Your Content Goes Here 5 May 2022 The International Auditing and Assurance Standards Board (IAASB) recently released a non-authoritative guidance, The Fraud Lens – Interactions between ISA 240 and Other ISAs. The guidance illustrates the relationship and linkages between International Standard on Auditing (ISA) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and other ISAs when planning and performing an audit engagement, and reporting thereon. The IAASB recently approved a project proposal to revise ISA 240 to enhance or clarify an auditor’s responsibilities on fraud in an audit of financial statements. In the [...]

Your Content Goes Here IFAC releases second instalment of integrated reporting assurance series 25 May 2022 To enhance trust in integrated corporate reporting, boards need to oversee the integrity of the integrated report and underlying reporting process. To this end, IFAC has worked in partnership with the Institute of Internal Auditors (IIA) to develop Executing the Board’s Governance Responsibility for Integrated Reporting – the second instalment in IFAC’s integrated reporting assurance series. It highlights how boards execute their accountability responsibility for integrated reporting and integrated reports with the coordination of all lines of governance, and the support of [...]

Your Content Goes Here IFAC has made an implementation tool available on their website to assist auditors when auditing accounting estimates. This implementation tool contains ‘what’, ‘why’ and ‘how’ suggestions, which are not all encompassing and more or different considerations may apply. The implementation tool also works in conjunction with the IAASB’s previously published ISA 540 (Revised) flowcharts showing the requirements flow. This implementation tool does not replace the need to read ISA 540 (Revised), including its application and other explanatory material.

Enhancing the Quality of Accountancy Services in Africa ‒ Pan African Federation of Accountants (PAFA) Recently, PAFA hosted an event, with the aim of addressing the following burning issues: 1. The reasons why it is important that all the member bodies and countries in Africa treat the QM standards as a strategic focus area. 2. To communicate the large-scale PAFA plan on how to promote quality and the QM standards in Africa. 3. To explain PAFA’s in-depth project, where four Professional Accountancy Organisations will be elected with whom PAFA will walk a comprehensive road with quality and the QM standards. [...]