LATEST UPDATE Exposure Draft: Proposed SAAPS 3 (Revised XX 2025), Updates to Illustrative Auditor’s Reports The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards (CFAS) has approved the Exposure Draft (ED): Proposed South African Auditing Practice Statement (SAAPS) 3 (Revised XX 2025), Illustrative Reports (proposed SAAPS 3 [Revised]), as a result of the IAASB’s Narrow Scope Amendments to ISA 700 (Revised), for exposure and public comment by 16 April 2025. The proposed SAAPS 3 (Revised) outlines changes that are primarily focused on audits of financial statements for public interest entities. [...]

LATEST UPDATE SAICA Anti-corruption Policy Template SAICA recently issued the SAICA anti-corruption policy template. This guide is designed to help you draft an effective anti-corruption policy for your company. Such a policy is essential for promoting ethical business practices and ensuring compliance with legal standards. The template is available on: https://www.saica.org.za/resources/266758 more Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Courses List

LATEST UPDATE SAICA Risk Management and Compliance Programme (RMCP) Template SAICA recently issued an RMCP guidance document to assist with navigating through the process of creating an RMCP. This document provides a template of what is required for a RMCP, in order to comply with some sections of the Financial Intelligence Centre Act. However, it's important to note that this template should only be used as a guideline, and must be adapted to suit the specific needs of individual agencies. The guidance is available on: https://www.saica.org.za/anti-money-laundering-aml/saica-guidance more [...]

LATEST UPDATE SAICA Solvency Guide The Draft SAICA Solvency Guide is available for public comment. The guide seeks to define solvency and provide guidance on how companies should respond when insolvent. Your comment table should be sent to nomandlag@saica.co.za. Comment period ends 27 April 2025. The draft guide is available on: https://www.saica.org.za/resources/267041 more Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Courses List

LATEST UPDATE King V Code Draft Available for Public Comment The King Committee recently issued the King V Code Draft, which is now available for public comment. This marks a significant milestone in the journey to ensure that the Code remains relevant and effective in addressing evolving governance practices, both locally and globally. The Institute of Directors of South Africa invites you to review the King V Code Draft with accompanying Glossary and Disclosure Template; and submit your input, which is invaluable in shaping the future of corporate governance in South Africa. [...]

LATEST UPDATE IFRS Foundation News Alert IASB issues a major update to the IFRS for SMEs Accounting Standard The IASB has issued a major update to the IFRS for SMEs Accounting Standard, which is currently required or permitted in 85 jurisdictions. This Standard aims to balance the information needs of lenders and other users of SMEs’ financial statements with the resources available to SMEs. The Standard defines SMEs as entities without public accountability that prepare general-purpose financial statements. more Advance Your Knowledge in Auditing Enroll in [...]

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