interactions between  ISA 220 (Revised), which addresses quality management at the engagement level, and ISA 600 on group audits. The fact sheet highlights aspects of a group audit that may be affected by ISA 220 (Revised) and International Standard on Quality Management 1, addressing quality management at the firm level. The fact sheet will be particularly useful for group audits in [...]

New IAASB Fact Sheet Helps Auditors Navigate Quality Management for Group Audits2023-02-22T08:45:50+02:00

New Edition of the IAASB Handbook Now Available on the IAASB Website

2023-02-22T08:46:20+02:00

New Edition of the IAASB Handbook Now Available on the IAASB Website The IAASB has released a new edition of the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, which includes: ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement, replacing ISA 315 (Revised). The handbook also incorporates conforming and consequential amendments to other relevant standards arising from ISA 315 (Revised 2019), which is effective for audits of financial statements for periods beginning on or after 15 December 2021. The handbooks may be downloaded, and print copies ordered, from the IAASB [...]

New Edition of the IAASB Handbook Now Available on the IAASB Website2023-02-22T08:46:20+02:00

The IESBA Releases Update on Sustainability Work

2023-02-22T08:44:48+02:00

The IESBA Releases Update on Sustainability Work Shares Upcoming Strategy, Including Timeline and Information on Global Roundtables The IESBA recently released the publication, Continuing with the Development of Global Ethics and Independence Standards for Sustainability Reporting and Assurance, providing an overview of the sustainability-related decisions made by the Board and how those decisions will shape the Board's work in 2023 and beyond. On 2 December 2022, the Board unanimously approved two new projects that will deliver the following: Sustainability Project Profession-agnostic independence standards for use by all sustainability assurance practitioners Specific ethics provisions relevant to sustainability reporting and assurance [...]

The IESBA Releases Update on Sustainability Work2023-02-22T08:44:48+02:00

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