Treasury Imposes New Hefty Maximum Fines for Rogue Auditors Rogue independent auditors and auditing firms in South Africa will be facing hefty penalties of up to R25 million, if they are found guilty of improper conduct as the National Treasury tightens controls. These maximum fines are applicable to improper conduct committed from 6 June 2024, the date of publication of gazette notice 4933. The gazette notice is available on the link below: Click Here Other Updates Go to News Room

Guide for Registered Auditors Approved The IRBA Committee for Auditing Standards has approved the Guide for Registered Auditors, Joint Audit Engagement (Revised May 2024) (this Guide) for final issue. This Guide provides guidance to registered auditors on the application of ISAs and IRBA pronouncements when auditors or firms perform a joint audit engagement, and is effective for periods ending on or after 31 December 2024. It may be downloaded from the IRBA website on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/auditing-standards-and-guides/guides-and-circulars-for-auditors Other Updates Go to News Room

Council for Medical Schemes Publication that Impacts Auditor’s Reports There has been a recent regulatory development, in respect of the revisions to the IFRS Foundation® Trade Mark Guidelines, which is available on: https://www.irba.co.za/upload/report_files/18.-Communique-_IFRS-and-Trade-Mark-Guidelines.pdf The CMS has issued Circular 15 of 2024, titled ‘IFRS Foundation trademark impact on auditor report templates’, available on: https://www.medicalschemes.co.za/latest-publication/circular-15-of-2024-ifrs-foundation-trademark-impact-on-auditor-report-templates/ Contact the CMS directly regarding any queries. Other Updates Go to News Room

New IFRS Accounting Standard The new standard, IFRS 18 Presentation and Disclosure in Financial Statements, developed by the IASB, will aid investor analysis of companies’ financial performance. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027. An IFRS Digital subscription may be purchased on: https://shop.ifrs.org/product-detail?id=1595 or a PDF version of the standard on: https://shop.ifrs.org/product-detail?id=2204 Support to implement IFRS 18 is available on: https://www.ifrs.org/supporting-implementation/supporting-materials-by-ifrs-standards/ifrs-18/ The completed project page is available on: https://www.ifrs.org/projects/completed-projects/2024/primary-financial-statements/ Other Updates Go to News Room

IESBA Staff Releases a High-Level Summary of Prohibitions in the IESBA Code for Audits of Public Interest Entities The staff of the International Ethics Standards Board for Accountants (IESBA) released a high-level summary of prohibitions in the International Code of Ethics for Professional Accountants, (including International Independence Standards) (the Code), especially in relation to independence for audits of PIEs, which is available on: https://ifacweb.blob.core.windows.net/publicfiles/2024-03/Summary%20-%20Prohibition%20List%20for%20PIE%20Audit%20Clients%20%28Final%29.pdf Other Updates Go to News Room

IESBA and IAASB Announce New Strategy and Work Plan The IESBA has published its Strategy and Work Plan for 2024-2027 (SWP), titled Towards a More Sustainable Future: Advancing the Centrality of Ethics, which is available on: https://www.ethicsboard.org/publications/towards-more-sustainable-future-advancing-centrality-ethics?utm_source=Main%20List%20New&utm_campaign=02a8146024-EMAIL_CAMPAIGN_2024_04_11_11_55&utm_medium=email&utm_term=0_-02a8146024-%5BLIST_EMAIL_ID%5D In developing its SWP, the IESBA engaged closely with the IAASB, which simultaneously issued its SWP 2024-2027, titled Elevating Trust in Audit and Assurance, available on: https://www.iaasb.org/publications/elevating-trust-audit-and-assurance-iaasb-s-strategy-and-work-plan-2024-2027?utm_source=Main+List+New&utm_campaign=b814819469-IAASB-release-SWP-4.11.24&utm_medium=email&utm_term=0_-b814819469-%5BLIST_EMAIL_ID%5D Other Updates Go to News Room

CAQ Publication: Auditing in the Age of Generative AI The accessibility and ease of use provided by genAI chatbots and similar large language models have led to their increased use. The CAQ, a public policy organisation serving as the voice of US public company auditors and matters related to the audits of public companies, issued a publication in April 2024, titled Auditing in the Age of Generative AI. The publication may be accessed on: https://www.thecaq.org/wp-content/uploads/2024/04/caq_auditing-in-the-age-of-generative-ai__2024-04.pdf Other Updates Go to News Room

New IAASB Video Series Explores Proposed Changes to Fraud Standard The IAASB has released a new four-part video series, Understanding Proposed Changes to the Fraud Auditing Standard Video Series, available on YouTube on: https://www.youtube.com/watch?app=desktop&utm_source=Main+List+New&utm_campaign=7f80d354f7-IAASB-news-alert-4.4.24&utm_medium=email&utm_term=0_-7f80d354f7-%5BLIST_EMAIL_ID%5D&v=Q6w3hMiY2Gc&feature=youtu.be The proposed changes to ISA 240 significantly strengthen auditors’ responsibilities relating to fraud, and are available on: https://www.iaasb.org/news-events/2024-02/iaasb-moves-strengthen-auditors-efforts-related-fraud?utm_source=Main+List+New&utm_campaign=7f80d354f7-IAASB-news-alert-4.4.24&utm_medium=email&utm_term=0_-7f80d354f7-%5BLIST_EMAIL_ID%5D Stakeholders may submit their comments by 5 June 2024, using the Response Template, available on: https://www.iaasb.org/publications/proposed-international-standard-auditing-240-revised-auditor-s-responsibilities-relating-fraud-audit?utm_source=Main+List+New&utm_campaign=7f80d354f7-IAASB-news-alert-4.4.24&utm_medium=email&utm_term=0_-7f80d354f7-%5BLIST_EMAIL_ID%5D Other Updates Go to News Room

Key Revisions in IFRS Trade Mark Guidelines Towards the end of 2023, the IFRS Foundation revised its Trade Mark Guidelines, available on: https://www.ifrs.org/content/dam/ifrs/about-us/legal-and-governance/legal-docs/trade-mark-guidelines.pdf In December 2023, the IAASB issued guidance on how to reference IFRS Accounting Standards, available on: https://www.iaasb.org/publications/implications-iaasb-standards-ifrs-foundation-s-recent-updates-its-trademark-guidelines-relating When citing IFRS Accounting Standards, registered auditors should follow the guidance provided by the IAASB and the wording used in South African Auditing Practice Statement 3 (Revised March 2024), Illustrative Reports, available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/auditing-standards-and-guides/south-african-standards-and-practice-statements Other Updates Go to News Room

IFIAR releases 2023 Report on Annual Survey of Audit Inspection Findings In March 2024, IFIAR released the IFIAR’s 2023 Survey of Inspection Findings arising from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks. The 2023 survey reveals an increase in the number of listed PIE audits inspected with at least one finding. The report may be accessed at: https://www.ifiar.org/?wpdmdl=16740 Other Updates Go to News Room