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News in the LEAF Audit Quality Division.

Why is audit so easy?

2021-09-19T17:37:37+02:00

Why Is Audit So Easy? Confidence Very few auditors and students have the confidence to perform their duties. The key to being a good auditor or auditing student, is to become a professional auditor. Not on paper, but in their mind, and their whole being. A student that wakes up in the morning and sees a fearful student in the mirror, trying to motivate him or herself to do well in the exam, or at work, is already at a disadvantage. But students [...]

Why is audit so easy?2021-09-19T17:37:37+02:00

NOCLAR – Non-compliance with Law and Regulations

2021-09-19T17:37:48+02:00

Non-compliance with laws and regulations Ethical requirements in responding to non-compliance with laws and regulations (NOCLAR) have been in place for several years. Despite this, many practitioners still seem to be uncertain about when and how to apply these requirements — and how they interact with professional standards and local legislative requirements Auditing requirements When performing an audit, practitioners need to comply with the requirements of ISA 250 (Revised). Auditors have to consider laws and regulations which have a material, direct or indirect impact [...]

NOCLAR – Non-compliance with Law and Regulations2021-09-19T17:37:48+02:00

Newsletter November 2019

2020-03-02T12:11:07+02:00

ISA 540 - Estimates ISA 540 - Estimates Even though the standard has been revised, the latest revision will only be effective for periods commencing from 15 December 2019. This means that the current version is still valid and warrants consideration when auditing estimates. The auditing of estimates has been the downfall of many an auditor during regulatory inspections, as the requirements are often overlooked when auditing fair value valuations, impairment considerations, bad debt provisions and depreciation considerations. Very often, these are the areas [...]

Newsletter November 20192020-03-02T12:11:07+02:00

Newsletter October 2019

2019-10-31T22:53:08+02:00

Newsletter October 2019 Working paper content Even though the engagement partner's main concern is that the correct opinion is expressed, every engagement file still needs to address certain basic documentation matters. Quality partners, engagement quality control reviewers and other reviewers sometimes miss finer details that can make all the difference with regard to facilitating re-performance and clearly supporting conclusions drawn. This article explains how to get it right in an efficient and practical manner. Key documentation requirements The objective of audit documentation is to provide [...]

Newsletter October 20192019-10-31T22:53:08+02:00

Risk Assessment

2019-10-01T17:36:25+02:00

Risk Assessment Risk assessment Many audit failures are caused by bad planning and incorrect risk assessment. Unidentified significant risks could lead to material misstatements. This article addresses common pitfalls and how to address them. Common findings: Revenue The IRBA Public Inspections Report, 2018 identified the following common risk assessment issues relating to revenue: • Findings related to incorrect justification for risk assessment, i.e. insufficient justification documented on the audit file regarding the assertions identified as significant risks • Work performed did not always agree [...]

Risk Assessment2019-10-01T17:36:25+02:00

Practical implications of the new IRBA Code

2020-03-02T12:11:20+02:00

Practical implications of the new IRBA Code Practical implication of the new IRBA code The new IRBA Code of Professional Conduct for Registered Auditors (Revised November 2018) (IRBA Code) came into effect recently, but not all registered auditors understand the practical implications thereof. This article sets out important practical areas to consider to ensure ethical compliance. When does what apply? The effective dates relevant to the new IRBA Code are as follows: • Parts 1 & 3: 15 June 2019 • Part 4A & [...]

Practical implications of the new IRBA Code2020-03-02T12:11:20+02:00

Attorneys: audit report template

2025-05-07T13:59:22+02:00

Attorneys: audit report template Important news for the current reporting period SAICA has issued a very important communication regarding the audit report template to be used for attorneys trust accounts for the current year. SAICA's communication on the transitional arrangement relating to the Legal Practice Act and Legal Practice Council Rules is available on the SAICA website. How is this different from previous communications? In the LEAF Webinar on Attorneys trust accounts and in the previous newsletter on the same topic, dual reporting was [...]

Attorneys: audit report template2025-05-07T13:59:22+02:00

Estate Agents

2019-07-25T09:07:36+02:00

Estate Agents Estate Agents Estate agent trust accounts pose various challenges to auditors, which may easily result in an audit file failing inspections. The Financial Intelligence Centre Amendment Act, 2017 (FIC Amendment Act) introduced important changes to be aware of, while auditors sometimes still have to contend with existing Estate Agency Affairs Board (EAAB) requirements and online audit report submissions. This article aims to guide auditors and highlight significant areas. Amendments to FIC requirements The FIC Amendment Act became effective in [...]

Estate Agents2019-07-25T09:07:36+02:00

Attorneys Trust Account Engagements

2019-05-15T19:12:03+02:00

Attorneys Trust Account Engagements Attorneys trust accounts engagements The new South African Legal Practice Council Rules (Rules), issued by the Legal Practice Council (LPC), came into effect on 1 November 2018. However, the revised IRBA Guide for Registered Auditors (IRBA Guide) has not yet been issued, which has created uncertainty among auditors regarding implementation of the Rules. This article places the new requirements into context and explains the practical implications for legal practitioners and auditors alike. The new requirements The LPC issued the new Rules [...]

Attorneys Trust Account Engagements2019-05-15T19:12:03+02:00

ISA 540 Revised

2018-11-01T11:03:53+02:00

ISA 540 Revised ISA 540 Revised Auditing Accounting Estimates and Related Disclosures The International Standard on Auditing (ISA) 540 (Revised): Auditing Accounting Estimates and Related Disclosures was approved by the International Audit and Assurance Standards Board (IAASB) during their June 2018 meeting and is effective for audits of financial statements beginning on or after 15 December 2019. Why did the IAASB revise the standard? The developing reporting environment – specifically with the introduction of the expected credit loss model of accounting, revised standards dealing with [...]

ISA 540 Revised2018-11-01T11:03:53+02:00

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