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News in the LEAF Training Division.

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

ETHICS – Rotten to the core?

2018-09-06T08:51:46+02:00

ETHICS - Rotten to the core? Have you wondered why the auditing profession is in such a sad state? Maybe we should start with some serious introspection and fundamental changes. Not only the IRBA Public Inspections Report 2017, but also multiple auditing scandals in the media showed that independence was the root cause of most audit deficiencies recently. Firm culture needs to be revamped drastically to start changing this around. Leadership must set a good example and communicate principles of quality and ethics to enable staff to function optimally. Build high performance teams through trust, integrity [...]

ETHICS – Rotten to the core?2018-09-06T08:51:46+02:00

SAICA training office compliance services

2018-08-20T09:57:08+02:00

SAICA Training Office Compliance The SAICA Training Regulations require of training officers and registered assessors to constantly stay up to date with the latest requirements, whilst ensuring that all training office responsibilities are met. In our fast paced business environment, professionals can't afford too much time away from productive activities. We can provide you with the assistance of an experienced and qualified individual that comes in from an independent perspective to review your existing training office processes and documentation, six-monthly assessments for trainees and other required documentation for compliance. Independent compliance monitoring of a training office can greatly assist with early [...]

SAICA training office compliance services2018-08-20T09:57:08+02:00

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