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Newsflash: IFAC Practice transformation action plan

2020-06-22T16:58:02+02:00

Newsflash: IFAC Practice transformation action plan Welcome to the Fast-Future We will not recognise the accountancy profession in the next 10 years. Actually, the fact of the matter is that it will probably be in the next five years. —Barry Melancon, President & CEO, American Institute of CPAs and CEO, Association of International Certified Professional Accountants We live in a dynamic, fast-paced world. Accenture predicted that advances in robotics would automate, or eliminate 40% of basic accounting roles by 2020. Within 10 years, robots [...]

Newsflash: IFAC Practice transformation action plan2020-06-22T16:58:02+02:00

Newsflash: COVID-19 and force majeure

2020-06-22T08:45:46+02:00

Newsflash: COVID-19 and force majeure Will the coronavirus (COVID-19) constitute a force majeure event under South African law? The answer to that is that it depends on the circumstances. The virus has been declared a pandemic by the World Health Organisation and is causing unprecedented economic chaos internationally, owing to the closure of businesses and consequent disruption of global supply chains. On a local level, it is disrupting retailers, restaurants, service providers such as taxi services, and local businesses. These disruptions may make it [...]

Newsflash: COVID-19 and force majeure2020-06-22T08:45:46+02:00

Assembly and Lockdown of the Audit File

2020-06-22T08:45:40+02:00

Assembly and Lockdown of the Audit File Typically, the audit engagement reaches its climax upon signing the audit report and related documents, and delivery to the client. Habitually, and due to human nature, auditors tend to consider the job done and the procedures needed to be performed in compliance with audit standards, already completed. There are three types of possible actions after the audit report date, namely 1. Audit Procedures Before we look at the type of audit procedures that may be warranted after [...]

Assembly and Lockdown of the Audit File2020-06-22T08:45:40+02:00

Subsequent events – COVID

2020-05-20T15:29:40+02:00

SUBSEQUENT EVENTS – The Topic We All Jumped to with the COVID Virus Lockdown, without Reading the Standard Subsequent events — the topic we all jumped to when the COVID-19 virus hit and the lockdown became a reality. How difficult can it be? Look at your adjusting and non-adjusting events and move on. And, of course, this strategy may be applied to all engagements not completed yet. Thank God, you say, the completed engagements have fallen outside the net. Not true. A scenario which was seldom relevant in the past, and hardly ever received any attention, has now hit us without us [...]

Subsequent events – COVID2020-05-20T15:29:40+02:00

COVID-19: Areas where auditors have to be alert

2020-06-22T08:46:03+02:00

COVID-19: Areas where auditors have to be alert With the sudden changes in the auditing landscape, brought about by the situation with the COVID-19 virus and lockdown, a flurry of research papers, articles and social media posts are emerging with points of view on the areas requiring auditors' additional attention. The following sheet summarises the latest accumulation of these areas, and may be used as a 'cheat sheet' to double check documentation and procedures. Audit Field Focus Area Asset valuations Useful lives, pattern [...]

COVID-19: Areas where auditors have to be alert2020-06-22T08:46:03+02:00

COVID-19 effect on audits

2021-09-19T17:37:28+02:00

COVID-19 Effect On Audits Economies worldwide have been hard hit by the spread of the COVID-19 virus, with direct consequences for the clients of audit firms. Consequently, auditors need to adapt their audit approach for each client by considering the effect on audits as identified by the IRBA, as well as taking the appropriate considerations into account when implementing quality control. Analysis of the effects The effects as identified by the IRBA have been analysed, in order to determine the influence on the audit [...]

COVID-19 effect on audits2021-09-19T17:37:28+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

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