QM Standards Implementation Guides and Other Related Material Since the previous IRBA communication issued on 2 July 2021, QM implementation materials have been published for SAICA, IAASB and IFAC. In this Latest Update and the subsequent one, we discuss IAASB and IFAC, respectively. The International Auditing and Assurance Standards Board (IAASB): +          First-time Implementation Guide for International Standard on Auditing (ISA) 220 (Revised), Quality Management for an Audit of Financial Statements (published on 17 February 2022) is available on: https://www.irba.co.za/upload/IAASB-ISA-220-first-time-implementation-guide.pdf +          ISA 220 (Revised): Definition of an Engagement Team Fact Sheet (published on 2 May 2022) is available on: [...]

IRBA Undertakes a Post-implementation Review of its SAAEPS 1 The Independent Regulatory Board for Auditors is embarking on a post-implementation review (PIR) in the last quarter of 2023. This review is aimed at, among others, informing and directing the constantly evolving discussions on sustainability assurance. In August 2018, the IRBA's Committee for Auditing Standards approved and issued South African Assurance Engagements Practice Statement (SAAEPS) 1, Sustainability Assurance Engagements: Rational Purpose, Appropriateness of Underlying Subject Matter and Suitability of Criteria (SAAEPS 1). The IRBA Secretariat, which will be coordinating the planned PIR, will send out requests for information to firm [...]

IFAC Emphasises Importance of Multilingual Materials The International Federation of Accountants (IFAC) plays a vital role in driving the development, adoption, and implementation of transparent and high-quality international standards, used by professional accountants. The World Bank recently extended significant financial support to expanding the accessibility of certain materials into Spanish and French. This support broadens the availability of these publications to IFAC’s global audience and their stakeholders, and helps to promote greater economic growth, development, and accountability. One of the primary obstacles to successful adoption and implementation of international standards is the lack of access to translations in local [...]

IESBA Publishes Interactive 2022 Annual Report The International Ethics Standards Board for Accountants (IESBA) has released its 2022 Annual Report, Reinforcing Ethics and the Public Interest in a Rapidly Evolving World, available on: https://www.ethicsboard.org/publications/2022-iesba-annual-report?utm_source=Main+List+New&utm_campaign=9c0bbb5a0b-EMAIL_CAMPAIGN_2023_07_31_10_57&utm_medium=email&utm_term=0_-9c0bbb5a0b-%5BLIST_EMAIL_ID%5D The digitally interactive report reviews 2022 through the eyes of the international ethics standard-setting board, showcasing its achievements in strengthening international ethics and independence standards, while pivoting on serving the public interest in emerging areas. It presents a board in transition, completing projects aimed at further strengthening the IESBA’s International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). In addition, it addresses the ethical implications [...]

The IASB issues amendments to IAS 21 The International Accounting Standards Board (IASB) recently issued amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates, which will require companies to provide more useful information in their financial statements when a currency cannot be exchanged into another currency. These amendments will require companies to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide. The amendments will become effective for annual reporting periods beginning on or after [...]

IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard The International Auditing and Assurance Standards Board (IAASB) recently issued its proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, available on: https://www.iaasb.org/focus-areas/understanding-international-standard-sustainability-assurance-5000?utm_source=Main+List+New&utm_campaign=83ff31fb2b-IAASB-ISSA-5000-release-8.2.23&utm_medium=email&utm_term=0_-83ff31fb2b-%5BLIST_EMAIL_ID%5D With its focus on assurance on sustainability reporting, ISSA 5000, when approved, will be the most comprehensive sustainability assurance standard available to all assurance practitioners across the globe. ‘Our proposed ISSA 5000 is a crucial step in enhancing confidence and trust in sustainability reporting. This proposal directly responds to the International Organisation of Securities Commissions recommendations and complements the work [...]

Financial Intelligence Centre Issues Guidance on the Definition of Trust and Company Service Providers The Financial Intelligence Centre (FIC) recently published public compliance communication 6A (PCC 6A), available on: https://www.fic.gov.za/Documents/PUBLIC%20COMPLIANCE%20COMMUNICATION%20No6A.pdf This communication provides guidance on the interpretation of Schedule 1, item 2 accountable institutions, namely trust company service providers, and also includes examples of the money laundering and terrorist financing risks the sector faces. PCC 6A was issued in response to the amended Schedule 1 to the FIC Act, as contained in Government Gazette, No. 47596, which was published on 29 November 2022, and came into effect on 19 [...]