IRBA Achieves a Clean Audit Report amidst Resource Constraints and Cost Containment Measures The IRBA Annual Report was recently tabled in Parliament. With the Auditor-General South Africa as its auditor, the IRBA received a clean audit opinion for the 2022/2023 financial year. During the year under review, the IRBA met the majority of its performance targets. The 2023 Annual Report may be downloaded from the IRBA website at www.irba.co.za Recent Articles

IFRS Foundation News Alert The International Accounting Standards Board recently issued amendments to the IFRS for SMEs Accounting Standard. Follow the link for more information: https://www.ifrs.org/news-and-events/news/2023/09/iasb-amends-the-ifrs-for-smes-accounting-standard-itr/?utm_medium=email&utm_source=website-follows-alert&utm_campaign=immediate The amendments to the IFRS for SMEs Accounting Standard are based on the amendments to IAS 12 Income Taxes, issued in May 2023. An IFRS digital or IFRS digital and print subscription is required to download the document, by following the link: https://www.ifrs.org/content/dam/ifrs/publications/amendments/english/2023/iasb-2023-pillar-two-model-rules-smes.pdf Recent Articles

IAASB Enhances Auditor’s Report Transparency on Independence to Reflect Revisions in the Code The IAASB has released amendments aimed at bolstering transparency and providing auditors with a clear mechanism to action changes to the the Code. The IAASB amended International Standard on Auditing 700 (Revised), Forming an Opinion and Reporting on Financial Statements and ISA 260 (Revised), Communication with Those Charged with Governance. The amendments are available on: https://www.iaasb.org/publications/narrow-scope-amendments-isa-700-revised-forming-opinion-and-reporting-financial-statements-and-isa?utm_source=Main+List+New&utm_campaign=e35e4538a0-IAASB+release+-+PIE+-+Oct+2023&utm_medium=email&utm_term=0_-e35e4538a0-%5BLIST_EMAIL_ID%5D Recent Articles

New IFAC Study Expands Insights beyond the G20 Fresh research from the IFAC expands its sustainability disclosure and assurance data to 20 additional jurisdictions beyond the G20. The new report, The State of Play: Beyond the G20, focuses on the Global South, with data from three jurisdictions in Latin America, six in Africa and the Middle East, and four in the Asia-Pacific region, as well as six smaller economies within the European Economic Area and Switzerland. It is available on: https://www.ifac.org/knowledge-gateway/contributing-global-economy/publications/state-play-beyond-g20?utm_source=Main+List+New&utm_campaign=69a96878e1-EMAIL_CAMPAIGN_2023_09_20_01_41&utm_medium=email&utm_term=0_-69a96878e1-%5BLIST_EMAIL_ID%5D Recent Articles

Now Available: IESBA Handbook 2023 Edition During May 2023, the WEF released an insight report on the Future of Jobs from 2023 to 2027. According to this report, there will be a great shift in skills and attitudes needed in the finance and accounting industry within the next few years. The full report is available on: https://www3.weforum.org/docs/WEF_Future_of_Jobs_2023.pdf Recent Articles

IFAC Supports ISSB Focus on Implementation of IFRS S1 and S2 IFAC has long supported the establishment of the International Sustainability Standards Board (ISSB)  to develop a global baseline of sustainability disclosures – now endorsed by the IOSCO and ready to be internationally adopted and implemented. High-quality implementation of IFRS (International Financial Reporting Standards) S1 and IFRS S2 is critical to the ISSB’s mission. For more information, follow: https://www.ifrs.org/groups/international-sustainability-standards-board/ Recent Articles

QM Standards Implementation Guides and Other Related Material Since the previous IRBA communication issued on 2 July 2021, QM implementation materials have been published for SAICA, IAASB and IFAC, available on the IRBA’s dedicated QM webpage: https://www.irba.co.za/guidance-for-ras/technical-guidance-for-ras/auditing-standards-and-guides/quality-management The IFAC materials are: The IFAC developed and published a three-part series that provides tips and guidance for the practical implementation of the QM standards. + Instalment One: It is time to Get Ready for the New Quality Management Standards, published on 31 October 2022 + Instalment Two: Developing a Detailed Implementation Plan, issued on 5 July 2023 + Instalment [...]

QM Standards Implementation Guides and Other Related Material Since the previous IRBA communication issued on 2 July 2021, QM implementation materials have been published for SAICA, IAASB and IFAC, available on the IRBA’s dedicated QM webpage: https://www.irba.co.za/guidance-for-ras/technical-guidance-for-ras/auditing-standards-and-guides/quality-management The IAASB materials are: +  First-time Implementation Guide for International Standard on Auditing (ISA) 220 (Revised), Quality Management for an Audit of Financial Statements (published on 17 February 2022) +   ISA 220 (Revised): Definition of an Engagement Team Fact Sheet (published on 2 May 2022) +   Fact Sheet on Quality Management and Group Audits: Highlighting Certain Aspects of Interaction between [...]

QM Standards Implementation Guides and Other Related Material Since the previous IRBA communication issued on 2 July 2021, QM implementation materials have been published for SAICA, IAASB and IFAC, available on the IRBA’s dedicated QM webpage: https://www.irba.co.za/guidance-for-ras/technical-guidance-for-ras/auditing-standards-and-guides/quality-management The SAICA materials are: +  SAICA TechTalk: The Quality Management Standards (held on 11 November 2021) +   The Implementation of the Quality Management Standards by Small and Medium-sized Practices webinar (held on 26 August 2022) +   ISQM Service Providers for Small and Medium-sized Practices webinar (held on 23 November 2022) +   SAICA and PAFA ISQM workshops on The Implementation of [...]