LATEST UPDATE IAASB Highlights How Revised Standards Reinforce Professional Scepticism The International Auditing and Assurance Standards Board (IAASB) has released a new non-authoritative publication – How the IAASB’s Revised Going Concern and Fraud Standards Reinforce Professional Scepticism, available on: https://www.iaasb.org/publications/how-iaasb-s-revised-going-concern-and-fraud-standards-reinforce-professional-skepticism?utm_source=Main+List+New&utm_campaign=078ce77687-EMAIL_CAMPAIGN_2025_07_18_03_52&utm_medium=email&utm_term=0_-078ce77687-80668708 The aim of the publication is to assist stakeholders with understanding how the revisions to ISA 570 (Revised 2024) and ISA 240 (Revised) strengthen the consistent application of professional scepticism throughout the audit. Developed with input from the IAASB’s Professional Scepticism Consultation Group, this publication highlights key enhancements to both standards, reflecting the IAASB’s efforts [...]

LATEST UPDATE FRC Publishes Landmark Guidance Providing Clarity to Audit Profession on the Uses of AI The Financial Reporting Council (FRC) has published its first guidance on the use of artificial intelligence (AI) in audit, alongside a thematic review of the processes of the six largest firms for certifying new technology used in audits, including insights and examples of good practice. As AI tools continue to be utilised in audit, this new guidance outlines a coherent approach to implementing a hypothetical AI-enabled tool, and offers insights into FRC documentation requirements, all designed to support innovation [...]

LATEST UPDATE IAASB Revises Fraud Standard to Enhance Public Trust The International Auditing and Assurance Standards Board (IAASB) has published a new Frequently Asked Questions document for the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), its standard tailored for financial audits of smaller and less complex entities, available on: This Link - Click Here This new FAQ addresses common questions received during webinars and outreaches, following the standard’s publication in December 2023. This release represents the final planned component of the IAASB’s implementation support package for [...]

LATEST UPDATE IAASB Releases New FAQ for the ISA for LCE The International Auditing and Assurance Standards Board (IAASB) has published a new Frequently Asked Questions document for the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), its standard tailored for financial audits of smaller and less complex entities, available on: This Link - Click Here This new FAQ addresses common questions received during webinars and outreaches, following the standard’s publication in December 2023. This release represents the final planned component of the IAASB’s implementation support package [...]

LATEST UPDATE IESBA Tax Planning Standards Now Effective The first global Ethics Standards on Tax Planning, launched by the International Ethics Standards Board for Accountants (IESBA) in April 2024, became effective recently and is available on: Click this link The landmark standards offer a robust ethical framework to guide professional accountants when providing tax planning services, or performing tax planning activities, thereby enabling them to make ethical judgments and decisions in this complex area. The objective of the framework is to help ensure that tax planning decisions take into account the public interest, including having [...]

LATEST UPDATE IESBA Updates Work Plan to Support Ethical Leadership in Times of Uncertainty At its June Board meeting, the International Ethics Standards Board for Accountants (IESBA) approved updates to its 2025-2026 Work Plan to better support ethical behaviour and independent judgment in an increasingly volatile and uncertain environment. Amid rapid shifts in financial markets, stakeholder expectations, and the regulatory landscape, the IESBA reaffirmed its commitment to strengthening the ethical foundations of accounting, business and finance. According to Gabriela Figueiredo Dias, IESBA Chair, the current challenges require IESBA to focus on stronger ethical cultures, better [...]

LATEST UPDATE SA Makes Progress on FATF Greylisting_chacchd The Financial Action Task Force (FATF) announced that South Africa has substantially completed all 22 action items that were contained in the Action Plan adopted when South Africa was greylisted in February 2023. The decision, taken at the FATF Plenary in Strasbourg, France, notes that South Africa’s progress warrants an on-site assessment to verify that critical Anti-Money Laundering and the Combating of the Financing of Terrorism (AML/CFT) reforms have been implemented, and that the necessary political commitment remains in place to sustain progress. The improvements to South [...]

LATEST UPDATE The Advisory Game-Changer: IFAC Launches Trailblazing Tool for Small Businesses The International Federation of Accountants (IFAC), in collaboration with the Edinburgh Group (EG), has launched a pioneering online tool designed to help small and medium-sized enterprises (SMEs) maximise the benefits of incorporating sustainability into their strategy and business operations. Developed specifically for IFAC and EG members to provide to their own members, The Small Business Sustainability Checklist is an interactive tool that provides practical steps to future-proof businesses and boost sustainability practices. It can be tailored by each business according to its industry sector, lifecycle, and products [...]

LATEST UPDATE 2025 Trust Account Audit Reports Submission Reminder In respect of the 2025 audit report submissions, registered auditors are advised to take note of the latest communication from the Property Practitioners Regulatory Authority (PPRA), which is available on: https://theppra.org.za/article/2025_trust_account_audit_reports_submission_reminder This is a reminder for business property practitioners who are not in possession of trust account exemption letters and have a financial year end of 28 February 2025. The principals must ensure that their auditors submit the trust account audit reports to the PPRA, on or before 31 August 2025. This requirement is in accordance [...]

LATEST UPDATE IASB Issues Revised Practice Statement on Management Commentary The International Accounting Standards Board (IASB) has issued a revised Practice Statement on management commentary. The revised Practice Statement supports improvements to, and greater global alignment with management commentary and narrative reports accompanying the financial statements. A major overhaul of the Practice Statement was carried out to help improve the quality and focus of information provided to investors. The aim of the revised Practice Statement is to serve as a global benchmark for regulators to use in updating, or developing their national requirements and guidance. [...]