Exposure Draft: Proposed South African Auditing Practice Statement 7

The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards (CFAS) has approved for issue the Exposure Draft: Proposed South African Auditing Practice Statement (SAAPS) 7, Transparency Reports of Firms that Audit Financial Statements of Publicly Traded Entities Audit Engagements, available on:
https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/exposure-drafts-and-comment-letters

The Exposure Draft (ED) was approved for exposure in March 2024, for public comment by 15 June 2024.

International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, requires that a firm communicates relevant and reliable information to external parties. For certain firms, transparency reports are an appropriate tool to achieve that ISQM 1 objective. Examples are available on the IRBA website, on:
https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/exposure-drafts-and-comment-letters

The CFAS will approve the SAAPS in August 2024 and issue the final version thereafter.

Comments, in Word format, should be submitted via email to standards@irba.co.za by 15 June 2024.