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Photographic Evidence

2026-04-01T10:31:09+02:00

When an auditor obtains photographic evidence to support audit procedures, the requirements for audit evidence need to be considered, i.e. Sufficient and appropriate Relevant and reliable Accurate and complete Sufficiently precise for purpose It should be kept in mind that evidence is persuasive, rather than conclusive. ISA 200 para 5: ‘As the basis for the auditor’s opinion, ISAs require the auditor to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. Reasonable assurance is a high level of assurance. It is [...]

Photographic Evidence2026-04-01T10:31:09+02:00

Key Audit Issues and Emerging Trends in Financial Reporting Compliance

2026-03-31T16:37:47+02:00

Your Content Goes Here Verification of compliance with the financial reporting framework Auditors frequently make use of disclosure checklists to verify compliance with the requirements of the relevant financial reporting framework. When making use of such checklists, it is very important to document the auditor’s considerations in support of the ‘Yes’, ‘No’ or ‘N/A’ answers provided. If there is no or insufficient support documented, the audit work is not re-performable, which is non-compliant with ISA 230 and makes it very difficult to check whether conclusions documented are correct under the circumstances. Incorrect conclusions regarding compliance with the financial reporting [...]

Key Audit Issues and Emerging Trends in Financial Reporting Compliance2026-03-31T16:37:47+02:00

Recap of 2025

2026-02-03T14:48:19+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 20252026-02-03T14:48:19+02:00

Applying Ethics in Practice Webinar

2025-11-04T13:41:10+02:00

Back by popular demand. A practical ethics webinar for accounting and audit professionals. What You Will Learn Ethics plays a fundamental role in acting in the public interest and delivering quality audit services. Ethics also forms an integral part of the audit profession’s code of conduct and requires proper knowledge by all participants in the profession. Auditors can only apply an appropriate level of professional scepticism during audits, if they are independent. It is, therefore, crucial for auditors to always be aware of the latest changes in the ethics landscape, and understand how to apply [...]

Applying Ethics in Practice Webinar2025-11-04T13:41:10+02:00

Audit Issues & Trends to Consider

2025-07-30T16:45:33+02:00

Audit Issues & Trends Your Content Goes Here Audit issues and trends to consider: Auditing accounting estimates Every set of financial statements contains accounting estimates made by management. Estimates may, however, contain an element of management bias, and the auditor should remain aware of this possibility. It is, therefore, important for the auditor to critically assess the risk of material misstatement, possible management incentives to commit fraud, and other indicators of bias related to these estimates, as well as the consistency of the methods applied, and to perform appropriate procedures to respond to the risks identified, applying professional [...]

Audit Issues & Trends to Consider2025-07-30T16:45:33+02:00

Failure To Attract

2022-09-13T14:30:05+02:00

Your Content Goes Here Audit firms are struggling to attract talent. Not only in South Africa, but globally, audit firms and Professional Accounting Organisations (PAOs) are losing their appeal for suitable candidates. In their publication, Accountancy education ecosystems are complex. Our ability to attract potential accountants suffers, IFAC highlights the following education-specific challenges in certain regions: • University curricula are not consistently aligned to International Education Standards (IES) and/or PAO expectations, which impacts graduate quality and pass rates in professional exams. • Limited appreciation among students of the wide variety of opportunities for professional accountants and the broader role [...]

Failure To Attract2022-09-13T14:30:05+02:00

Group audits 3 of 3 – Joint Audits

2022-05-30T16:01:46+02:00

Group audits 3 of 3 – Joint Audits Group audits represent some of the most risky audits to undertake, as most public interest audits comprise the audit of groups of companies. However, the standards and audit principles relevant to group audits do not always receive the detailed attention they deserve, This article addresses audit procedures relating to joint audit engagements, which are often relevant to group audits, and should be read in conjunction with parts 1 and 2 to reach an understanding of group audits as a whole. It addresses key requirements which auditors would be wise [...]

Group audits 3 of 3 – Joint Audits2022-05-30T16:01:46+02:00

Audit of legal practitioners’ business accounts

2021-09-19T17:15:37+02:00

Newsletter June Audit of legal practitioners’ business accounts Audit requirements relating to the business financial statements of legal practitioners practicing in companies have been clarified. In October 2019, the Companies and Intellectual Property Commission (CIPC) issued a notice of the withdrawal of the non-binding opinion pertaining to Regulation 28(2)(a) of the Companies Regulations 2011 to the Companies Act 2008. This opinion applied to legal practitioners who are registered as companies, in terms of the Companies Act, and considered whether the holding of assets in the legal practitioners’ trust accounts is regarded as part of the ordinary [...]

Audit of legal practitioners’ business accounts2021-09-19T17:15:37+02:00

Internal Control – We revisit the concepts

2021-09-19T17:36:44+02:00

Internal Control – We revisit the concepts When thinking about internal control, and its relationship to risk assessment and the ISA 315 standard, we consider it equal to a first-year university auditing subject, and not really an area of concern when it comes to compliance and regulation, since most small-to-medium sized firms insist on following a substantive approach in auditing and do not give internal control as a risk assessment tool the required attention. Important definitions and concepts The definitions of the concepts and [...]

Internal Control – We revisit the concepts2021-09-19T17:36:44+02:00

Assembly and Lockdown of the Audit File

2020-06-22T08:45:40+02:00

Assembly and Lockdown of the Audit File Typically, the audit engagement reaches its climax upon signing the audit report and related documents, and delivery to the client. Habitually, and due to human nature, auditors tend to consider the job done and the procedures needed to be performed in compliance with audit standards, already completed. There are three types of possible actions after the audit report date, namely 1. Audit Procedures Before we look at the type of audit procedures that may be warranted after [...]

Assembly and Lockdown of the Audit File2020-06-22T08:45:40+02:00

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