Your Content Goes Here The ASB noted that some entities applied the incorrect versions of the standards of GRAP in the preparation of their financial statements for 31 March 2022. The standards that are effective and should be applied are GRAP 104 (issued October 2009) and GRAP 25 (issued November 2009). In 2019 and 2021, the ASB revised GRAP 104 and GRAP 25, respectively. The status of these standards is as follows: GRAP 104 on Financial Instruments (Revised 2019) is not yet effective. The differences between the 2009 and 2019 versions of GRAP 104 are significant. GRAP 25 [...]
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Your Content Goes Here The IRBA Board adopted the IAASB’s suite of quality management standards in March 2021, comprising the following: ISQM 1 – Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements ISQM 2 – Engagement Quality Reviews ISA 220 (Revised) – Quality Management for an Audit of Financial Statements. Consequently, the IESBA made Quality Management-related Conforming Amendments to the IESBA Code. The IRBA has subsequently adopted these amendments. The Government Gazette will advise on the publication of the amendments to the IRBA Code. The quality management-related [...]
Your Content Goes Here The ICAEW Audit and Assurance Faculty guide focuses on ISQM 1 requirements, in relation to resources obtained from service providers. It highlights the range of information that firms applying ISQM 1 may require to identify and assess quality risks, and determine whether specific resources are appropriate for use in their system of quality management (SOQM) and performance of engagements. ISQM 1 addresses the fact that firms are solely responsible for the design, implementation and operation of their own SOQM – even when they obtain resources from service providers. Firms must make a thorough evaluation [...]
Your Content Goes Here Registered auditors are advised to take note of FSCA Communication 14 of 2022 (RF): Further clarification of the use of certain prescribed formats for preparing financial statements under Section 15 of the Pension Funds Act, 1956. This communication is available on the Authority's website, by clicking on the following link: Industry Communication. For more information, please contact the Authority directly by emailing Ms Wilma Mokupo at Wilma.Mokupo@fsca.co.za Industry Communication
Your Content Goes Here The IRBA Board approved the release of the Proposed IRBA Rules arising from the International Standards on Quality Management for public comment. The proposed rules are published alongside an explanatory memorandum. These rules were informed by consultation with internal and external stakeholders and the input of IRBA's Committee for Auditing Standards (CFAS). The proposed IRBA Rules deal with the following: Firm Chief Executive Officer (CEO); Transparency reports; Engagement quality reviews; Engagement quality reviewer (EQR) and an assistant to an EQR; and Assembly and retention of audit documentation. The IRBA welcomes comments from auditors and [...]
The International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB) have communicated plans for the future role, governance and development of the VRF’s Integrated Reporting Framework and Integrated Thinking Principles. The IFRS Foundation will undertake an engagement programme for market participants to explain the transition of the Integrated Reporting Framework to a resource used by both boards, as well as advocating for the use and development of Integrated Thinking Principles. The Integrated Reporting Framework drives high-quality corporate reporting and connectivity between financial statements and sustainability-related financial disclosures, which improves the quality of information provided to investors. [...]
Your Content Goes Here IFAC’s Professional Accountants in Business (PAIB) Advisory Group compiled a new report, Global Priorities for Professional Accountants in Business and the Public Sector, which explores key global trends impacting professional accountants as CFOs and business leaders. The report features the role of accountants and the profession in: Inflation and the supply chain crunch The Circular Economy Enabling an integrated mindset in business Audit committees and addressing new responsibilities Enabling an effective public sector finance workforce. Access the report and additional insights by visiting the following link: read more
Your Content Goes Here A new IFAC initiative highlights the critical role of CFOs and finance functions in enabling an integrated mindset, which is created by connectivity between sustainability, and financial information and processes.The CFO and finance function are essential facilitators of an integrated mindset, given their expertise in connecting and prioritising information into a more integrated corporate reporting process.IFAC’s call-to-action, Championing an Integrated Mindset to Drive Sustainable Value Creation, highlights what it means to adopt an integrated mindset, why it is important and how it is achieved. READ MORE
The IESBA released a revised definition of a Public Interest Entity (PIE), together with other revised provisions, in the International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) . They become effective for audits of financial statements for periods beginning on or after 15 December 2024. Early adoption is permitted and encouraged. The revised provisions specify a broader list of categories of entities as PIEs, where the audits are subject to additional independence requirements, compared to the extant IESBA Code. IRBA adopted the IESBA Code, issued during 2018. All amendments to the IRBA Code [...]
Your Content Goes Here Talent Exodus Qualified CAs and RAs have been leaving the country at a steady pace, which has accelerated over the past year. This has involved RAs or potential RAs leaving a firm altogether, or joining the same firm in another country. The firms bearing the brunt of this are small firms, as the large networks are replacing staff by recruiting talent from small firms. The reason for this is not only financial, but also due to the global trend of young professionals moving around and not staying in one place for [...]