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So far LEAF Quality Systems (Pty) Ltd has created 174 blog entries.
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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

IAASB Opens Public Consultation on Less Complex Group Audits

2023-02-22T08:47:04+02:00

IAASB Opens Public Consultation on Less Complex Group Audits The International Auditing and Assurance Standards Board (IAASB) opened the public consultation for a group audit-specific section of the proposed auditing standard for less complex entities (LCEs), available on: https://www.iaasb.org/focus-areas/new-standard-less-complex-entities?utm_source=Main+List+New&utm_campaign=96711926d9-IAASB-LCE-ED-alert-1.24.23&utm_medium=email&utm_term=0_-96711926d9-%5BLIST_EMAIL_ID%5D. The proposed section, Part 10, Audits of Group Financial Statements, is intended to form part of the proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), when finalised. Group audits were not included in the scope of the original Exposure Draft of the ISA for LCE, available on: https://www.iaasb.org/publications/exposure-draft-proposed-international-standard-auditing-financial-statements-less-complex-entities?utm_source=Main+List+New&utm_campaign=96711926d9-IAASB-LCE-ED-alert-1.24.23&utm_medium=email&utm_term=0_-96711926d9-%5BLIST_EMAIL_ID%5D. Given stakeholder feedback, the [...]

IAASB Opens Public Consultation on Less Complex Group Audits2023-02-22T08:47:04+02:00

REMINDERS: IRBA: Newly Effective Standards/Practice Statement/Revisions

2023-02-22T08:44:34+02:00

REMINDERS: IRBA: Newly Effective Standards/Practice Statement/Revisions This serves as a reminder of a number of new standards and amendments which have become effective from 15 December 2022: 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 SAAPS 2 (Revised 2018), Financial Reporting Frameworks and the Auditor’s Report Quality Management-related Conforming Amendments to the IRBA Code Revisions to the IRBA Code, Non-Assurance Services (NAS) Provisions Revisions to the IRBA Code, Fee-related Provisions [...]

REMINDERS: IRBA: Newly Effective Standards/Practice Statement/Revisions2023-02-22T08:44:34+02:00

Monitoring and remediation

2023-01-31T22:11:04+02:00

Monitoring and Remediation Many auditors underestimate the value of regular and robust monitoring of their systems of quality management, followed by focused remediation. If monitoring and remediation is performed correctly, the firm’s system of quality management is bolstered, which results in improved quality of engagements, and improved staff competence and morale. This, in turn, boosts profitability and client confidence. The evaluation of deficiencies needs to be brutally honest, however, so that the root cause of deficiencies may be properly addressed. Firm-level considerations The firm’s monitoring and remediation process must provide relevant, reliable and timely information [...]

Monitoring and remediation2023-01-31T22:11:04+02:00

Engagement performance

2023-01-31T22:11:14+02:00

Engagement Performance One of the root causes of negative regulatory inspection findings is the lack of appropriate involvement by engagement partners on engagements. There are also many instances where audit documentation does not reflect the application of appropriate levels of professional scepticism when auditing and exercising professional judgment. The new quality management standards place increased emphasis on these important aspects to achieve the appropriate level of engagement quality. Firm-level considerations ISQM 1 para 31 requires firms to establish quality objectives that address the performance of quality engagements, including the following: a. Engagement teams understand and fulfil [...]

Engagement performance2023-01-31T22:11:14+02:00

Resources, information and communication

2023-01-31T22:11:24+02:00

Newsletter April Significant Risk Assessment When considering whether appropriate resources are available to perform engagements, practitioners have traditionally only considered human resources available within the firm. The new quality management standards expand on this, however, by requiring firms to also consider the technological and intellectual resources available. Firms should also consider whether appropriate resources are available to maintain their quality management system; they should establish an information system to support the operation of their quality management system, and ensure that the necessary communication takes place internally and externally. Firm-level considerations ISQM 1 para 32 requires [...]

Resources, information and communication2023-01-31T22:11:24+02:00

Sophisticated accounting

2023-01-31T22:11:33+02:00

Your Content Goes Here Over the last few decades, audit firms have been led down a path of compliance above all else, and, especially small firms, have insisted on holding on to their traditional methods and approach to auditing to limit the risk of making a mistake when interpreting auditing standards. The risk and internal control standard, ISA315, is highly confusing, and the latest amendments have only added to the confusion. Therefore, firms, some of them not so small, have insisted on always using the substantive approach in auditing, regardless of the state of controls and the business model [...]

Sophisticated accounting2023-01-31T22:11:33+02:00

Ethics, acceptance and continuance

2023-01-31T22:11:43+02:00

Ethics, acceptance and continuance 30 September 2022 Ethics is a fundamental concept that needs to be established in an auditing and accounting practice. It cannot merely be given lip service, and should lead to proactively managing the risk of ethical threats and breaches that could inappropriately influence the firm’s compliance with relevant ethical requirements. One of the occasions when ethics may be involved in audit considerations is when deciding whether to accept, or continue with client relationships and engagements. Quality, integrity and independence should be the overriding factors. Firm-level considerations ISQM 1 para 29 [...]

Ethics, acceptance and continuance2023-01-31T22:11:43+02:00

Governance and leadership

2022-09-13T14:29:51+02:00

Governance and leadership Governance and leadership set the tone at a firm, and create the environment in which all the other components of the firm’s system of quality management operate. For a system of quality management to achieve the intended outcomes, firm leadership needs to ensure that quality management requirements and principles are incorporated into all aspects of practice management, including a culture that facilitates proactive and regular self-scrutiny. Firm level considerations ISQM 1 para 28 requires firms to establish the following quality objectives that address the firm’s governance and leadership, and establish the environment [...]

Governance and leadership2022-09-13T14:29:51+02:00

Failure To Attract

2022-09-13T14:30:05+02:00

Your Content Goes Here Audit firms are struggling to attract talent. Not only in South Africa, but globally, audit firms and Professional Accounting Organisations (PAOs) are losing their appeal for suitable candidates. In their publication, Accountancy education ecosystems are complex. Our ability to attract potential accountants suffers, IFAC highlights the following education-specific challenges in certain regions: • University curricula are not consistently aligned to International Education Standards (IES) and/or PAO expectations, which impacts graduate quality and pass rates in professional exams. • Limited appreciation among students of the wide variety of opportunities for professional accountants and the broader role [...]

Failure To Attract2022-09-13T14:30:05+02:00
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