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So far LEAF Quality Systems (Pty) Ltd has created 42 blog entries.

Group audits 2 of 3 – Procedures Excluding Consolidation Procedure

2022-01-24T08:06:29+02:00

Group audits 2 of 3 – Procedures Excluding Consolidation Procedure Group audits represent some of the most risky audits to undertake, as most public interest audits comprise the audit of groups of companies. However, the standards and audit principles relevant to group audits do not always receive the detailed attention they deserve. In the discussion of audit procedures, this article EXCLUDES the consolidation process, and should be read in conjunction with parts 1 and 3 to reach an understanding of group audits as a whole. It addresses key requirements which auditors would be wise to include [...]

Group audits 2 of 3 – Procedures Excluding Consolidation Procedure2022-01-24T08:06:29+02:00

Group Audits 1 of 3 ‒ Consolidations

2022-01-24T08:06:52+02:00

Group Audits 1 of 3 ‒ Consolidations Group audits represent some of the most risky audits to undertake, as most public interest audits comprise the audit of groups of companies. However, the standards and audit principles relevant to group audits do not always receive the detailed attention they deserve. This article addresses ONLY audit procedures relating to the consolidation process, and needs to be read in conjunction with parts 2 and 3 to reach an understanding of group audits as a whole. Professional requirements The International Standards on Auditing (ISAs) apply to group audits. ISA [...]

Group Audits 1 of 3 ‒ Consolidations2022-01-24T08:06:52+02:00

Data Protection

2021-12-06T12:49:50+02:00

Data Protection Since the onset of the Covid-19 pandemic, many auditors and their clients have been working remotely, resulting in much more client data being exchanged on technological platforms. Not all platforms are secure, which creates a greater threat of data security breaches. The damage caused by data breaches is unpredictable and audit firms may incur considerable losses in this regard. Audit firms should, therefore, take all the necessary steps to protect the data they process, including personal information processed, in terms of the Protection of Personal Information Act, 2013. Professional requirements The International Standard on Quality Control 1 (ISQC [...]

Data Protection2021-12-06T12:49:50+02:00

The Impact of POPIA

2021-09-21T22:12:27+02:00

The Impact of  POPIA The Protection of Personal Information Act, 2013 (Act No. 4 of 2013), otherwise known as POPIA, came into effect on 1 July 2020. Responsible parties were granted a grace period of 12 months to ensure compliance with POPIA by 30 June 2021. This means that responsible parties must be able to prove compliance from 1 July 2021. The Information Regulator of South Africa may not yet be fully geared for monitoring compliance on a regular basis, but the regulator will investigate, if any claims are lodged against responsible parties. The consequences for non-compliance are significant. [...]

The Impact of POPIA2021-09-21T22:12:27+02:00

Audit of legal practitioners’ business accounts

2021-09-19T17:15:37+02:00

Newsletter June Audit of legal practitioners’ business accounts Audit requirements relating to the business financial statements of legal practitioners practicing in companies have been clarified. In October 2019, the Companies and Intellectual Property Commission (CIPC) issued a notice of the withdrawal of the non-binding opinion pertaining to Regulation 28(2)(a) of the Companies Regulations 2011 to the Companies Act 2008. This opinion applied to legal practitioners who are registered as companies, in terms of the Companies Act, and considered whether the holding of assets in the legal practitioners’ trust accounts is regarded as part of the ordinary [...]

Audit of legal practitioners’ business accounts2021-09-19T17:15:37+02:00

Interest on legal practitioners trust accounts

2021-09-19T17:16:11+02:00

Newsletter May Interest on legal practitioners trust accounts When performing assurance engagements on legal practitioners’ trust accounts, auditors must ensure that they are familiar with all legal and regulatory requirements. When auditors are not fully aware of the latest requirements, misstatements and instances of non-compliance may go undetected. A common area where this may occur is interest earned on trust accounts and paid over to the Legal Practitioners Fidelity Fund (LPFF). This article explains the requirements and what to look out for Types of trust accounts Legal practitioners may operate three different types of trust [...]

Interest on legal practitioners trust accounts2021-09-19T17:16:11+02:00

Significant Risk Assessment

2021-09-19T17:16:27+02:00

Newsletter April Significant Risk Assessment Risk assessment is a crucial step during any audit, and involves a great deal of judgment by the auditor, especially when it comes to determining which of the risks identified are significant. Many auditors grapple with this, and end up simply including the presumed significant risks of revenue recognition and management override of controls, per ISA 315 and 240, instead of truly applying their mind to the circumstances of each audit client and adequately justifying the risk assessment on file. This article attempts to break this important assessment down into simple [...]

Significant Risk Assessment2021-09-19T17:16:27+02:00

ISQM 1

2021-09-19T17:16:47+02:00

Newsletter March 2021 - ISQM 1 Since the new quality management standards were issued in December 2020, they have been the topic of several communications on social media and other platforms. The main questions on everyone’s mind are: ‘What are the changes?’ ‘What do we need to do?’ and, ‘By when should it be done?’ This article attempts to address these burning questions to set your mind at ease. Changes introduced by ISQM 1 The current International Standard on Quality Control (ISQC) 1, which addresses firms’ systems of quality control, is replaced by the International [...]

ISQM 12021-09-19T17:16:47+02:00

Review of Audit Files

2021-09-19T17:17:03+02:00

Review of Audit Files In many instances, the review of audit files by audit managers and partners has become more of a chore than an effort to add value and ensure audit quality. Many audit failures might have been prevented, if a thorough review were performed prior to signing the audit report. Performing timely reviews is critical and additional peace of mind may be gained when auditing a higher-risk client, by adding a safeguard in the form of an EQCR or independent file review on higher risk audits. Review basics The key to quality [...]

Review of Audit Files2021-09-19T17:17:03+02:00

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