LATEST UPDATE

Publication of SAAPS 3 (Revised September 2025), Illustrative Reports: Incorporating the IAASB’s Narrow Scope Amendments to ISA 700 (Revised)

On 2 September 2025, the Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards approved the South African Auditing Practice Statement 3 (Revised September 2025), Illustrative Reports (SAAPS 3 [Revised September 2025]), for publication. It is available on:

https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/auditing-standards-and-guides/south-african-standards-and-practice-statements

SAAPS 3 (Revised September 2025) provides practical guidance to registered auditors reporting on financial statements, both for compliance with the International Standards on Auditing (ISAs) or the International Standards on Review Engagements, as applicable, and the legal and regulatory requirements applicable to auditors and auditor reporting in South Africa.

A public consultation process was followed. The Exposure Draft: Proposed SAAPS 3 (Revised XX 2025), Updates to Illustrative Auditor’s Reports as a result of the IAASB’s narrow-scope amendments to ISA 700 (Revised), was issued for public comment, and is available on:

https://www.irba.co.za/upload/SAAPS%203%20(Revised%20XX%202025)_ED%20_Memo.pdf

SAAPS 3 (Revised September 2025) is effective for auditor’s or independent reviewer’s reports issued for periods beginning on or after 15 December 2024.