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So far LEAF Quality Systems (Pty) Ltd has created 254 blog entries.
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Risk Assessment

2019-10-01T17:36:25+02:00

Risk Assessment Risk assessment Many audit failures are caused by bad planning and incorrect risk assessment. Unidentified significant risks could lead to material misstatements. This article addresses common pitfalls and how to address them. Common findings: Revenue The IRBA Public Inspections Report, 2018 identified the following common risk assessment issues relating to revenue: • Findings related to incorrect justification for risk assessment, i.e. insufficient justification documented on the audit file regarding the assertions identified as significant risks • Work performed did not always agree [...]

Risk Assessment2019-10-01T17:36:25+02:00

Practical implications of the new IRBA Code

2020-03-02T12:11:20+02:00

Practical implications of the new IRBA Code Practical implication of the new IRBA code The new IRBA Code of Professional Conduct for Registered Auditors (Revised November 2018) (IRBA Code) came into effect recently, but not all registered auditors understand the practical implications thereof. This article sets out important practical areas to consider to ensure ethical compliance. When does what apply? The effective dates relevant to the new IRBA Code are as follows: • Parts 1 & 3: 15 June 2019 • Part 4A & [...]

Practical implications of the new IRBA Code2020-03-02T12:11:20+02:00

Estate Agents

2019-07-25T09:07:36+02:00

Estate Agents Estate Agents Estate agent trust accounts pose various challenges to auditors, which may easily result in an audit file failing inspections. The Financial Intelligence Centre Amendment Act, 2017 (FIC Amendment Act) introduced important changes to be aware of, while auditors sometimes still have to contend with existing Estate Agency Affairs Board (EAAB) requirements and online audit report submissions. This article aims to guide auditors and highlight significant areas. Amendments to FIC requirements The FIC Amendment Act became effective in [...]

Estate Agents2019-07-25T09:07:36+02:00

Attorneys Trust Account Engagements

2019-05-15T19:12:03+02:00

Attorneys Trust Account Engagements Attorneys trust accounts engagements The new South African Legal Practice Council Rules (Rules), issued by the Legal Practice Council (LPC), came into effect on 1 November 2018. However, the revised IRBA Guide for Registered Auditors (IRBA Guide) has not yet been issued, which has created uncertainty among auditors regarding implementation of the Rules. This article places the new requirements into context and explains the practical implications for legal practitioners and auditors alike. The new requirements The LPC issued the new Rules [...]

Attorneys Trust Account Engagements2019-05-15T19:12:03+02:00

Common Issues Identified On Audit Files Of Body Corporates

2019-05-15T19:12:16+02:00

Common Issues Identified On Audit Files Of Body Corporates Body corporates: To audit or not to audit? Just a few years ago new requirements came into effect that have changed the landscape for auditors of smaller body corporates and have caused many headaches and sleepless nights. Management Rule 26(4) requires that ALL body corporates must be audited, except if all sections / units are registered in the name of one person. In addition to this, Rule 26(5)(a) requires that the [...]

Common Issues Identified On Audit Files Of Body Corporates2019-05-15T19:12:16+02:00

FICA and AML

2019-03-19T10:54:46+02:00

FICA and AML After NOCLAR and RIs, what about FICA and Anti-money laundering (AML)? What is money laundering and financing of terrorism? Money laundering refers to any act that disguises the criminal nature or the location of the proceeds of a crime. If a person commits an act or enters into a transaction knowing or reasonably expected to have known that the money or property is the proceeds of a crime, the person would have committed a money laundering offence. In South Africa this concept [...]

FICA and AML2019-03-19T10:54:46+02:00

NOCLAR vs RIs

2019-03-19T10:54:58+02:00

NOCLAR vs RIs NOCLAR versus Reportable irregularities Do you really have to consider NOCLAR when you are already measuring non-compliance against Reportable irregularity (RI) requirements? What is NOCLAR? Non-compliance with laws and regulations (NOCLAR) “comprises acts of omission or commission, intentional or unintentional, which are contrary to the prevailing laws or regulations committed by the following parties: (a) A client; (b) Those charged with governance; (c) Management of a client; or (d) Other individuals working for or under the direction of a client.” The IRBA [...]

NOCLAR vs RIs2019-03-19T10:54:58+02:00

ISA 540 Revised

2018-11-01T11:03:53+02:00

ISA 540 Revised ISA 540 Revised Auditing Accounting Estimates and Related Disclosures The International Standard on Auditing (ISA) 540 (Revised): Auditing Accounting Estimates and Related Disclosures was approved by the International Audit and Assurance Standards Board (IAASB) during their June 2018 meeting and is effective for audits of financial statements beginning on or after 15 December 2019. Why did the IAASB revise the standard? The developing reporting environment – specifically with the introduction of the expected credit loss model of accounting, revised standards dealing with [...]

ISA 540 Revised2018-11-01T11:03:53+02:00

Root Cause Analysis

2018-11-01T10:37:20+02:00

Root Cause Analysis What is root cause analysis and why is it necessary? Root cause analysis (RCA) is a problem-solving method used for identifying the root causes of faults and/or problems, for example, the underlying causes behind review findings, whether specific to one audit, or more widespread inside the firm as a whole or further afield. RCA is conducted with the aim of developing appropriate and achievable remedial action to prevent recurrence of the issues identified. According to the 2017 IRBA Public Inspections Report, "There [...]

Root Cause Analysis2018-11-01T10:37:20+02:00

ETHICS – Rotten to the core?

2018-09-06T08:51:46+02:00

ETHICS - Rotten to the core? Have you wondered why the auditing profession is in such a sad state? Maybe we should start with some serious introspection and fundamental changes. Not only the IRBA Public Inspections Report 2017, but also multiple auditing scandals in the media showed that independence was the root cause of most audit deficiencies recently. Firm culture needs to be revamped drastically to start changing this around. Leadership must set a good example and communicate principles of quality and ethics to enable staff to function optimally. Build high performance teams through trust, integrity [...]

ETHICS – Rotten to the core?2018-09-06T08:51:46+02:00
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