LATEST UPDATE IAASB and IESBA Provide Answers to Key Questions on Implementing ISSA 5000 and IESSA New Materials Enhance Understanding, and Support Global Adoption and Implementation of Sustainability Assurance and Ethics Standards Joint FAQs from IAASB and IESBA Staff support interoperability and consistent application of ISSA 5000 and IESSA IESBA Staff Q&As explain key aspects of IESSA to support effective implementation of the ethics and independence standards for sustainability assurance engagements Resources help stakeholders implement the new global sustainability standards with clarity and confidence The International Auditing and Assurance Standards Board (IAASB) and the International [...]

LATEST UPDATE Request for Comments: Proposed Revised IRBA Code of Professional Conduct for Registered Auditors The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditor Ethics (CFAE) has approved for public comment by 8 August 2025, the Proposed Revised IRBA Code of Professional Conduct for Registered Auditors, Incorporating Ethics Standards for Sustainability Assurance, including Independence Standards and the Standard on Using the Work of an External Expert, with the Necessary South African Enhancements (Exposure Draft), available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/exposure-drafts-and-comment-letters This Exposure Draft forms part of the IRBA’s due process to adopt and prescribe the IESBA Code IESSA and [...]

LATEST UPDATE IRBA Strengthens Auditor Accountability with Record Enforcement Actions in 2023/2024 The Independent Regulatory Board for Auditors (IRBA) has released its 2023/2024 Annual Enforcement Report, showcasing a significant increase in enforcement activity. In this period, the IRBA finalised a record 106 enforcement matters, a 43% increase from the previous year. Of these, 95 resulted in findings of guilt, with sanctions including fines, training directives, suspensions, and some permanent deregistrations (disqualifications). Key positive actions detailed in the report relate to three key areas: efficiency and fairness, robust enforcement processes, as well as transparency and public [...]

LATEST UPDATE PCAOB Publishes New Resource to Help Smaller Audit Firms Address Challenges of Auditing Accounting Estimates A new PCAOB publication, Audit Focus: Auditing Accounting Estimates, available on: https://pcaobus.org/resources/staff-publications/audit-focus--auditing-accounting-estimates, provides auditors with reminders and good practices regarding accounting estimates, an especially challenging aspect of financial statements. Accounting estimates are pervasive in financial statements, often substantially affecting a company's financial position and results of operations. They generally involve subjective assumptions and measurement uncertainty, making them susceptible to management bias. Consequently, accounting estimates are often some of the areas of greatest risk in an audit. The PCAOB’s [...]

LATEST UPDATE FRC Publishes Further Supporting Materials as Part of SME Audit Campaign As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the Financial Reporting Council (FRC) has released further supporting material to help SMEs to confidently and effectively engage with the annual audit process. The summary document is available on: https://media.frc.org.uk/documents/What_is_an_audit.pdf and provides stakeholders with insights into the key considerations and principles that guide a successful audit. It also sets out the key public interest benefits that audit provides for shareholders and potential investors, and the employees, suppliers and other [...]

LATEST UPDATE IRBA Issues Feedback Statement on the Post-implementation Review of Its SAAEPS 1 Subsequent to the post-implementation review (PIR) announced in August 2023, the Independent Regulatory Board for Auditors (IRBA) has issued a Feedback Statement on South African Assurance Engagements Practice Statement (SAAEPS) 1, Sustainability Assurance Engagements: Rational Purpose, Appropriateness of Underlying Subject Matter and Suitability of Criteria. This review, conducted in 2024, was aimed at gathering valuable insights for the benefit of the ongoing evolution of sustainability assurance discussions, and is available on the IRBA website, on: https://www.irba.co.za/guidance-for-ras/technical-guidance-for-ras/other-assurance/assurance-on-sustainability-reports SAAEPS 1, issued in August [...]

LATEST UPDATE New FAQ on Going Concern Now Available from IAASB The International Auditing and Assurance Standards Board (IAASB) has published a new Frequently Asked Questions (FAQ) document, available on: https://www.iaasb.org/publications/faq-reporting-going-concern-matters-auditor-s-report?utm_source=Main+List+New&utm_campaign=f8a890fbdd-EMAIL_CAMPAIGN_2025_05_14_04_05&utm_medium=email&utm_term=0_-f8a890fbdd-80668708 The aim of the document is to support stakeholders as they implement International Standard on Auditing 570 (Revised 2024), Going Concern, available on: https://www.iaasb.org/publications/faq-reporting-going-concern-matters-auditor-s-report?utm_source=Main+List+New&utm_campaign=f8a890fbdd-EMAIL_CAMPAIGN_2025_05_14_04_05&utm_medium=email&utm_term=0_-f8a890fbdd-80668708 The FAQ document addresses key questions on the enhanced auditor reporting model for going concern that is included in the revised standard. Specifically, it focuses on the implications for the auditor’s report when reporting entity-specific going concern matters in a [...]

LATEST UPDATE IESBA Releases Q&As on the Tax Planning and Related Services Standards in the IESBA Code The International Ethics Standards Board for Accountants (IESBA) released a questions and answers (Q&A) publication, available on: https://www.ethicsboard.org/publications/iesba-staff-questions-answers-tax-planning-services-and-activities?utm_source=Main+List+New&utm_campaign=07b5daec9a-EMAIL_CAMPAIGN_2025_05_08_06_39&utm_medium=email&utm_term=0_-07b5daec9a-80668708 The aim of the publication is to support the adoption and implementation of the IESBA Tax Planning and Related Services Standards, available on: https://www.iaasb.org/publications/faq-reporting-going-concern-matters-auditor-s-report?utm_source=Main+List+New&utm_campaign=f8a890fbdd-EMAIL_CAMPAIGN_2025_05_14_04_05&utm_medium=email&utm_term=0_-f8a890fbdd-80668708 The standards provide a principles-based framework and a global ethical benchmark to guide professional accountants in public practice and in business when they provide tax planning services, or perform tax planning activities. The Q&A publication is [...]

LATEST UPDATE IAASB Announces Withdrawal of ISAE 3410, Assurance Engagements on Greenhouse Gas Statements The International Auditing and Assurance Standards Boards (IAASB) has approved the withdrawal of International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements. This decision follows the approval and certification in 2024 of the International Standard on Sustainability Assurance (ISSA)TM 5000, General Requirements for Sustainability Assurance Engagements. ISSA 5000 addresses assurance of all types of sustainability information, including greenhouse gas emissions, regardless of how that information is presented. It is effective for assurance engagements on sustainability information reported [...]

LATEST UPDATE Finalised Disciplinary and Investigation Matters In the latest issue of IRBA News, Issue 69, two finalised disciplinary matters and 17 finalised investigation matters were reported. In one disciplinary matter, proper audit documentation was not maintained during the audit of attorney's trust accounts; unmodified assurance opinions were issued despite apparent financial irregularities; and a false and/or incomplete Assurance Work Declaration was submitted to the IRBA. In the second matter, independence of the firm and/or engagement team was not ensured; unauthorised and improper financial transfers were allowed; audit reports were issued without conducting the necessary [...]