Finalised disciplinary and investigation matters: Issue 62 of IRBA News is Now Available In the latest issue of IRBA News, three finalised disciplinary matters and 15 finalised investigation matters were reported on. One of the three finalised disciplinary matters related mainly to a failure in extrapolating identified errors. The second case related to improper evaluation of material misstatements identified. The last case related to fronting for a third party to acquire shareholding in the firm, entering into relationships with companies implicated in state capture, and accepting an appointment as auditors of a company who owed a significant loan. Of [...]

Broadening the Accountancy Profession’s Reach in the Public Sector The public sector is the largest sector in the global economy, and with complex finances, competing demands on public resources, and the need for transparency and accountability in the management of public funds, the demand for accounting and finance professionals is high. However, public sector entities at all levels, including national and local government level, struggle to find suitable candidates with the right skills to fill these positions. In collaboration with the South African Institute of Chartered Accountants (SAICA), IFAC has published a case study on SAICA’s activities in the public [...]

An Alert on the Latest Publications from the Legal Practitioners Fidelity Fund Registered auditors are advised to take note of the following publications from the Legal Practitioners Fidelity Fund (LPFF): Legal practitioners paying Section 86(2) and (3) trust interest due to the LPFF to the incorrect bank accounts, available on: https://www.fidfund.co.za/wp-content/uploads/2023/07/Section-862-and-3-Manual-Trust-Interest-Payments.pdf List of banks that have entered into banking arrangements with the LPFF in terms of Section 63(1)(g) of the Legal Practice Act, No. 28 of 2014 (LPA), available on: https://www.fidfund.co.za/wp-content/uploads/2023/06/List-of-banks-that-have-entered-into-a-banking-arrangements-with-the-LPFF.pdf Payment of trust interest accrued on trust accounts held in terms of Section 86 of the LPA to [...]

SAICA’S collaboration with the Whistleblower House SAICA has engaged members and associates to address the numerous challenges in our country, particularly the support and protection of whistleblowers who expose wrongdoing, often at great personal risk. The institute has entered into a memorandum of understanding with The Whistleblower House, an organisation dedicated to supporting whistleblowers and protecting their rights. This collaboration aims to provide support, assistance and protection for whistleblowers. Under the terms of the agreement, SAICA will provide an annual financial contribution to The Whistleblower House. Whistleblowers’ actions contribute to strengthening corporate governance, enhancing transparency, and ultimately safeguarding public [...]

IRBA accredits ACCA as an additional professional accounting body for audit specialisation in South Africa The Independent Regulatory Board for Auditors (IRBA) recently announced that it has accredited the Association of Chartered Certified Accountants (ACCA) South Africa as an additional professional accounting body as another route to audit specialisation for aspiring registered auditors in the country. In future, eligible ACCA members can register for the Audit Development Programme (ADP), which is an 18-month audit specialisation process. On successful completion of the ADP, they may be eligible for registration as Registered Auditors (RAs). The effective date for registration for the [...]

IFAC Releases Instalment Two in Small Firm Implementation Support Series on IAASB Quality Management Standards The International Federation of Accountants (IFAC) has released the second instalment in a three-part publication series to help small and medium-sized practices implement the International Auditing and Assurance Standards Board’s (IAASB) quality management standards. Instalment Two: Developing a Detailed Implementation Plan provides a step-by-step approach to identifying quality objectives; completing the quality risk assessment process; identifying existing, or creating new responses to those quality risks; and implementing, documenting and communicating the system of quality management. Instalment Two is available on the following link: Go to Link [...]

IESBA Emphasises the Critical Importance of Ethical Behaviour for All Professional Accountants Recent events in a number of major jurisdictions involving professional accountants have raised concerns with many stakeholders and the public about accountants’ conduct. A number of these events have resulted in adverse consequences for the professional accountants or their firms, and undermined public trust in the accountancy profession. Among all professions, the global accountancy profession is set apart by having the comprehensive and robust International Ethics Standards Board for Accountants’ (IESBA’s) International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code), available on: Go to Link [...]

Joint APESB and IESBA Guidance on Application of IESBA Code To assist professional accountants with ethically navigating the challenges and opportunities brought by rapid advances in technology, the staff of the Australian Accounting Professional & Ethical Standards Board (APESB) and the staff of the International Ethics Standards Board for Accountants (IESBA) jointly released Applying the Code's Conceptual Framework to Independence: Practical Guidance for Auditors In Technology-related Scenarios, available on: Go to Link The publication describes key technology-related provisions of the IESBA Code, as well as providing auditors with three practical examples involving technology-related non-assurance services as illustration. Learn more [...]