LATEST UPDATE

Exposure Draft: Proposed SAAPS 3 (Revised XX 2025), Updates to Illustrative Auditor’s Reports

The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards (CFAS) has approved the Exposure Draft (ED): Proposed South African Auditing Practice Statement (SAAPS) 3 (Revised XX 2025), Illustrative Reports (proposed SAAPS 3 [Revised]), as a result of the IAASB’s Narrow Scope Amendments to ISA 700 (Revised), for exposure and public comment by 16 April 2025.

The proposed SAAPS 3 (Revised) outlines changes that are primarily focused on audits of financial statements for public interest entities. In addition, the IESBA Code’s transparency requirements on independence were adopted into the IRBA Code. The CFAS is expected to approve and issue the final SAAPS in September 2025.

Consequently, 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 beginning on or after 15 December 2024, with early adoption permitted.

Feedback and queries should be sent to standards@irba.co.za by 16 April 2025. To download the ED, visit the IRBA website on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/exposure-drafts-and-comment-letters