LATEST UPDATE IAASB Seeks Feedback on the Proposed Narrow-Scope Amendments Related to Using the Work of an External Expert The International Auditing and Assurance Standards Board (IAASB) has published an Exposure Draft on the Proposed Narrow-Scope Amendments to IAASB Standards Arising from the IESBA’s Using the Work of an External Expert Project, available on: https://www.irba.co.za/upload/IAASB-Exposure-Draft-Narrow-Scope-Amendments-Experts.pdf These proposed amendments identify only those amendments to the IAASB standards needed to maintain interoperability with the IESBA Code. They address the revisions to the IESBA Code related to Using the Work of an External Expert (IESBA External Experts), available [...]

LATEST UPDATE IESBA Consults on Collective Investment Vehicles and Pension Funds – Auditor Independence The International Ethics Standards Board for Accountants (IESBA) has issued, for public comment, a Consultation Paper: Collective Investment Vehicles and Pension Funds – Auditor Independence, available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/exposure-drafts-and-comment-letters The paper seeks views on whether revisions to the IESBA’s International Code of Ethics for Professional Accountants, including International Independence Standards (IESBA Code) are necessary to address the independence of auditors when they audit the Collective Investment Vehicles and Pension Funds, collectively referred to as Investment Schemes. The Independent Regulatory Board for Auditors [...]

LATEST UPDATE more SAICA Difference Makers’ Guide to AI This guide provides a general understanding of artificial intelligence and empowers members to apply the key learnings of the guide when some of the terms or topics mentioned in the guide are used or discussed. It also gives an overview of practical considerations to keep in mind when using artificial intelligence. https://www.saica.org.za/resources/265407 LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests List LEAFQuest Advance Your Knowledge in Auditing Enroll in [...]

LATEST UPDATE IFIAR Releases 2025 Report on the Use of Technology in Audits IFIAR has released its 2025 report on the ‘use of technology in audits – observations, risks and further evolution’. This report presents information and perspectives on the use of technology in audits. Click on the link below to access the report: https://www.ifiar.org/latest-news/ifiar-releases-2025-report-on-the-use-of-technology-in-audits/ more LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests List LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests [...]

LATEST UPDATE IFIAR releases 2024 Report on Annual Survey of Audit Inspection Findings In March 2025, IFIAR released its thirteenth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks. Please click here to access the 2024 Inspection Findings Survey and related documents: https://www.ifiar.org/latest-news/ifiar-releases-2024-report-on-annual-survey-of-audit-inspection-findings/ more LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests List LEAFQuest Advance Your Knowledge in Auditing Enroll in Our [...]

LATEST UPDATE EAR Rule – Example Audit Reports SAICA recently included a page on their website containing links to audit reports issued on public interest entities after the IRBA EAR Rule became effective, available on: https://www.saica.org.za/resources/audit-and-assurance/technical-resource/auditor-reporting/irba-enhanced-auditor-reporting/ear-rule-example-audit-reports This is not a complete list of all such audit reports and only links to information that is publicly available. These audit reports have not undergone any SAICA review or vetting process. These example audit reports are made available to assist auditors with the implementation of the IRBA EAR Rule. For further guidance, refer to the IRBA Staff Audit [...]

LATEST UPDATE IAASB Strengthens Auditor Responsibilities for Going Concern through Revised Standard The International Auditing and Assurance Standards Board (IAASB) has released its revised International Standard on Auditing 570 (Revised 2024), Going Concern. The revised standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. Effective for audits of financial statements for periods beginning on or after December 15, 2026, the standard will also increase consistency in auditing practices and strengthen transparency through communications [...]

LATEST UPDATE Continuous Professional Development Webinar Recording and Presentation Slides Now Available In March 2025, the Independent Regulatory Board for Auditors (IRBA) hosted a webinar themed, ‘Continuous Professional Development (CPD)’. The information session provided valuable insights into the key aspects of the IRBA CPD Policy, offering clarity and direction on how to navigate the CPD process effectively. A FAQ guide will be compiled and shared in due course and will be made available on the IRBA website, on https://www.irba.co.za/guidance-to-ras/education,-training-and-development/continuing-professional-development The webinar recording has been prepared and is now accessible on the IRBA website, along with [...]

LATEST UPDATE IRBA 2024 Public Inspections Report Highlights Steady Improvement in Audit Quality The Independent Regulatory Board for Auditors (IRBA) has released its 2024 Public Inspections Report, highlighting important strides in improving audit quality across South African audit firms inspected. The report also presents the key deficiencies, themes and trends observed during the year’s inspections cycle, and other areas for further improvement in the firms’ system of quality management. The content of the report is based on the results and matters reported from inspections performed during the 2023/2024 cycle, as mandated by Section 47 of the [...]

LATEST UPDATE SAICA Audit and Assurance YouTube Page: ISQM Post-Implementation Masterclass Series Since the end of 2024, SAICA has been sharing podcasts, called ‘ISQM post-implementation masterclass series’, on their SAICA Audit and Assurance YouTube page, including interviews with various professionals with experience in ISQM implementation. In SAICA’s latest podcast episode of this series, SAICA shares insights on the challenges and best practices from Christel Pretorius and Mari Baragwanath. The podcasts in this series are available on: https://www.youtube.com/playlist?list=PLuG9AdcCxNgt3a227zmES5u5R2FMEGInv more Advance Your Knowledge in Auditing Enroll in Our [...]