LATEST UPDATE The FIC Guidance Note 7A The FIC recently published Guidance Note 7A (GN 7A). This update provides detailed guidance for accountable institutions on complying with the risk management and compliance programme requirements under the FIC Act, which emphasises the importance of identifying and managing financial crime risks, maintaining proper records, and reporting suspicious transactions. The Guidance Note is available on: https://saicawebprstorage.blob.core.windows.net/uploads/resources/Guidance-Note-7A.pdf more

LATEST UPDATE SAICA Code of Professional Conduct 2024 The 2024 edition of the Code of Professional Conduct of the South African Institute of Chartered Accountants (SAICA) was published recently on the SAICA website. This document replaces the 2023 edition of the SAICA Code of Professional Conduct, and incorporates the following revisions: The revised definition of a public interest entity (PIE), which, among others, specifies a broader list of mandatory PIE categories, including a new category, ‘publicly traded entity’, to replace the category, ‘listed entity’ Changes to the definitions of ‘audit client’ and [...]

LATEST UPDATE Technical Overview and Fact Sheet: Using The Work of an External Expert The International Ethics Standards Board for Accountants' (IESBA) recently issued a pronouncement on ‘Revisions to the Code addressing using the work of an external expert’. The IRBA is currently considering possible local amendments required to the IESBA pronouncement before approving it for issue to South African registered auditors. As part of the implementation material, the IESBA issued a technical overview and a fact sheet relating to this pronouncement: The IESBA technical overview provides a technical summary of the [...]

LATEST UPDATE SAICA Summary of Companies Act Amendments Certain sections proposed in the Companies Amendment Act 16 of 2024 and the entire Companies Second Amendment Act 17 of 2024 have been effective as of 27 December 2024. SAICA compiled a summary of the key changes that are now in force. Continuous training on the amendments will be conducted by SAICA in Compliance in Practice, Techtalk and other training platforms. The summary may be accessed on: https://www.saica.org.za/resources/265329 more

LATEST UPDATE IAASB approved ISA 570(Revised 2024) Going Concern The IAASB approved the International Standard on Auditing 570 (Revised 2024), Going Concern, on 12 December 2024. The standard will be published following certification by the Public Interest Oversight Board, anticipated for April 2025. After certification and publication, the standard will be effective on audits of financial statements for periods beginning on or after 15 December 2026. The approved standard may be accessed on: https://www.iaasb.org/meetings/iaasb-quarterly-board-meeting-december-9-12-2024 more

LATEST UPDATE IAASB Opens Post-Exposure Public Consultation for the Penultimate Narrow-scope Amendments to the ISQMs and ISAsThe International Auditing and Assurance Standards Board (IAASB) has opened its post-exposure public consultation for the penultimate narrow-scope amendments to the International Standards on Quality Management (ISQMs) and the International Standards on Auditing (ISAs), as a result of the revisions to the definitions of listed entity and public interest entity (PIE) in the International Ethics Standards Board for Accountants Code.The IRBA’s Committee for Auditing Standards welcomes comments on all matters that are addressed in the Post-Exposure Consultation: [...]

LATEST UPDATE Request for Public Comment on the Draft Guideline for the IRBA’s Enforcement/Disciplinary Committee in Determining Monetary Fines The draft guideline on determining monetary fines for registered auditors/registered candidate auditors found guilty of improper conduct is available, and may be downloaded from the IRBA website on https://irba.co.za/library/legislation Written comment may be submitted by email on: fineguideline@irba.co.za latest 12:00 on 4 March 2025. The IRBA board will consider the comments received on the draft guideline on determining monetary fines. more

LATEST UPDATE REMINDER: Upcoming and Newly Effective Audit-related Rules, Pronouncements and Revisions We would like to remind registered auditors and other interested parties of the several amendments that have become, or are soon to be effective. These changes apply to certain sections of the Independent Regulatory Board for Auditors (IRBA) Code of Professional Conduct for Registered Auditors (IRBA Code), the IRBA Rules and the IRBA Pronouncements. Publication Audits or reviews of financial statement for periods ending on or after: Guide for Registered Auditors: Joint Audit Engagements (Revised May 2024) 31 December [...]

LATEST UPDATE IASB updates IFRS Accounting Standards for nature-dependent electricity contracts The International Accounting Standards Board (IASB) has issued targeted amendments to help companies to better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements. Nature-dependent electricity contracts help companies to secure their electricity supply from sources such as wind and solar power. The amount of electricity generated under these contracts may vary based on uncontrollable factors such as weather conditions. Current accounting requirements may not adequately capture how these contracts affect a company’s performance. [...]

LATEST UPDATE Final Pronouncement: Revisions to the IRBA Code of Professional Conduct for Registered Auditors Addressing Tax Planning and Related Services In October 2024, the Independent Regulatory Board for Auditors (IRBA) approved the Final Pronouncement: Revisions to the IRBA Code of Professional Conduct for Registered Auditors (IRBA Code) Addressing Tax Planning and Related Services, for prescription and use by registered auditors (auditors). To move away from a purely mechanical and legalistic approach, the goal of the amendments to the IRBA Code relating to Tax Planning and Related Services is to provide a [...]