Revisions to the IRBA Code of Professional Conduct (Revised April 2023)

The Independent Regulatory Board for Auditors (IRBA) has announced revisions in the IRBA Code of Professional Conduct for Registered Auditors (Revised April 2023) (IRBA Code) related to the Final Pronouncement: Definition of Engagement Team and Group Audits.

These revisions holistically address independence considerations in an audit of group financial statements and other implications of the changes made to the definition of an engagement team. They are effective for audits and reviews of financial statements, and audits of group financial statements for periods beginning on or after 15 December 2023.

The IRBA adopted the revisions made to the International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), published in February 2023.

The final pronouncement is found on the IRBA website, available on:

https://www.irba.co.za/guidance-for-ras/ethics:-the-rules-and-the-code/the-irba-code-revised-april-2023

For any queries regarding the abovementioned revisions, please email standards@irba.co.za