LATEST UPDATE
IRBA Issues Feedback Statement on the Post-implementation Review of Its SAAEPS 1
Subsequent to the post-implementation review (PIR) announced in August 2023, the Independent Regulatory Board for Auditors (IRBA) has issued a Feedback Statement on South African Assurance Engagements Practice Statement (SAAEPS) 1, Sustainability Assurance Engagements: Rational Purpose, Appropriateness of Underlying Subject Matter and Suitability of Criteria.
This review, conducted in 2024, was aimed at gathering valuable insights for the benefit of the ongoing evolution of sustainability assurance discussions, and is available on the IRBA website, on:
SAAEPS 1, issued in August 2018 by IRBA’s Committee for Auditing Standards (CFAS), provides practical guidance on the preconditions for accepting a sustainability assurance engagement, as outlined in International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
The findings from this PIR will be considered by the CFAS’ Sustainability Standing Committee for the development of recommendations for potential projects for the CFAS’ approval, which will include the possible revision of SAAEPS 1.
For any queries, please email standards@irba.co.za
