IRBA Undertakes a Post-implementation Review of its SAAEPS 1 In the last quarter of 2023, the IRBA is embarking on a post-implementation review to inform and direct the discussions on sustainability assurance. In August 2018, the IRBA's Committee for Auditing Standards approved and issued SAAEPS 1, Sustainability Assurance Engagements: Rational Purpose, Appropriateness of Underlying Subject Matter and Suitability of Criteria (SAAEPS 1). SAAEPS 1 is available on PDF and Word on the IRBA website: https://www.irba.co.za/guidance-for-ras/technical-guidance-for-ras/other-assurance/assurance-on-sustainability-reports For any queries, email standards@irba.co.za Recent Articles

IESBA Publishes Interactive 2022 Annual Report The IESBA has released its 2022 Annual Report, Reinforcing Ethics and the Public Interest in a Rapidly Evolving World, available on: https://www.ethicsboard.org/publications/2022-iesba-annual-report?utm_source=Main+List+New&utm_campaign=9c0bbb5a0b-EMAIL_CAMPAIGN_2023_07_31_10_57&utm_medium=email&utm_term=0_-9c0bbb5a0b-%5BLIST_EMAIL_ID%5D It presents a board in transition, aiming to further strengthen the Code. The 2022 IESBA Report features an overview of the Board’s extensive outreach efforts to stakeholders, and to promote global adoption, and effective implementation of the Code. Recent Articles

IFAC Emphasises Importance of Multilingual Materials IFAC plays a vital role in driving the development, adoption, and implementation of transparent and high-quality international standards, used by professional accountants. The federation takes proactive steps to address access to translations in local languages by providing translation support and engaging with donors. The World Bank recently extended significant financial support to expanding accessibility of certain materials into Spanish and French. For more details, contact Michelle Brody on: MichelleBrody@ifac.org or permissions@ifac.org Recent Articles

The IASB issues amendments to IAS 21 The IASB recently issued amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates, effective for annual reporting periods beginning on or after 1 January 2025. For further information on the new requirements and their benefits, watch the webcast on: https://www.ifrs.org/projects/completed-projects/2023/lack-of-exchangeability-research/webcast-lack-of-exchangeability-amendments-to-ias-21/ The amendments will be consolidated into IAS 21 and IFRS 1 in March 2024, when they will be available for users with free website registration. Recent Articles

FIC Issues Guidance on the Definition of Trust and Company Service Providers FIC recently published public compliance communication 6A (PCC 6A), in response to the amended Schedule 1 to the FIC Act, contained in Government Gazette, No. 47596, of 29 November 2022, which came into effect on 19 December 2022. This communication provides guidance on the interpretation of Schedule 1, item 2 accountable institutions, namely trust company service providers. It is available on: https://www.fic.gov.za/Documents/PUBLIC%20COMPLIANCE%20COMMUNICATION%20No6A.pdf Recent Articles

An Alert on the Latest Publications from the LPFF The latest publications from the LPFF are: a. Legal practitioners paying Section 86(2) and (3) trust interest due to the LPFF to the incorrect bank accounts, available on: https://www.fidfund.co.za/wp-content/uploads/2023/07/Section-862-and-3-Manual-Trust-Interest-Payments.pdf b. List of banks that have entered into banking arrangements with the LPFF, available on: https://www.fidfund.co.za/wp-content/uploads/2023/06/List-of-banks-that-have-entered-into-a-banking-arrangements-with-the-LPFF.pdf c. Payment of trust interest accrued on trust accounts held, available on: https://www.fidfund.co.za/wp-content/uploads/2023/07/Payment-of-trust-interest-accrued-on-trust-accounts-to-the-LPFF-in-terms-of-LPA-and-LPC-Rules.pdf d. Payment of unclaimed and unknown trust monies, , available on: https://www.fidfund.co.za/wp-content/uploads/2023/06/Payment-of-Unclaimed-and-Unknown-trust-monies-in-terms-of-Section-87_4-of-the-LPA.pdf e. Revised application for the refund of bank charges and audit fees form, available on: https://www.fidfund.co.za/wp-content/uploads/2023/06/Revised-Application-for-Refund-of-Bank-Charges-and-Audit-Fees-Form.pdf f. Registered [...]

Reminder: New Illustrative Reports Approved for Use by Independent Assurance Practitioners Reminder!! On 1 March 2023, the CFAS approved the issue of illustrative reports to be used by independent assurance practitioners, in terms of the Property Practitioners Act of 2019 (Act No. 22 of 2019), for the year-end of property practitioners on or after 28 February 2023. These reports are due on or before 31 August 2023. Please also refer to the communication issued by the PPRA, on: https://theppra.org.za/article/audit_compliance_2023_new_illustrative_trust_account_audit_reports  The reports may be downloaded on: https://www.irba.co.za/guidance-to-ras/industry-specific-guides-and-regulatory-reports/estate-agents-trust-account-report Recent Articles

New guidance for delivering greenhouse gas reporting New guidance to help professional accountants and finance professionals deliver robust greenhouse gas reporting has been released by the IFAC and We Mean Business Coalition, in partnership with Accounting for Sustainability, Global Accounting Alliance and World Business Council for Sustainable Development. The first and second parts of the guidance are available on the following link: First & Second Parts of the Guidance Recent Articles

IFAC Applauds Release of ISSB's First Two Sustainability Standards IFAC supports the establishment of the ISSB to develop a global baseline of sustainability disclosures, endorsed by IOSCO, and used around the world. The goal is a global system for sustainability information that can be complemented by local standards or broader public policy needs. To access the two standards, follow the link below: Access Standards Recent Articles

SAICA Anti-Money Laundering Portal Launched SAICA’s Anti-Money Laundering (AML) Portal is live and accessible to all SAICA members. This online platform provides information and resources on AML practices, and a wide range of content. It is available on: https://www.saica.org.za/anti-money-laundering-aml For any questions or further assistance, please log a query on the Member Portal at: https://my.saica.co.za/ Recent Articles