LATEST UPDATE IESBA Updates Work Plan to Support Ethical Leadership in Times of Uncertainty At its June Board meeting, the International Ethics Standards Board for Accountants (IESBA) approved updates to its 2025-2026 Work Plan to better support ethical behaviour and independent judgment in an increasingly volatile and uncertain environment. Amid rapid shifts in financial markets, stakeholder expectations, and the regulatory landscape, the IESBA reaffirmed its commitment to strengthening the ethical foundations of accounting, business and finance. According to Gabriela Figueiredo Dias, IESBA Chair, the current challenges require IESBA to focus on stronger ethical cultures, better [...]

LATEST UPDATE SA Makes Progress on FATF Greylisting_chacchd The Financial Action Task Force (FATF) announced that South Africa has substantially completed all 22 action items that were contained in the Action Plan adopted when South Africa was greylisted in February 2023. The decision, taken at the FATF Plenary in Strasbourg, France, notes that South Africa’s progress warrants an on-site assessment to verify that critical Anti-Money Laundering and the Combating of the Financing of Terrorism (AML/CFT) reforms have been implemented, and that the necessary political commitment remains in place to sustain progress. The improvements to South [...]

LATEST UPDATE The Advisory Game-Changer: IFAC Launches Trailblazing Tool for Small Businesses The International Federation of Accountants (IFAC), in collaboration with the Edinburgh Group (EG), has launched a pioneering online tool designed to help small and medium-sized enterprises (SMEs) maximise the benefits of incorporating sustainability into their strategy and business operations. Developed specifically for IFAC and EG members to provide to their own members, The Small Business Sustainability Checklist is an interactive tool that provides practical steps to future-proof businesses and boost sustainability practices. It can be tailored by each business according to its industry sector, lifecycle, and products [...]

LATEST UPDATE 2025 Trust Account Audit Reports Submission Reminder In respect of the 2025 audit report submissions, registered auditors are advised to take note of the latest communication from the Property Practitioners Regulatory Authority (PPRA), which is available on: https://theppra.org.za/article/2025_trust_account_audit_reports_submission_reminder This is a reminder for business property practitioners who are not in possession of trust account exemption letters and have a financial year end of 28 February 2025. The principals must ensure that their auditors submit the trust account audit reports to the PPRA, on or before 31 August 2025. This requirement is in accordance [...]

LATEST UPDATE IASB Issues Revised Practice Statement on Management Commentary The International Accounting Standards Board (IASB) has issued a revised Practice Statement on management commentary. The revised Practice Statement supports improvements to, and greater global alignment with management commentary and narrative reports accompanying the financial statements. A major overhaul of the Practice Statement was carried out to help improve the quality and focus of information provided to investors. The aim of the revised Practice Statement is to serve as a global benchmark for regulators to use in updating, or developing their national requirements and guidance. [...]

LATEST UPDATE IAASB and IESBA Provide Answers to Key Questions on Implementing ISSA 5000 and IESSA New Materials Enhance Understanding, and Support Global Adoption and Implementation of Sustainability Assurance and Ethics Standards Joint FAQs from IAASB and IESBA Staff support interoperability and consistent application of ISSA 5000 and IESSA IESBA Staff Q&As explain key aspects of IESSA to support effective implementation of the ethics and independence standards for sustainability assurance engagements Resources help stakeholders implement the new global sustainability standards with clarity and confidence The International Auditing and Assurance Standards Board (IAASB) and the International [...]

LATEST UPDATE Request for Comments: Proposed Revised IRBA Code of Professional Conduct for Registered Auditors The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditor Ethics (CFAE) has approved for public comment by 8 August 2025, the Proposed Revised IRBA Code of Professional Conduct for Registered Auditors, Incorporating Ethics Standards for Sustainability Assurance, including Independence Standards and the Standard on Using the Work of an External Expert, with the Necessary South African Enhancements (Exposure Draft), available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/exposure-drafts-and-comment-letters This Exposure Draft forms part of the IRBA’s due process to adopt and prescribe the IESBA Code IESSA and [...]

LATEST UPDATE IRBA Strengthens Auditor Accountability with Record Enforcement Actions in 2023/2024 The Independent Regulatory Board for Auditors (IRBA) has released its 2023/2024 Annual Enforcement Report, showcasing a significant increase in enforcement activity. In this period, the IRBA finalised a record 106 enforcement matters, a 43% increase from the previous year. Of these, 95 resulted in findings of guilt, with sanctions including fines, training directives, suspensions, and some permanent deregistrations (disqualifications). Key positive actions detailed in the report relate to three key areas: efficiency and fairness, robust enforcement processes, as well as transparency and public [...]