REMINDER: Recent amendments apply to the International Standards on Auditing (ISAs); the International Standards on Quality Management; certain sections of the IRBA Code (Revised April 2023); and the IRBA Pronouncements. Comments on the Exposure Draft: Proposed Guide for Registered Auditors (Revised), Joint Audit Engagements, issued on 29 November 2023, must be submitted by 29 February 2024. The Exposure Draft is available on: https://www.irba.co.za/upload/Proposed%20Guide_Joint%20Audit%20Engagements%20(Revised%20XX%2020XX)(2).pdf Recent Articles

Notice of Withdrawal and Reissuance of Maximum Fines for Auditors guilty of Improper Conduct On 5 January 2024, the Minister of Finance gazetted a notice of withdrawal of the notice of maximum fines for improper conduct of registered auditors, issued on 15 June 2023, and issued a new maximum fine notice for a comment period of 30 days. The Government Gazette may be accessed at: https://www.gov.za/documents/notices/auditing-profession-act-maximum-monetary-fines-withdrawal-comments-invited-05-jan Recent Articles

Exposure Draft Approved The IRBA CFAS has approved, for issue, the Exposure Draft: Proposed Guide for Registered Auditors (Revised), Joint Audit Engagements (proposed Guide (Revised)), available on: https://www.irba.co.za/upload/Proposed%20Guide_Joint%20Audit%20Engagements%20(Revised%20XX%2020XX)(2).pdf The Exposure Draft (ED), which was approved in November 2023 for a 90-day period, provides guidance on the application of International Standards on Auditing and IRBA pronouncements when registered auditors or firms perform a joint audit engagement. Recent Articles

New Standard for Audits of Less Complex Entities (LCEs) Issued by IAASB The IAASB has published the ISA for Audits of Financial Statements of LCEs, which is available on: https://www.iaasb.org/focus-areas/isa-lce-standard-audits-less-complex-entities?utm_source=Main+List+New&utm_campaign=021b6b1758-IAASB-LCE-release-12.6.23&utm_medium=email&utm_term=0_-021b6b1758-%5BLIST_EMAIL_ID%5D Audits performed using the ISA for LCE provide the same level of assurance for eligible audits: reasonable assurance. All materials may be accessed on the IAASB website: iaasb.org/ISAforLCE Recent Articles

IRBA Rules Arising from the ISQM The IRBA has prescribed the IRBA Rules arising from the ISQM, dealing with the following topics. Rule 1: Ultimate responsibility and accountability for the system of quality management Rule 2: Transparency reports for firms that audit financial statements of publicly traded entities Rule 3: Engagement quality reviewer (EQR) and an assistant to an EQR Rule 4: Assembly and retention of audit documentation. Recent Articles

Amendments to the JSE Listings Requirements & JSE Debt Listings Requirements: Auditor Accreditation The JSE made amendments to the JSE Listings Requirements, available on: https://www.jse.co.za/sites/default/files/media/documents/Amendment%20Schedule%20Equity%20Listing%20Requirements%20CLEAN%2016%20Oct%202023.pdf The JSE Debt Listings Requirements, dealing with Auditor Accreditation which originated from the JSE Consultation Paper (JSE Listings Review), issued in May 2022, were also amended, and are available on: (https://www.jse.co.za/sites/default/files/media/documents/Amendment%20Schedule%20Debt%20Listings%20Requirements%20CLEAN%2016%20Oct%202023.pdf), The new provisions are available on the JSE website: https://www.jse.co.za/regulation/companies-issuer-regulation Recent Articles

AUP Engagement Performed i.r.o. Applications by Legal Practitioners for a Refund of Bank Charges and Audit Fees The AUP report to be used for legal practitioners’ applications for a refund of bank charges and audit fees has been published on the SAICA website. The LPFF published a directive on 1 November 2023, available on: https://www.fidfund.co.za/wp-content/uploads/2023/11/LPFF-Directive.pdf. It prescribes the utilisation of this AUP report from 1 November 2023 on the following link: https://saicawebprstorage.blob.core.windows.net/uploads/Agreed-Upon-Procedures-Engagement-Performed-In-Respect-Of-An-Application-By-A-Legal-Practitioner-Firm-For-A-Refund-Of-Bank-Charges-And-Audit-Fees.pdf The communication from the LPFF contains transitional arrangements that were in place until 15 November 2023, and is available on: (https://www.fidfund.co.za/wp-content/uploads/2023/11/Communication-LPFF-directive-AUP-report-on-Application-for-refund-of-bank-charges-and-audit-fees-form.pdf) [...]

New IAASB Resources Alert: Explore ISSA 5000 FAQ on Materiality As part of its global outreach campaign, the IAASB is responding to requests for additional information on materiality matters, with regard to ISSA 5000, General Requirements for Sustainability Assurance Engagements, available on: https://www.iaasb.org/focus-areas/understanding-international-standard-sustainability-assurance-5000?utm_source=Main%20List%20New&utm_campaign=4e094abda5-IAASB-alert-2nd-FAQ-ISSA-5000&utm_medium=email&utm_term=0_-4e094abda5-%5BLIST_EMAIL_ID%5D A comprehensive set of FAQs, The Application of Materiality by the Entity and the Assurance Practitioner, is available on: https://www.iaasb.org/publications/proposed-issa-5000-application-materiality-entity-and-assurance-practitioner?utm_source=Main+List+New&utm_campaign=4e094abda5-IAASB-alert-2nd-FAQ-ISSA-5000&utm_medium=email&utm_term=0_-4e094abda5-%5BLIST_EMAIL_ID%5D Recent Articles

AI and Intelligent Automation: Opportunities for Professional Accountants IRBA Achieves a Clean Audit Report amidst Resource Constraints and Cost Containment Measures Artificial intelligence (AI) and intelligent automation (IA) are creating significant opportunities for organisations and individuals, and are shaping the future of professional accountants. IFAC’s Professional Accountants in Business (PAIB) Advisory Group have shared a recording of a presentation by Pascal Bornet, IA pioneer and CPA, and takeaways from the discussion, on the following link: https://www.ifac.org/knowledge-gateway/preparing-future-ready-professionals/discussion/ai-intelligent-automation-disrupting-business-elevating-work-accounting-finance-professionals?utm_source=Main+List+New&utm_campaign=9aeae1c25b-EMAIL_CAMPAIGN_2023_10_19_06_11&utm_medium=email&utm_term=0_-9aeae1c25b-%5BLIST_EMAIL_ID%5D Recent Articles