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So far LEAF Quality Systems (Pty) Ltd has created 254 blog entries.
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IESBA Launches Workstream on Private Equity Investment in Accounting Firms

2026-04-29T13:00:56+02:00

LATEST UPDATE IESBA Launches Workstream on Private Equity Investment in Accounting Firms IESBA will analyse ethical and independence implications of private equity investment in accounting firms. It will assess the need for standard setting on alternative practice structures. In its March meeting, IESBA also agreed to develop new guidance on technology and AI, enhance its support for global implementation of the sustainability standards, and review the practical implementation of key ethics standards. The International Ethics Standards Board for Accountants (IESBA) has agreed to launch a dedicated workstream to analyse issues relating to private equity investment [...]

IESBA Launches Workstream on Private Equity Investment in Accounting Firms2026-04-29T13:00:56+02:00

New IRBA Data Reveals What Really Drives Audit Quality in South Africa

2026-04-29T13:01:06+02:00

LATEST UPDATE New IRBA Data Shows how Independence, Resourcing and Review Practices are Shaping Audit Quality in South Africa The Independent Regulatory Board for Auditors (IRBA) has released its 2025 Audit Quality Indicators (AQI) Survey Report, providing insights into the key operational and behavioural factors that influence audit quality across audits of public interest entities in South Africa. Now in its seventh year, the AQI Survey draws on data submitted by 14 audit firms covering some 536 completed public interest entity audits. The 2025 results highlight how decisions relating to auditor independence, resourcing, supervision and [...]

New IRBA Data Reveals What Really Drives Audit Quality in South Africa2026-04-29T13:01:06+02:00

Photographic Evidence

2026-09-03T16:13:39+02:00

When an auditor obtains photographic evidence to support audit procedures, the requirements for audit evidence need to be considered, i.e. Sufficient and appropriate Relevant and reliable Accurate and complete Sufficiently precise for purpose It should be kept in mind that evidence is persuasive, rather than conclusive. ISA 200 para 5: ‘As the basis for the auditor’s opinion, ISAs require the auditor to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. Reasonable assurance is a high level of assurance. It is [...]

Photographic Evidence2026-09-03T16:13:39+02:00

Root Cause Analysis – The Root of Many Evils

2026-09-03T11:42:47+02:00

What’s News? Root Cause Analysis – The Root of Many Evils With the advent of ISQM1, ISQM2, and the revised ISA 220, the term, ‘root cause analysis’, has surfaced as a requirement when encountering failures in audit engagements, and within the audit quality management system. During inspections, the IRBA also assists firms with the determination of root causes. It is one of the most important aspects of the quality management system and, therefore, deserves detailed attention. Why do I say that? It is one of the few opportunities for engagement partners, quality leaders and audit teams to have [...]

Root Cause Analysis – The Root of Many Evils2026-09-03T11:42:47+02:00

Key Audit Issues and Emerging Trends in Financial Reporting Compliance

2026-09-03T16:13:40+02:00

Verification of compliance with the financial reporting framework Auditors frequently make use of disclosure checklists to verify compliance with the requirements of the relevant financial reporting framework. When making use of such checklists, it is very important to document the auditor’s considerations in support of the ‘Yes’, ‘No’ or ‘N/A’ answers provided. If there is no or insufficient support documented, the audit work is not re-performable, which is non-compliant with ISA 230 and makes it very difficult to check whether conclusions documented are correct under the circumstances. Incorrect conclusions regarding compliance with the financial reporting framework requirements may lead [...]

Key Audit Issues and Emerging Trends in Financial Reporting Compliance2026-09-03T16:13:40+02:00

Changes in the SAICA Training Regulations

2026-09-03T16:14:18+02:00

SAICA recently issued their 2026 SAICA Training Regulations, effective from 1 January 2026. Training officers must ensure that the current version of the training regulations is communicated to all role-players in the training programme, so that it may be applied, in relation to their responsibilities. An overview of the most significant changes from the previous version of the training regulations is provided below.   Key Changes in ISA 570 (Revised 2024) The terminology in the training regulations was aligned with the terminology used in the SAICA Training Programme and editorial consistency was applied [...]

Changes in the SAICA Training Regulations2026-09-03T16:14:18+02:00

Failure to assess non-compliance under NOCLAR and report RIs

2026-09-03T16:14:19+02:00

Failure to assess non-compliance under NOCLAR and report RIs It was found that auditors often do not assess non-compliance as required. This is a two-stage, escalating obligation: NOCLAR per Section 360 of the IRBA Code: Requires auditors to identify, evaluate, and respond to actual or suspected non-compliance with laws and regulations (NOCLAR). Non-compliance may have a material effect on the financial statements, or may be fundamental to the entity's business (e.g. fraud, bribery and environmental breaches). Reportable Irregularity (RI) per APA Section 45: This is a specific, more severe subset of NOCLAR. An RI is defined in the APA [...]

Failure to assess non-compliance under NOCLAR and report RIs2026-09-03T16:14:19+02:00

Three Trends Shaping the South African Audit Profession

2026-09-03T16:14:20+02:00

What’s News? As 2026 gets underway, the audit profession in South Africa continues to experience high expectations, scrutiny, and an environment that is evolving more rapidly than many firms would like. Several clear trends are shaping how audit firms need to adapt this year. Audit quality is no longer a project Audit quality remains firmly in the spotlight, particularly through IRBA inspections, investigation of complaints, and the successful issue of fines, with or without disciplinary hearings. Firms that do not embed audit quality in their leadership culture, and do not apply the appropriate resources to aggressively improve to [...]

Three Trends Shaping the South African Audit Profession2026-09-03T16:14:20+02:00

IESBA launches Firm Culture and Governance Viewpoints 

2026-09-03T16:14:20+02:00

LATEST UPDATE IESBA launches Firm Culture and Governance Viewpoints  The International Ethics Standards Board for Accountants (IESBA) recently launched its viewpoints on firm culture and governance, initiating a six-month global dialogue on ethical culture focusing on the 2028 – 2031 strategy, sustainability ethics, firm governance, private equity, technology, and emerging risks and trends. The IESBA Viewpoints, Firm Culture and Governance Dialogues, is an IESBA publication designed to support global, dialogue-driven engagement on the organisational drivers of ethical behaviour in accounting firms. Building on IESBA’s Viewpoints across eight core elements of firm culture and governance, the [...]

IESBA launches Firm Culture and Governance Viewpoints 2026-09-03T16:14:20+02:00

SAICA releases AI Ethics Case Studies – Part 1

2026-09-03T16:14:20+02:00

LATEST UPDATE SAICA releases AI Ethics Case Studies – Part 1 SAICA has recently released a guidance document titled, AI Ethics Case Studies - Part 1, available on: https://saicawebprstorage.blob.core.windows.net/uploads/SAICA-AI-Ethics-Case-Studies-2025-Part-1.pdf The purpose of this guidance document is to provide professionals and trainees with clear, practical, and principle-based direction for navigating the complex ethical challenges arising from the use, adoption, design and governance of AI within the accountancy profession, and broader business sector. The guidance is intended to support sound judgment and compliance with the SAICA Code, and to promote responsible, trustworthy, and public interest-driven technology use [...]

SAICA releases AI Ethics Case Studies – Part 12026-09-03T16:14:20+02:00
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