Publication of South African Auditing Practice Statement 3 (Revised March 2024), Illustrative Reports, Incorporating Enhanced Auditor Reporting Requirements

On 6 March 2024, the Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards approved the South African Auditing Practice Statement (SAAPS) 3 (Revised March 2024), Illustrative Reports for publication.

The main reason for revising SAAPS 3 (Revised March 2024) was to incorporate the IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest Entities (PIEs) (EAR Rule) into the illustrative reports. The EAR Rule is available on:
https://www.irba.co.za/guidance-for-ras/general-guidance/enhanced-auditor-reporting-ear

This SAAPS 3 (Revised March 2024) is effective for auditor’s or independent reviewer’s reports issued for audits or independent reviews of financial statements for periods ending on or after 15 December 2024, with early adoption permitted. SAAPS 3 (Revised March 2024) is available on:
https://www.irba.co.za/upload/SAAPS%203%20(Revised%20March%202024)%20Final%20Pronouncement(1).pdf