LATEST UPDATE

Publication of the South African Auditing Practice Statement 7, Transparency Reports of Firms that Audit Financial Statements of Publicly Traded Entities

The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards has approved the South African Auditing Practice Statement (SAAPS) 7, Transparency Reports of Firms that Audit Financial Statements of Publicly Traded Entities Audit Engagements (SAAPS 7) for publication, available on:

https://www.irba.co.za/upload/SAAPS%207%202024.pdf

The aim of SAAPS 7 is to assist firms that audit financial statements of publicly traded entities to achieve compliance with paragraphs 33(d)(ii) and A114 of the 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; and to conform to the regulatory requirement applicable to firms in South Africa, relating to the content and format of a firm’s transparency report.

A video relating to the publication of SAAPS 7 may be viewed on the IRBA webpage.

This SAAPS 7 is effective for transparency reports prepared and published on or after 15 December 2025, with early adoption permitted.