In January 2024, the IRBA Board approved the IAASB narrow-scope amendments to ISA 700 (Revised) and ISA 260 (Revised) for adoption, issue and prescription by registered auditors in South Africa. These amendments are available on: https://www.irba.co.za/handbooks-of-international-standards/2022-handbook-of-international-standards The narrow-scope amendments are effective for audits of financial statements for periods beginning on or after 15 December 2024. For queries, contact the Standards Department by emailing standards@irba.co.za

SAICA has published the 2023 edition of the SAICA Code on its website, available on: https://saicawebprstorage.blob.core.windows.net/uploads/SAICA-Code-of-Professional-Conduct-2023.pdf SAICA requests members and associates to remain up to date with the Code and to ensure compliance. The revisions to the Code relating to the Definition of Engagement Team and Group Audits became effective on 15 December 2023.

On 6 February 2024, the CIPC issued a follow-up notice (Notice 5 of 2024) to the one issued in September 2023 (Notice 53 of 2023). The CIPC implemented a beneficial ownership register from 1 April 2023, which became mandatory from 24 May 2023. All entities in the CIPC register need to have filed their beneficial ownership information by 24 May 2024. As of 1 April 2024, entities which have not complied with the beneficial ownership filing requirement will be prevented from filing their annual returns. The notice may be accessed on: https://saicawebprstorage.blob.core.windows.net/uploads/Beneficial-Ownership-Enforcement-Notice_2024.pdf

The IAASB has published a consultation document that proposes a significant strengthening of its ISA 240 (Revised) (the Exposure Draft). The Exposure Draft is available on: https://www.irba.co.za/upload/IAASB-Exposure-Draft-Proposed-ISA-240-Revised-Fraud.pdf Comments should be submitted 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=81e6a88dca-IAASB-fraud-ED-release-2.6.24&utm_medium=email&utm_term=0_-81e6a88dca-%5BLIST_EMAIL_ID%5D Comments relating to any identified issues or South Africa-specific challenges should be submitted via email to standards@irba.co.za by 10 May 2024.

The IESBA has launched two Exposure Drafts (EDs): IESSA ED, which is available on: https://www.ethicsboard.org/publications/proposed-international-ethics-standards-sustainability-assurance-including-international?utm_source=Main%20List%20New&utm_campaign=88c34957da-EMAIL_CAMPAIGN_2024_01_28_09_14&utm_medium=email&utm_term=0_-88c34957da-%5BLIST_EMAIL_ID%5D Feedback is invited by 10 May 2024, on the IESBA’s website, available on: https://www.ethicsboard.org/?utm_source=Main+List+New&utm_campaign=88c34957da-EMAIL_CAMPAIGN_2024_01_28_09_14&utm_medium=email&utm_term=0_-88c34957da-%5BLIST_EMAIL_ID%5D Using the Work of an External Expert ED, which is available on: https://www.ethicsboard.org/publications/using-work-external-expert?utm_source=Main+List+New&utm_campaign=88c34957da-EMAIL_CAMPAIGN_2024_01_28_09_14&utm_medium=email&utm_term=0_-88c34957da-%5BLIST_EMAIL_ID% Feedback is invited by 30 April 2024, on the IESBA’s website. Comments, in Word and PDF formats, may be submitted to the IRBA by 19 April 2024 and 8 April 2024, respectively, to standards@irba.co.za

Latest Public Inspections Report Shows Minor Improvements in Addressing the Rapid Changes and Complexity in the Environment The IRBA 2023 PIR provides insights into the themes, and outcomes that were the focal point for the inspections conducted during the 2023 financial year. The outcomes of firm-level inspections revealed positive trends. Positive trends were also observed at engagement level, but the ‘significant improvement required’ outcome remained a concern. The PIR may be downloaded from IRBA’s website on: https://www.irba.co.za/ebook/inspection-reports/PublicInspectionsReportonAuditQuality2023/

IAASB Opens Public Consultation for Proposed Narrow Scope Amendments to ISQMs, ISAs and ISRE 2400 (Revised) The IAASB has opened public consultation for proposed revisions to the ISQMs, the International Standards on Auditing and International Standard on Review Engagements 2400 (Revised), Engagements to Review Historical Financial Statements, as a result of the revisions to the definitions of Listed Entity and Public Interest Entity in the IESBA Code. Comments should be submitted via email to standards@irba.co.za by 8 March 2024, or via the IAASB website by 8 April 2024.

Notice of Withdrawal and Reissuance of Maximum Fines for Auditors guilty of Improper Conduct The IESBA has completed and approved an Exposure Draft on Ethics and Independence Standards for Sustainability Reporting and Assurance, and the final Ethics Standard for Tax Planning and Related Services. The IESBA’s 2024 agenda will focus on final approvals of the sustainability-related standards, and new work streams addressing accountancy firm culture and governance, and independence considerations. Details are available on: https://www.ethicsboard.org/news-events/2023-12/iesba-announces-successful-completion-and-approvals-sustainability-exposure-draft-and-tax-planning Recent Articles

The IAASB launched a consultation process on proposed narrow-scope amendments to achieve greater convergence with the IESBA International Code of Ethics for Professional Accountants (Including Independence Standards). The IAASB invites all stakeholders to provide feedback on the Exposure Draft by 8 April 2024, using the digital Response Template, available on: https://www.iaasb.org/publications/proposed-narrow-scope-amendments-isqms-isas-and-international-standard-review-engagements-2400?utm_source=Main+List+New&utm_campaign=255e278ab6-IAASB-alert-consultation-PIE&utm_medium=email&utm_term=0_-255e278ab6-%5BLIST_EMAIL_ID%5D Recent Articles

Finalised Disciplinary and Investigation Matters In the latest issue of IRBA News, Issue 64, five finalised disciplinary matters and 24 finalised investigation matters were reported. The issue contains a more detailed analysis of these matters and may be accessed on the following link: https://www.irba.co.za/upload/IRBA%20News%20Issue%2064.pdf Recent Articles