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So far LEAF Quality Systems (Pty) Ltd has created 125 blog entries.

Finalised Disciplinary and Investigation Matters

2024-05-30T23:54:40+02:00

In the latest issue of IRBA News, Issue 65, seven finalised disciplinary matters and 16 finalised investigation matters were reported. In four disciplinary matters, appropriate levels of professional scepticism weren’t applied, with respect to client continuance decisions, indicating failures relating to the firm’s risk management and quality procedures. Two matters related to sufficient appropriate audit evidence not having been obtained for material balances and related disclosures. One matter related to non-disclosure of a loan with VBS, which was not on ordinary lending terms and conditions, thereby compromising KPMG’s independence and bringing the profession into disrepute. In several investigation matters, [...]

Finalised Disciplinary and Investigation Matters2024-05-30T23:54:40+02:00

IAASB Launches New Video Series and Global Webinar to Understand the ISA for LCE

2024-05-30T23:31:06+02:00

New resources from the IAASB are now available to help stakeholders understand, implement, and use the new standard for audits of smaller and less complex entities (the ISA for LCE). A comprehensive new three-part video series is available and registration has opened for a global webinar. All materials and registration are available on the IAASB website: Click Here Other Updates Go to News Room

IAASB Launches New Video Series and Global Webinar to Understand the ISA for LCE2024-05-30T23:31:06+02:00

Sustainability Reporting of Largest Global Companies more Comprehensive

2024-05-30T23:31:18+02:00

The sustainability reporting of the largest global companies is becoming more comprehensive, according to a report from the IFAC, AICPA & CIMA. The report, The State of Play: Sustainability Disclosure and Assurance 2019-2022, Trends and Analysis, including data from 2019-2022, and containing the full methodology, is available on: Click Here Other Updates Go to News Room

Sustainability Reporting of Largest Global Companies more Comprehensive2024-05-30T23:31:18+02:00

Depth of Evidence

2024-05-30T23:31:31+02:00

Your Content Goes Here The depth of evidence is relevant when conducting audit procedures, EQR reviews, and system and engagement monitoring. ISA 500 (Audit Evidence): Paragraph 6 states the necessity for auditors to obtain sufficient and appropriate audit evidence to form the basis for an audit opinion. ISQM 1: Paragraph 32 outlines the requirement for firms to establish a monitoring and remediation process that evaluates the system of quality management's design, and operation. ISA 220 (Revised) (Quality Management for an Audit of Financial Statements): Paragraph 27 discusses the role of the engagement quality reviewer in evaluating significant judgments and [...]

Depth of Evidence2024-05-30T23:31:31+02:00

IESBA Launches First Global Ethics Standards on Tax Planning

2024-05-30T23:30:42+02:00

IESBA Launches First Global Ethics Standards on Tax Planning The new standards will strengthen the ethical framework that guides professional accountants providing tax planning services, while other providers are strongly encouraged to follow the standards. The International Ethics Standards Board for Accountants (IESBA) announced the launch of the first comprehensive suite of global standards on ethical considerations in tax planning and related services, incorporated in the IESBA Code of Ethics. Following certification by the Public Interest Oversight Board, the standards establish a framework of expected behaviour and ethics provisions for use by all professional accountants, and respond to public [...]

IESBA Launches First Global Ethics Standards on Tax Planning2024-05-30T23:30:42+02:00

New IFRS Accounting Standard will aid Investor Analysis of Companies’ Financial Performance

2024-05-30T23:30:28+02:00

New IFRS Accounting Standard will aid Investor Analysis of Companies’ Financial Performance The new standard, IFRS 18 Presentation and Disclosure in Financial Statements, developed by the International Accounting Standards Board, will give investors more insightful information about companies’ financial performance. It will affect all companies using IFRS Accounting Standards. IFRS 18 introduces three sets of requirements to improve companies’ reporting of financial performance and aid investor analysis and comparison: • Improved comparability in the statement of profit or loss (income statement) • Enhanced transparency of management-defined performance measures • More useful grouping of information in the financial statements. IFRS [...]

