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 [...]

LATEST UPDATE IRBA 2024 Public Inspections Report Highlights Steady Improvement in Audit Quality The Independent Regulatory Board for Auditors (IRBA) has released its 2024 Public Inspections Report, highlighting important strides in improving audit quality across South African audit firms inspected. The report also presents the key deficiencies, themes and trends observed during the year’s inspections cycle, and other areas for further improvement in the firms’ system of quality management. The content of the report is based on the results and matters reported from inspections performed during the 2023/2024 cycle, as mandated by Section 47 of the [...]