LATEST UPDATE Revised Illustrative Auditor’s Reports on Financial Statements (ISA 700 (Revised) Reports) of Medical Schemes The Independent Regulatory Board for Auditors’ Committee for Auditing Standards has approved the issue of the Revised Illustrative Auditor’s Reports on Financial Statements (International Standard on Auditing (ISA) 700 (Revised) Reports) of Medical Schemes: Appendix 5 in the Revised Guide for Registered Auditors: Assurance Engagements on the Annual Financial Statements and Annual Statutory Returns of a Medical Scheme. These reports are available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/industry-specific-guides-and-regulatory-reports/medical-schemes-engagements The South African Auditing Practice Statement 3 (Revised September 2025), Illustrative Reports, has also been updated for [...]

LATEST UPDATE Publication of Draft Conduct Standard – Requirements Relating to Securities Financing Transactions (Draft Conduct Standard) The Financial Sector Conduct Authority (FSCA) recently published a draft FSCA Conduct Standard – Requirements Relating to Securities Financing Transactions (SFT). The draft Conduct Standard adopts a principles-based approach, emphasising governance, risk management and internal control frameworks for SFT participants. Interested parties are invited to submit comments on the draft Conduct Standard and supporting documents, using the comments template published alongside the draft Conduct Standard, on or before 17 October 2025, to FSCA.RFDStandards@fsca.co.za The FSCA Communication 17 of [...]

LATEST UPDATE IAASB 2025 Handbook Available for Digital Access and Print Orders The International Auditing and Assurance Standards Board (IAASB) has released the 2025 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, available on: https://www.iaasb.org/publications/2025-handbook-international-quality-management-auditing-review-other-assurance-and-related-services The IAASB Handbook comprises the following five volumes: Volume 1: International Auditing Practice Notes, International Standards on Auditing, and International Standards on Quality Management Volume 2: International Standard on Auditing for Audits of Financial Statements of Less Complex Entities Volume 3: International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements Volume 4: International [...]

LATEST UPDATE Publication of SAAPS 3 (Revised September 2025), Illustrative Reports: Incorporating the IAASB’s Narrow Scope Amendments to ISA 700 (Revised) On 2 September 2025, the Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards approved the South African Auditing Practice Statement 3 (Revised September 2025), Illustrative Reports (SAAPS 3 [Revised September 2025]), for publication. It is available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/auditing-standards-and-guides/south-african-standards-and-practice-statements SAAPS 3 (Revised September 2025) provides practical guidance to registered auditors reporting on financial statements, both for compliance with the International Standards on Auditing (ISAs) or the International Standards on Review Engagements, as applicable, [...]

LATEST UPDATE IESBA Publishes New Guidance to Support Implementation of Standards on External Experts and Sustainability Assurance The International Ethics Standards Board for Accountants (IESBA) has released two new staff publications, effective from December 2026, to enhance understanding, and support global adoption and implementation of its ethics standard. They are: Q&As on Using the Work of an External Expert, available on: https://www.ethicsboard.org/publications/iesba-staff-questions-answers-using-work-external-expert-0 This publication provides answers to common questions, such as: Evaluating whether to use the work of an external expert How to identify an external expert The extended requirements for evaluating the objectivity of [...]

LATEST UPDATE Revised Illustrative Banks Act Regulatory Auditor’s Reports The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards (CFAS) has approved the issue of the following revised illustrative Banks Act regulatory auditor’s reports (revised illustrative regulatory reports) for use by registered auditors for banks with periods ending on or after 15 June 2025: South African and Consolidated Operations – revised illustrative regulatory reports A-I Foreign Operations (BA 610 returns) – revised illustrative regulatory reports A-H. In terms of Regulation 46(6) of the Banks Act (Act No 94 of 1990), the revised illustrative regulatory [...]

LATEST UPDATE IRBA Adopts the International Standard on Auditing 570 (Revised 2024), Going Concern On 27 July 2025, the Independent Regulatory Board for Auditors’ (IRBA) Board approved the International Standard on Auditing (ISA) 570 (Revised 2024), Going Concern, for adoption, issue and prescription for use by auditors in South Africa. It is available on: https://www.irba.co.za/upload/IAASB-ISA-570-Going-Concern-Revised.pdf The approval includes the Conforming and Consequential Amendments to Other International Standards. This Board endorsement was preceded by the International Auditing and Assurance Standards Board’s release of ISA 570 (Revised 2024) on 9 April 2025. ISA 570 (Revised 2024) introduces [...]

LATEST UPDATE IAASB Adopts New Publicly Traded Entity Definition Narrow Scope Amendments to the ISQMs, ISAs and ISRE 2400 (Revised) Published The International Auditing and Assurance Standards Board (IAASB) has released narrow scope amendments to its standards, revising the definition of listed entity, available on: https://www.iaasb.org/publications/narrow-scope-amendments-isqms-isas-and-isre-2400-revised-result-revisions-definitions-listed-entity This definition aligns with the definition in the International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics for Professional Accountants (including International Independence Standards), and will amend the International Standards on Quality Management (ISQM) and International Standards on Auditing (ISAs). In addition, amendments to International Standard on Review [...]

LATEST UPDATE FSCA Conduct Standard 2 of 2025 (RF) – Conditions Prescribed in Respect of Pension Fund Benefit Administrators (Conduct Standard) The Financial Sector Conduct Authority (FSCA) has issued FSCA Conduct Standard 2 of 2025 (RF), which prescribes conditions in respect of pension fund benefit administrators. The Conduct Standard enhances the existing framework governing benefit administrators by addressing key conduct risks and aligning their regulation with other sector-specific regulatory frameworks supervised by the FSCA. The Conduct Standard may be accessed on: https://www.fsca.co.za/Regulatory%20Frameworks/Pages/Standards.aspx more LEAFQuest Advance Your Knowledge in Auditing [...]