New IFRS Accounting Standard will aid Investor Analysis of Companies’ Financial Performance2024-05-30T23:30:28+02:00

IESBA and IAASB Announce New Strategy and Work Plan

2024-05-30T23:31:45+02:00

IESBA and IAASB Announce New Strategy and Work Plan The International Ethics Standards Board for Accountants (IESBA) announced the publication of its Strategy and Work Plan for 2024-2027 (SWP), titled Towards a More Sustainable Future: Advancing the Centrality of Ethics, which is available on: https://www.ethicsboard.org/publications/towards-more-sustainable-future-advancing-centrality-ethics?utm_source=Main%20List%20New&utm_campaign=02a8146024-EMAIL_CAMPAIGN_2024_04_11_11_55&utm_medium=email&utm_term=0_-02a8146024-%5BLIST_EMAIL_ID%5D The SWP sets out the IESBA's vision and strategic goals and actions, underpinning its ambition to place the International Code of Ethics for Professional Accountants (including International Independence Standards) at the core of every business and organisation. In developing its SWP, the IESBA engaged closely with the International Auditing and Assurance Standards Board (IAASB), [...]

IESBA and IAASB Announce New Strategy and Work Plan2024-05-30T23:31:45+02:00

CAQ Publication: Auditing in the Age of Generative AI

2024-05-30T23:31:55+02:00

CAQ Publication: Auditing in the Age of Generative AI Collective interest in and awareness of generative AI (genAI) has grown exponentially since the public release of several genAI chatbots powered by large language models. While artificial intelligence and machine learning are not new, the accessibility and ease of use provided by genAI chatbots and similar large language models have led to increased use by individuals and companies. The Centre for Audit Quality (CAQ), a non-partisan public policy organisation serving as the voice of US public company auditors and matters related to the audits of public companies, issued a publication [...]

CAQ Publication: Auditing in the Age of Generative AI2024-05-30T23:31:55+02:00

New IAASB Video Series Explores Proposed Changes to Fraud Standard

2024-05-30T23:32:06+02:00

New IAASB Video Series Explores Proposed Changes to Fraud Standard As the International Auditing and Assurance Standards Board reaches the midpoint of its public consultation on proposed amendments to its fraud standard, a new four-part video series has been released. The series will help stakeholders understand the proposed changes that strengthen auditors’ responsibilities related to fraud, and the rationale behind them. Explore the Understanding Proposed Changes to the Fraud Auditing Standard Video Series, available on YouTube on: https://www.youtube.com/watch?app=desktop&utm_source=Main+List+New&utm_campaign=7f80d354f7-IAASB-news-alert-4.4.24&utm_medium=email&utm_term=0_-7f80d354f7-%5BLIST_EMAIL_ID%5D&v=Q6w3hMiY2Gc&feature=youtu.be The video includes the following: • Overview of Key Changes • Spotlight on Auditor’s Responsibilities • Auditor’s Response to Fraud or [...]

New IAASB Video Series Explores Proposed Changes to Fraud Standard2024-05-30T23:32:06+02:00

IFRS and Trade Mark Guidelines

2024-05-30T23:32:15+02:00

IFRS and Trade Mark Guidelines Towards the end of last year, the IFRS Foundation revised its Trade Mark Guidelines, available on: https://www.ifrs.org/content/dam/ifrs/about-us/legal-and-governance/legal-docs/trade-mark-guidelines.pdf These guidelines impact any references to the IFRS Foundation, the International Accounting Standards Board (IASB), the International Sustainability Standards Board and the work of these bodies. These updated guidelines require that, among others, the standards issued by the IASB – including the International Accounting Standards and the International Financial Reporting Standards (IFRS) – be referred to as ‘IFRS Accounting Standards’. Furthermore, International Accounting Standards should no longer be referred to as ‘IASs’, but ‘IAS Standards’. In December [...]

IFRS and Trade Mark Guidelines2024-05-30T23:32:15+02:00

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