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Three Trends Shaping the South African Audit Profession

2026-09-03T16:14:20+02:00

What’s News? As 2026 gets underway, the audit profession in South Africa continues to experience high expectations, scrutiny, and an environment that is evolving more rapidly than many firms would like. Several clear trends are shaping how audit firms need to adapt this year. Audit quality is no longer a project Audit quality remains firmly in the spotlight, particularly through IRBA inspections, investigation of complaints, and the successful issue of fines, with or without disciplinary hearings. Firms that do not embed audit quality in their leadership culture, and do not apply the appropriate resources to aggressively improve to [...]

Three Trends Shaping the South African Audit Profession2026-09-03T16:14:20+02:00

Recap of 2025

2026-09-03T16:14:22+02:00

As we come to the close of 2025, it’s appropriate to reflect on key articles and updates communicated throughout the year. In this article, we identify key takeaways and focus areas for 2026.   Articles The following topics were addressed in the monthly articles issued during 2025: Updates to requirements Audit quality findings Practical application guidance Changes in SAICA Training Regulations (January) Bending the Rules (February) Proactive Audit Quality: A Continuous Improvement Approach under ISQM 1 (March) Audit of Body Corporates and Homeowners’ Associations (April) Professional Scepticism [Business rationale for significant transactions (journal [...]

Recap of 20252026-09-03T16:14:22+02:00

IRBA Adopts the International Standard on Auditing 240 (Revised)

2026-09-03T16:14:23+02:00

LATEST UPDATE IRBA Adopts the International Standard on Auditing 240 (Revised) The Independent Regulatory Board for Auditors (IRBA) announced the adoption, issue and prescription of the International Standard on Auditing (ISA) 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements (ISA 240 (Revised)), for use by registered auditors in South Africa. This follows the International Auditing and Assurance Standards Board’s (IAASB) release of ISA 240 (Revised) in July 2025. Recent high-profile corporate failures have intensified the public scrutiny of auditors’ responsibilities relating to fraud. As a result, the IAASB undertook [...]

IRBA Adopts the International Standard on Auditing 240 (Revised)2026-09-03T16:14:23+02:00

Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism

2026-09-03T16:14:26+02:00

LATEST UPDATE Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism This publication provides insights into practices, guides and considerations that can help external auditors exercise, and maintain their professional scepticism effectively during the audit. It discusses the auditor’s responsibilities to exercise professional scepticism as required by the Public Company Accounting Oversight Board (PCAOB) standards in the US. The publication is available on: https://antifraudcollaboration.org/rota-fraud-exercising-and-maintaining-professional-skepticism/ more LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests List [...]

Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism2026-09-03T16:14:26+02:00

IAASB Technology Position: Technology Catalogue of Issues and Possible Actions

2025-11-28T14:08:38+02:00

LATEST UPDATE IAASB Technology Position: Technology Catalogue of Issues and Possible Actions As part of the IAASB’s Technology Position, ongoing gap analyses are conducted to ensure standards keep pace with technological developments. This Technology Position is available on: https://www.iaasb.org/publications/technology-position-statement The findings of these analyses are captured in this Catalogue of Issues and Possible Actions. This living document serves as the IAASB’s cross-functional repository for technology-related issues, drawing on stakeholder feedback, outreach activities, and other inputs. It is updated at least semi-annually, or more frequently as needed. The catalogue supports a holistic approach to technology-related developments [...]

IAASB Technology Position: Technology Catalogue of Issues and Possible Actions2025-11-28T14:08:38+02:00

Pending Disciplinary and Finalised Investigation Matters

2025-11-26T12:21:36+02:00

LATEST UPDATE Pending Disciplinary and Finalised Investigation Matters In the latest issue of IRBA News, Issue 71, six disciplinary matters pending disciplinary hearings and 16 finalised investigation matters were reported. Current open matters involve eight categories of improper conduct. The most common charge remains insufficient appropriate audit evidence. Other frequent charges include dishonesty and integrity issues, as well as failure to exercise due care and skill. In several investigation matters, among others, sufficient, appropriate audit evidence was not obtained for material balances and disclosures; material misstatements were not appropriately identified, evaluated and addressed; a risk [...]

Pending Disciplinary and Finalised Investigation Matters2025-11-26T12:21:36+02:00

External Auditor Assessment Tool: A Tool for Audit Committees

2025-11-26T12:27:04+02:00

LATEST UPDATE External Auditor Assessment Tool: A Tool for Audit Committees The Centre for Audit Quality (CAQ) issued a targeted assessment tool that audit committees can use to evaluate whether to retain the external auditor. The questionnaire focuses on four key areas: service quality and resources, communication effectiveness, and the auditor’s independence and objectivity. Constructive, two-way dialogue with the auditor strengthens audit quality and committee oversight. The evaluation should cover the auditor’s qualifications, firm-wide quality practices, transparency, and professional scepticism. The tool is available on: https://www.thecaq.org/external-auditor-assessment-tool-a-tool-for-audit-committees/ more LEAFQuest Advance [...]

External Auditor Assessment Tool: A Tool for Audit Committees2025-11-26T12:27:04+02:00

Improving Audit Quality

2022-05-30T16:01:59+02:00

Improving Audit Quality Annually, audit firms invest vast quantities of blood, sweat and tears in delivering quality auditing and related services to their clients. Yet, audit regulators still report many common audit quality deficiencies in their annual inspections reports, most of which are repeat findings. It is important to root out the causes to make lasting improvements to audit quality, which, in turn, will lead to efficient and profitable firms. Firm-level deficiencies – quality system Firm-wide deficiencies reported on by audit regulators mainly revolve around firm leadership, engagement performance and independence issues. While some improvements have [...]

Improving Audit Quality2022-05-30T16:01:59+02:00

Review of Audit Files

2021-09-19T17:17:03+02:00

Review of Audit Files In many instances, the review of audit files by audit managers and partners has become more of a chore than an effort to add value and ensure audit quality. Many audit failures might have been prevented, if a thorough review were performed prior to signing the audit report. Performing timely reviews is critical and additional peace of mind may be gained when auditing a higher-risk client, by adding a safeguard in the form of an EQCR or independent file review on higher risk audits. Review basics The key to quality [...]

Review of Audit Files2021-09-19T17:17:03+02:00

Risk and Sample Sizes

2021-09-19T17:36:19+02:00

Risk and Sample Sizes The whole focus of an audit hinges on the risk of material misstatement, and the limited resources and time to detect any misstatement. Therefore, the risk of misstatement is assessed, and limited testing performed based on the risk assessed and the measure of accuracy of the results of the tests desired. ISA315 (and its revision) steers clear of explaining the practicalities of applying risk assessment to sample sizes and the audit approach. In this article, we attempt to address this gap. [...]

Risk and Sample Sizes2021-09-19T17:36:19+02:00

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