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So far LEAF Quality Systems (Pty) Ltd has created 254 blog entries.
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IRBA Highlights Heightened Responsibilities and Risks in Auditing Listed Entities

2026-09-03T16:14:24+02:00

LATEST UPDATE IRBA Highlights Heightened Responsibilities and Risks in Auditing Listed Entities The Independent Regulatory Board for Auditors (IRBA) reminds audit firms of the responsibilities and risks associated with auditing listed entities. It is imperative that audit firms rigorously apply the requirements of the International Standards on Quality Management, International Standards on Auditing, the IRBA Code, and other regulatory requirements before accepting such clients. The IRBA has adopted the ‘IFIAR Core Principles’, which requires a risk-based inspections programme. Some 80 percent of IRBA’s inspection resources are dedicated to monitoring audit firms that accept public interest [...]

IRBA Highlights Heightened Responsibilities and Risks in Auditing Listed Entities2026-09-03T16:14:24+02:00

IAASB Publishes New Illustrative Reports to Support ISSA 5000 Implementation

2026-09-03T16:14:25+02:00

LATEST UPDATE IAASB Publishes New Illustrative Reports to Support ISSA 5000 Implementation The International Auditing and Assurance Standards Board (IAASB) has published a new set of illustrative practitioners’ assurance reports, available on: https://www.iaasb.org/publications/sustainability-assurance-illustrative-reports These illustrative reports aim to further support the implementation of International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. While ISSA 5000 includes four illustrative reports that reflect the baseline requirements of the standard, this new publication provides more specific examples to help practitioners apply the standard across a range of engagements. Together, these illustrative reports demonstrate how [...]

IAASB Publishes New Illustrative Reports to Support ISSA 5000 Implementation2026-09-03T16:14:25+02:00

King V (2025)

2026-09-03T16:14:25+02:00

LATEST UPDATE King V (2025) King V, the updated corporate governance code, was released on 31 October 2025 by the IoDSA and King Committee. Effective from 1 January 2026, it replaces King IV and introduces simplified language, refined principles, and a new Disclosure Framework to align with global standards and support ethical leadership. The King V code may be accessed on: https://cdn.ymaws.com/www.iodsa.co.za/resource/collection/927F0970-C1E9-4F30-803C-D74BF386A2B6/King_V_Code.pdf more LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests List LEAFQuest Advance Your Knowledge in [...]

King V (2025)2026-09-03T16:14:25+02:00

Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism

2026-09-03T16:14:26+02:00

LATEST UPDATE Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism This publication provides insights into practices, guides and considerations that can help external auditors exercise, and maintain their professional scepticism effectively during the audit. It discusses the auditor’s responsibilities to exercise professional scepticism as required by the Public Company Accounting Oversight Board (PCAOB) standards in the US. The publication is available on: https://antifraudcollaboration.org/rota-fraud-exercising-and-maintaining-professional-skepticism/ more LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests List [...]

Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism2026-09-03T16:14:26+02:00

ISSA 5000 FAQs: Relevance of ISSA 5000 to Assurance on Sustainability Reports in the European Union

2026-09-03T16:14:26+02:00

LATEST UPDATE ISSA 5000 FAQs: Relevance of ISSA 5000 to Assurance on Sustainability Reports in the European Union This Frequently Asked Questions (FAQ) focuses on the relevance of International Standard on Sustainability Assurance (ISSA) 5000 to assurance on sustainability reports to be issued in the European Union. It provides a high-level understanding of how ISSA 5000 can support consistent, high-quality sustainability assurance engagements in the EU – enhancing users’ confidence in sustainability information prepared in accordance with the European Sustainability Reporting Standards (ESRS). The new FAQ explains how ISSA 5000 could be relevant to assurance [...]

ISSA 5000 FAQs: Relevance of ISSA 5000 to Assurance on Sustainability Reports in the European Union2026-09-03T16:14:26+02:00

Going Concern Audits: What ISA 570 Revised Means

2026-02-03T14:49:59+02:00

The International Standard on Auditing (ISA) 570 (Revised 2024), Going concern, issued by the IAASB, responds to growing expectations from stakeholders for more robust auditor evaluations and reporting on management’s going concern assumptions. Effective for audits of financial statements for periods beginning on or after 15 December 2026, the revised standard strengthens and clarifies the auditor’s responsibilities relating to the going concern assessment, and the implications for the auditor’s report. This article outlines the key changes introduced by the revised standard and explores their implications for auditors, management and those charged with governance. [...]

Going Concern Audits: What ISA 570 Revised Means2026-02-03T14:49:59+02:00

Auditor and AI–How the Documentation Fixation will Blow Up in Our Faces

2026-09-03T11:47:05+02:00

What’s News? Auditors are all excited about the advancements in AI, and are scrambling to implement this tool in the enhancement of their procedures on the one hand, while trying to figure out policies to curtail its abuse, and guide its proper use, on the other. In the meantime, they don’t have a clue about where its boundaries are, and what it is capable of. The intention is not to give you the solution to any of these mentioned dilemmas, but to pull you back to two basic audit and audit regulation principles. The Oldest Principle: Auditors as [...]

Auditor and AI–How the Documentation Fixation will Blow Up in Our Faces2026-09-03T11:47:05+02:00

Regulated Industries

2026-09-03T11:35:09+02:00

Audit Issues & Trends Audit issues and trends to consider: 1. Regulated industries It is often required in regulated industries that the regulator approve the auditor to perform audits within the industry. It is critical that the auditor obtain the approval from the regulator, prior to performing any audit work for audit clients in the industry; otherwise, the auditor may not be able to recover time spent on the work. The Financial Sector Conduct Authority (FSCA) is very strict regarding this approval for the financial services industry, including insurers and retirement funds. If the auditor performed audit work [...]

Regulated Industries2026-09-03T11:35:09+02:00

Compulsory Automation of Trust Interest Receipts

2025-07-30T17:52:02+02:00

LATEST UPDATE Compulsory Automation of Trust Interest Receipts In the latest issue of IRBA News, Issue 70, two finalised disciplinary matters and 26 finalised investigation matters were reported. The Legal Practitioners Fidelity Fund Board (LPFF Board) issued an important communication on 15 July 2025 indicating its decision to implement the automation of all trust interest receipts, effective from 1 September 2025. Legal practitioners with Section 86 trust accounts that are not yet integrated into the banks' Automated Monthly Transfer System must make the necessary arrangements with their banks to ensure compliance. The communication is available [...]

Compulsory Automation of Trust Interest Receipts2025-07-30T17:52:02+02:00

Finalised Disciplinary and Investigation Matters

2025-07-30T17:46:26+02:00

LATEST UPDATE Finalised Disciplinary and Investigation Matters In the latest issue of IRBA News, Issue 70, two finalised disciplinary matters and 26 finalised investigation matters were reported. In one disciplinary matter, the respondent signed a letter/director's resolution on the letterhead of the entity, purporting to be its director while being an employee, without authority; and authorised the sale of the company's property to another entity where their immediate family members were directors; and, on behalf of these directors, the respondent signed the sale and transfer agreement as a director. In the second matter, the respondent [...]

Finalised Disciplinary and Investigation Matters2025-07-30T17:46:26+02:00
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