LATEST UPDATE SAICA Ethics Case Studies Released SAICA released ethics case studies that were derived from a variety of sources, including past SAICA disciplinary cases, questions submitted to the ethics team at SAICA, and discussions with members about actual or hypothetical scenarios. Some have been adapted to make for a rich and concise case study The ethics case studies may be accessed on: https://saicawebprstorage.blob.core.windows.net/uploads/resources/Ethics-Case-study.pdf more

LATEST UPDATE CFAS publishes its standard-setting priorities The Committee for Auditing Standards (CFAS), a statutory committee of the Independent Regulatory Board for Auditors (IRBA), has approved the projects that will be included in its work programme for the following two years. CFAS has selected the following 14 projects for 2025: Adoption of the International Auditing and Assurance Standards Board (IAASB) Revised Going Concern Standard Adoption of the IAASB Revised Fraud Standard Adoption of the IAASB Public Interest Entity (PIE) changes to standards (Track 1) Adoption of the IAASB PIE changes to standards [...]

LATEST UPDATE Publication of the South African Auditing Practice Statement 7, Transparency Reports of Firms that Audit Financial Statements of Publicly Traded Entities The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards has approved the South African Auditing Practice Statement (SAAPS) 7, Transparency Reports of Firms that Audit Financial Statements of Publicly Traded Entities Audit Engagements (SAAPS 7) for publication, available on: https://www.irba.co.za/upload/SAAPS%207%202024.pdf The aim of SAAPS 7 is to assist firms that audit financial statements of publicly traded entities to achieve compliance with paragraphs 33(d)(ii) and A114 of the [...]

LATEST UPDATE FATF SA Greylisting Progress National Treasury issued a media release on 25 October 2024 on FATF greylisting – South Africa’s positive progress as at October 2024. South Africa has addressed 16 out of the 22 action items in its FATF Action Plan, with six items still outstanding, which include demonstrating a sustained increase in the investigation, and prosecution of complex money-laundering and terror-financing cases, and ensuring timely access to accurate beneficial ownership information. The media release is available on: https://www.fic.gov.za/newsroom/#media-releases more

LATEST UPDATE IRBA Board not to adopt the ISA for LCE On 29 October 2024, the Independent Regulatory Board for Auditors’ (IRBA) Board approved a decision not to adopt, issue or prescribe the International Standard on Auditing (ISA) for Audits of Financial Statements of Less Complex Entities (LCE) (ISA for LCE) (and conforming amendments to other International Standards arising from the standard) for use by registered auditors in South Africa. The IRBA, through its Committee for Auditing Standards (CFAS), had undertaken an extensive analysis to assess the possible outcomes of adopting the [...]

LATEST UPDATE IRBA Issues Its First Reportable Irregularities Report The Reportable Irregularities (RI) process, as outlined in the Auditing Profession Act, as amended, is designed to empower registered auditors to challenge management and boards on irregularities uncovered during an independent audit of financial statements, and ensure effective governance. As such, this Independent Regulatory Board Auditors’ (IRBA) first-ever publication of the RI 2022/2023 aims to not only embolden registered auditors, but to provide stakeholders with comprehensive feedback on the nature of RIs reported over a specific period, and the measures taken to address [...]

LATEST UPDATE Frequently Asked Questions (FAQ) on IFRS for SMEs Published SAICA issued an FAQ, Applicability of IFRS Accounting Standards, to entities applying the IFRS for SMEs Accounting Standard, in October 2024. This FAQ clarifies the applicability of new IFRS Accounting Standards, amendments to IFRS Accounting Standards and IFRIC agenda decisions, when issued for entities preparing financial statements, in terms of the IFRS for SMEs Accounting Standard. This FAQ replaces FAQ - Applicability of IFRS 9 – Financial Instruments, IFRS 15 – Revenue from Contracts with Customers and IFRS 16 – Leases [...]

LATEST UPDATE IRBA Code of Professional Conduct for Registered Auditors (Revised November 2024) The IRBA Code of Professional Conduct for Registered Auditors (Revised November 2024) (the IRBA Code) has been published, and may be downloaded from the IRBA website on: https://www.irba.co.za/upload/51_%20IRBA%20Code%202024.pdf It includes only previously gazetted amendments and revisions, with no changes to their effective dates. This IRBA Code should be used along with subsequent amendments available on the IRBA website. The effective dates of various provisions are communicated through the Board Notice. Refer to the IRBA website for the most recent [...]

LATEST UPDATE CIPC Guidelines for Electronic AGM The Companies and Intellectual Property Commission (CIPC) has released Guideline 1 of 2024 to assist companies with conducting the Annual General Meeting (AGM) electronically. This guideline ensures that companies simplify the process of holding an AGM, and that shareholders can participate effectively. The guideline is available on: https://www.cipc.co.za/?p=21771 more

LATEST UPDATE Finalised Disciplinary and Investigation Matters In the latest issue of IRBA News, Issue 67, five finalised disciplinary matters and 19 finalised investigation matters were reported. In one disciplinary matter, appropriate procedures were not performed to obtain sufficient appropriate audit evidence to test compliance for an attorney trust account; the attorney’s non-compliance was not reported as required; and professional scepticism was not exercised throughout the audit. In another matter, for example, adequate procedures were not performed regarding independence, materiality, planning and risk assessment; an independent review engagement was not performed, in [...]