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 [...]

LATEST UPDATE Finalised Disciplinary and Investigation Matters In the latest issue of IRBA News, Issue 68, three finalised disciplinary matters and 20 finalised investigation matters were reported. In one disciplinary matter, appropriate audit procedures were not performed to identify non-cash items in the statement of cash flow, and audit considerations were not documented relevant to a discontinued operation. In another matter, adequate procedures were not performed regarding independence; it was not ensured that financial statements were prepared, in compliance with IFRS for SMEs; audit work performed was not documented; reportable irregularity considerations [...]

LATEST UPDATE SAICA 2025 Training Regulations The South African Institute for Chartered Accountants (SAICA) recently issued the 2025 Training Regulations applicable to all training offices implementing the SAICA training programme and all role-players. The 2025 Training Regulations are effective from 1 January 2025. Documents published include: Clean version of the 2025 Training Regulations Mark-up version of the 2025 Training Regulations Explanatory memo for the 2025 Training Regulations. The 2025 Training Regulations are available on: https://www.saica.org.za/resources/training-offices/training-regulations more

LATEST UPDATE Adoption of the International Auditing and Assurance Standards Board’s 2023-2024 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements The Independent Regulatory Board for Auditors (IRBA) draws the attention of all registered auditors to Board Notice No. 690 of 2024 (Government Gazette No. 51636), titled ‘The Adoption of the International Auditing and Assurance Standards Board’s (IAASB) 2023-2024 Handbooks of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements in terms of the Auditing Profession Act 26 of 2005, as amended’. To that end, the [...]

LATEST UPDATE Revised Due Process Policy and Status and Authority of Auditing Pronouncements (Revised November 2024)SAICA Ethics Case Studies Released The Independent Regulatory Board for Auditors’ (IRBA) Board has approved: The Due Process Policy for the Development, Adoption and Issue of Quality Management, Auditing, Review, other Assurance and Related Services Pronouncements (Revised November 2024) (Revised Due Process Policy) The Status and Authority of Quality Management, Auditing, Review, other Assurance and Related Services Pronouncements (Revised November 2024) (Revised Status and Authority of Auditing Pronouncements). The Revised Due Process Policy is aimed at serving [...]