IFAC, TI-UK, and WEF’s PACI Review of Anti-Corruption Reporting Published The IFAC, TI-UK and WEF’s Partnering against Corruption Initiative (the Forum’s PACI) has published a comprehensive review of anti-corruption corporate reporting by the largest publicly traded companies worldwide. The report also highlights the urgent need for enhanced quality, reliability, and comparability. To access the full report, visit the IFAC website on: Go to link Recent Articles

Updates to IRBA Pronouncements Arising from Narrow-Scope Amendments to IAS 1 – SAAPS 3 and other Illustrative Reports The IRBA previously published a communiqué on guidance issued by the IAASB on narrow-scope amendments to IAS 1, Presentation of Financial Statements, effective for annual reporting periods beginning on or after 1 January 2023. Three IRBA pronouncements containing illustrative auditor's reports have been updated, including SAAPS 3, and are effective for audits and reviews of financial statements ending on or after 31 December 2023. They are available on the following links: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/auditing-standards-and-guides/south-african-standards-and-practice-statements https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/industry-specific-guides-and-regulatory-reports/medical-schemes-engagements https://www.irba.co.za/guidance-to-ras/industry-specific-guides-and-regulatory-reports/retirement-fund-reports Recent [...]

Minister of Finance Publishes Maximum Monetary Fines On 15 June 2023, Minister of Finance Enoch Godongwana gazetted the Maximum Monetary Fines, in terms of Sections 51(2) and 51B(3)(b) of the Auditing Profession Act 26 of 2005 (as amended in 2021). These maximum fine limits are not fixed, and applicable to all improper conduct committed after the amendment to the Act, i.e. after 26 April 2021. The Government Gazette concerned is available on: Go to link Recent Articles

Revisions to the IRBA Code of Professional Conduct (Revised April 2023) The IRBA announced revisions in the IRBA Code related to the Final Pronouncement: Definition of Engagement Team and Group Audits. These revisions are effective for audits and reviews of financial statements, and audits of group financial statements for periods beginning on or after 15 December 2023. The final pronouncement is found on the IRBA website, available on: https://www.irba.co.za/guidance-for-ras/ethics:-the-rules-and-the-code/the-irba-code-revised-april-2023 Recent Articles