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

The prospective adoption of the ISA for LCE in South Africa is a dynamic topic. SAICA has issued FAQs on the ISA for LCE to introduce the standard in the South African context. This document is available on the link below. https://saicawebprstorage.blob.core.windows.net/uploads/resources/Introduction_to_the_ISA_for_LCE_Final_3May2024.pdf Other Updates Go to News Room

The IASB has issued IFRS 19 Subsidiaries without Public Accountability: Disclosures. IFRS 19 and the Basis for Conclusions are available to IFRS Digital subscribers. You can purchase an IFRS Digital Subscription on https://shop.ifrs.org/product-detail?id=1595, or a PDF version of the Standard from https://shop.ifrs.org/product-detail?id=2204. Support to implement IFRS 19 is available on https://www.ifrs.org/supporting-implementation/supporting-materials-by-ifrs-standards/ifrs-19/ To obtain more documents, along with IFRS 19, visit the completed project page on https://www.ifrs.org/projects/completed-projects/2024/subsidiaries-smes/ Other Updates Go to News Room

The IESBA held two interactive global webinars to present the recently released first global ethics standards on tax planning, available by clicking below: FINAL PRONOUNCEMENT - REVISIONS TO THE CODE ADDRESSING TAX PLANNING AND RELATED SERVICES Click Here The webinars, held in English, both featured a high-level overview of the standards and a Q & A session. The presentation slides and YouTube link are now available by clicking below: WEBINARS FOR THE RECENTLY RELEASED STANDARDS ON TAX PLANNING AND RELATED SERVICES Click Here Other Updates [...]

In IRBA News, Issue 65, seven finalised disciplinary matters and 16 finalised investigation matters were reported. In four disciplinary matters, appropriate levels of professional scepticism weren’t applied. Two matters related to not having obtained appropriate audit evidence for material balances and related disclosures, and one to non-disclosure of a loan with VBS, thereby compromising KPMG’s independence. Issue 65 of IRBA News may be accessed on the following link: Click Here Other Updates Go to News Room

New resources from the IAASB are now available to help stakeholders understand, implement, and use the new standard for audits of smaller and less complex entities (the ISA for LCE). A comprehensive new three-part video series is available and registration has opened for a global webinar. All materials and registration are available on the IAASB website: Click Here Other Updates Go to News Room

The sustainability reporting of the largest global companies is becoming more comprehensive, according to a report from the IFAC, AICPA & CIMA. The report, The State of Play: Sustainability Disclosure and Assurance 2019-2022, Trends and Analysis, including data from 2019-2022, and containing the full methodology, is available on: Click Here Other Updates Go to News Room

The IRBA CFAS has approved the Exposure Draft: Proposed SAAPS 7, Transparency Reports of Firms that Audit Financial Statements of Publicly Traded Entities Audit Engagements, available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/exposure-drafts-and-comment-letters Transparency reports are often an appropriate tool to achieve the ISQM 1 objective of communicating relevant and reliable information to external parties. Examples are available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/exposure-drafts-and-comment-letters Comments, in Word format, should be submitted to standards@irba.co.za by 15 June 2024. Other Updates Go to News Room

On 6 March 2024, the IRBA Committee for Auditing Standards approved the SAAPS 3 (Revised March 2024), Illustrative Reports for publication. The main reason for revising SAAPS 3 (Revised March 2024) was to incorporate the IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of PIEs (EAR Rule) into the illustrative reports. The EAR Rule is available on: https://www.irba.co.za/guidance-for-ras/general-guidance/enhanced-auditor-reporting-ear SAAPS 3 (Revised March 2024) is available on: https://www.irba.co.za/upload/SAAPS%203%20(Revised%20March%202024)%20Final%20Pronouncement(1).pdf

The IRBA notified registered auditors of the withdrawal of A Guide for Registered Auditors: Combating Money Laundering and Financing of Terrorism. The IRBA Board approved the withdrawal of the guide, due to changes in legislation, notably to the FIC Act, 2001 (Act No 38 of 2001).