Exposure Draft: Proposed SAAPS 3 (Revised), Illustrative Reports

The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards (CFAS) approved, for issue, the Exposure Draft: Proposed South African Auditing Practice Statement (SAAPS) 3 (Revised), Illustrative Reports (proposed SAAPS 3 [Revised]) in August 2023, for public comment by 30 November 2023. It is available on:

Click to access Proposed%20SAAPS%203%20ED%20Sep%202023.pdf

Depending on the comments received, the expectation is for the CFAS to approve and issue the final SAAPS in March 2024.

The proposed effective date for SAAPS 3 (Revised) is for auditors’ or independent reviewers’ reports issued for audits or independent reviews of financial statements for periods ending on or after 15 December 2024, with early adoption permitted. This aligns with the effective dates of the EAR Rule and ISA 600 (Revised).

The CFAS seeks responses to the specific questions that are set out in Section 5 of the Explanatory Memorandum. Comments, in Word format, or queries should be emailed to standards@irba.co.za by 30 November 2023.