LATEST UPDATE

Exposure Draft: Proposed SAAPS 3 (Revised XXX 2026), Illustrative Reports

The Independent Regulatory Board for Auditors’ Committee for Auditing Standards has approved the issuing of the proposed South African Auditing Practice Statement (SAAPS) 3 (Revised XXX 2026), Illustrative Reports, for exposure on public comment by 7 August 2026.

The proposed SAAPS 3 (Revised) includes significant revisions to SAAPS 3, including the following.

• The incorporation of new and revised reporting requirements arising from:

• ISA 570 (Revised 2024), Going Concern
• ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
• The narrow-scope amendments to the International Standards on Quality Management (ISQMs), the ISAs and ISRE 2400 (Revised), Engagements to Review Historical Financial Statements

• The introduction of appendix 1(b)
• The inclusion of an additional illustrative report.

The proposed effective date of SAAPS 3 (Revised XXX 2026) is for audits of financial statements for periods beginning on or after 15 December 2026, with early adoption permitted.

Respondents should email their feedback to standards@irba.co.za by 7 August 2026. For any queries, email standards@irba.co.za