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Exposure Draft: Proposed SAAPS 3 (Revised XXX 2026), Illustrative Reports

2026-07-01T18:51:59+02:00

LATEST UPDATE Exposure Draft: Proposed SAAPS 3 (Revised XXX 2026), Illustrative Reports The Independent Regulatory Board for Auditors’ Committee for Auditing Standards has approved the issuing of the proposed South African Auditing Practice Statement (SAAPS) 3 (Revised XXX 2026), Illustrative Reports, for exposure on public comment by 7 August 2026. The proposed SAAPS 3 (Revised) includes significant revisions to SAAPS 3, including the following. The incorporation of new and revised reporting requirements arising from: ISA 570 (Revised 2024), Going Concern ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements [...]

Exposure Draft: Proposed SAAPS 3 (Revised XXX 2026), Illustrative Reports2026-07-01T18:51:59+02:00

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

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

2025-11-28T14:16:44+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 Scepticism2025-11-28T14:16:44+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

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