Exposure Draft: Proposed SAAPS 3 (Revised), Illustrative Reports The Independent Regulatory Board for Auditors' (IRBA) Committee for Auditing Standards (CFAS) approved, for issue, the Exposure Draft: Proposed South African Auditing Practice Statement (SAAPS) 3 (Revised), Illustrative Reports (proposed SAAPS 3 [Revised]) in August 2023, for public comment by 30 November 2023. It is available on: https://www.irba.co.za/upload/Proposed%20SAAPS%203%20ED%20Sep%202023.pdf Depending on the comments received, the expectation is for the CFAS to approve and issue the final SAAPS in March 2024. The proposed effective date for SAAPS 3 (Revised) is for auditors' or independent reviewers' reports issued for audits or independent reviews of [...]

Learning and Development Newsletter – September 2023 CA Pathways to Relevance (CAPtR) During May 2023, the World Economic Forum released an insight report on the Future of Jobs from 2023 to 2027. According to this report, there will be a great shift in skills and attitudes needed in the finance and accounting industry within the next couple of years. According to the organisations surveyed within the industry, the following top three types of training will be prioritised for future reskilling and upskilling: On-the-job training and coaching Internal training departments Licensed training from professional associations. The full report is available [...]

Trust, Corruption and Sustainable Development are Interconnected Issues in Public’s Attitude towards Tax The Public Trust in Tax survey, which covered 7 700 members of the public across the globe, shows that accountants have a major role to play in addressing corruption. This negatively impacts on attitudes towards tax in economies across the globe. Results show that 53,8% consider corruption a major factor; however, most people believe professional accountants contribute to improving tax systems by making them more efficient (59%), more effective (57%), and fairer (55%). The findings follow the Association of Chartered Certified Accountants (ACCA), the International Federation [...]

IRBA Staff Audit Practice Alert 9: Guidance on the IRBA Rule on Enhanced Auditor Reporting for the Audit of Public Interest Entities The Independent Regulatory Board for Auditors (IRBA) Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest Entities (EAR Rule), was published on 15 September 2023 and is available on: https://www.irba.co.za/guidance-for-ras/general-guidance/enhanced-auditor-reporting-ear Complementary to this publication, Staff Audit Practice Alert 9, Guidance on the IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest Entities was published, and is available in PDF format on the IRBA website: https://www.irba.co.za/guidance-for-ras/technical-guidance-for-ras/staff-practice-alerts This publication has been prepared with the assistance [...]

IFAC Supports ISSB Focus on Implementation of IFRS S1 and S2 IFAC has long supported the establishment of the International Sustainability Standards Board (ISSB) to develop a global baseline of sustainability disclosures – now endorsed by the International Organisation of Securities Commissions (IOSCO) and ready to be internationally adopted and implemented. High-quality implementation of IFRS (International Financial Reporting Standards) S1 and IFRS S2 is critical to the ISSB’s mission. For more information, follow: https://www.ifrs.org/groups/international-sustainability-standards-board/ ISSB is addressing ‘climate first’ with IFRS S2 and delivering IFRS S1 requirements for broader disclosure of investor-focused information about sustainability-related risks and opportunities. Next, companies [...]

QM Standards Implementation Guides and Other Related Material The IRBA recently reminded auditors of the available implementation resources concerning the IAASB suite of Quality Management (QM) standards, available on the IRBA's dedicated QM webpage: https://www.irba.co.za/guidance-for-ras/technical-guidance-for-ras/auditing-standards-and-guides/quality-management At time of publication, these standards required firms to have a system of QM designed and implemented by 15 December 2022. Since the previous IRBA communication issued on 2 July 2021, QM implementation materials have been published for SAICA, IAASB and IFAC. In this Latest Update and the subsequent two, each institution is discussed individually. SAICA: +          SAICA TechTalk: The Quality Management Standards (held [...]

QM Standards Implementation Guides and Other Related Material 2 Since the previous IRBA communication issued on 2 July 2021, QM implementation materials have been published for SAICA, IAASB and IFAC. In this Latest Update, we discuss IFAC. International Federation of Accountants (IFAC): The IFAC developed and published a three-part series that provides tips and guidance for the practical implementation of the QM standards. +         Instalment One: It is time to Get Ready for the New Quality Management Standards, published on 31 October 2022, is available on: https://www.ifac.org/knowledge-gateway/supporting-international-standards/publications/quality-management-series-small-firm-implementation-installment-one +         Instalment Two: Developing a Detailed Implementation Plan, issued on 5 July 2023, [...]

QM Standards Implementation Guides and Other Related Material Since the previous IRBA communication issued on 2 July 2021, QM implementation materials have been published for SAICA, IAASB and IFAC. In this Latest Update and the subsequent one, we discuss IAASB and IFAC, respectively. The International Auditing and Assurance Standards Board (IAASB): +          First-time Implementation Guide for International Standard on Auditing (ISA) 220 (Revised), Quality Management for an Audit of Financial Statements (published on 17 February 2022) is available on: https://www.irba.co.za/upload/IAASB-ISA-220-first-time-implementation-guide.pdf +          ISA 220 (Revised): Definition of an Engagement Team Fact Sheet (published on 2 May 2022) is available on: [...]

IRBA Undertakes a Post-implementation Review of its SAAEPS 1 The Independent Regulatory Board for Auditors is embarking on a post-implementation review (PIR) in the last quarter of 2023. This review is aimed at, among others, informing and directing the constantly evolving discussions on sustainability assurance. In August 2018, the IRBA's Committee for Auditing Standards approved and issued South African Assurance Engagements Practice Statement (SAAEPS) 1, Sustainability Assurance Engagements: Rational Purpose, Appropriateness of Underlying Subject Matter and Suitability of Criteria (SAAEPS 1). The IRBA Secretariat, which will be coordinating the planned PIR, will send out requests for information to firm [...]