IFAC Emphasises Importance of Multilingual Materials The International Federation of Accountants (IFAC) plays a vital role in driving the development, adoption, and implementation of transparent and high-quality international standards, used by professional accountants. The World Bank recently extended significant financial support to expanding the accessibility of certain materials into Spanish and French. This support broadens the availability of these publications to IFAC’s global audience and their stakeholders, and helps to promote greater economic growth, development, and accountability. One of the primary obstacles to successful adoption and implementation of international standards is the lack of access to translations in local [...]

IESBA Publishes Interactive 2022 Annual Report The International Ethics Standards Board for Accountants (IESBA) has released its 2022 Annual Report, Reinforcing Ethics and the Public Interest in a Rapidly Evolving World, available on: https://www.ethicsboard.org/publications/2022-iesba-annual-report?utm_source=Main+List+New&utm_campaign=9c0bbb5a0b-EMAIL_CAMPAIGN_2023_07_31_10_57&utm_medium=email&utm_term=0_-9c0bbb5a0b-%5BLIST_EMAIL_ID%5D The digitally interactive report reviews 2022 through the eyes of the international ethics standard-setting board, showcasing its achievements in strengthening international ethics and independence standards, while pivoting on serving the public interest in emerging areas. It presents a board in transition, completing projects aimed at further strengthening the IESBA’s International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). In addition, it addresses the ethical implications [...]

The IASB issues amendments to IAS 21 The International Accounting Standards Board (IASB) recently issued amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates, which will require companies to provide more useful information in their financial statements when a currency cannot be exchanged into another currency. These amendments will require companies to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide. The amendments will become effective for annual reporting periods beginning on or after [...]

IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard The International Auditing and Assurance Standards Board (IAASB) recently issued its proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, available on: https://www.iaasb.org/focus-areas/understanding-international-standard-sustainability-assurance-5000?utm_source=Main+List+New&utm_campaign=83ff31fb2b-IAASB-ISSA-5000-release-8.2.23&utm_medium=email&utm_term=0_-83ff31fb2b-%5BLIST_EMAIL_ID%5D With its focus on assurance on sustainability reporting, ISSA 5000, when approved, will be the most comprehensive sustainability assurance standard available to all assurance practitioners across the globe. ‘Our proposed ISSA 5000 is a crucial step in enhancing confidence and trust in sustainability reporting. This proposal directly responds to the International Organisation of Securities Commissions recommendations and complements the work [...]

Financial Intelligence Centre Issues Guidance on the Definition of Trust and Company Service Providers The Financial Intelligence Centre (FIC) recently published public compliance communication 6A (PCC 6A), available on: https://www.fic.gov.za/Documents/PUBLIC%20COMPLIANCE%20COMMUNICATION%20No6A.pdf This communication provides guidance on the interpretation of Schedule 1, item 2 accountable institutions, namely trust company service providers, and also includes examples of the money laundering and terrorist financing risks the sector faces. PCC 6A was issued in response to the amended Schedule 1 to the FIC Act, as contained in Government Gazette, No. 47596, which was published on 29 November 2022, and came into effect on 19 [...]

Finalised disciplinary and investigation matters: Issue 62 of IRBA News is Now Available In the latest issue of IRBA News, three finalised disciplinary matters and 15 finalised investigation matters were reported on. One of the three finalised disciplinary matters related mainly to a failure in extrapolating identified errors. The second case related to improper evaluation of material misstatements identified. The last case related to fronting for a third party to acquire shareholding in the firm, entering into relationships with companies implicated in state capture, and accepting an appointment as auditors of a company who owed a significant loan. Of [...]

Broadening the Accountancy Profession’s Reach in the Public Sector The public sector is the largest sector in the global economy, and with complex finances, competing demands on public resources, and the need for transparency and accountability in the management of public funds, the demand for accounting and finance professionals is high. However, public sector entities at all levels, including national and local government level, struggle to find suitable candidates with the right skills to fill these positions. In collaboration with the South African Institute of Chartered Accountants (SAICA), IFAC has published a case study on SAICA’s activities in the public [...]

An Alert on the Latest Publications from the Legal Practitioners Fidelity Fund Registered auditors are advised to take note of the following publications from the Legal Practitioners Fidelity Fund (LPFF): Legal practitioners paying Section 86(2) and (3) trust interest due to the LPFF to the incorrect bank accounts, available on: https://www.fidfund.co.za/wp-content/uploads/2023/07/Section-862-and-3-Manual-Trust-Interest-Payments.pdf List of banks that have entered into banking arrangements with the LPFF in terms of Section 63(1)(g) of the Legal Practice Act, No. 28 of 2014 (LPA), available on: https://www.fidfund.co.za/wp-content/uploads/2023/06/List-of-banks-that-have-entered-into-a-banking-arrangements-with-the-LPFF.pdf Payment of trust interest accrued on trust accounts held in terms of Section 86 of the LPA to [...]

SAICA’S collaboration with the Whistleblower House SAICA has engaged members and associates to address the numerous challenges in our country, particularly the support and protection of whistleblowers who expose wrongdoing, often at great personal risk. The institute has entered into a memorandum of understanding with The Whistleblower House, an organisation dedicated to supporting whistleblowers and protecting their rights. This collaboration aims to provide support, assistance and protection for whistleblowers. Under the terms of the agreement, SAICA will provide an annual financial contribution to The Whistleblower House. Whistleblowers’ actions contribute to strengthening corporate governance, enhancing transparency, and ultimately safeguarding public [...]

IRBA accredits ACCA as an additional professional accounting body for audit specialisation in South Africa The Independent Regulatory Board for Auditors (IRBA) recently announced that it has accredited the Association of Chartered Certified Accountants (ACCA) South Africa as an additional professional accounting body as another route to audit specialisation for aspiring registered auditors in the country. In future, eligible ACCA members can register for the Audit Development Programme (ADP), which is an 18-month audit specialisation process. On successful completion of the ADP, they may be eligible for registration as Registered Auditors (RAs). The effective date for registration for the [...]