Application of the ISAs: Updated FAQs by SAICA

23 September 2022
Accounting
South African Accounting Academy

The previous update to these FAQs were done in February 2022.

The following existing FAQs updated and published in Aug 2022:

FAQ 6: References to the use of electronic signatures in terms of the IRBA Code were included in the FAQ.
FAQ 10: Revised for ISA 315 (Revised 2019)
FAQ 11: Subsection 11.4 Consideration of controls over the preparation and maintenance of IPE was added to the FAQ.
FAQ 12: Limited editorial clarifications added to the illustrative example

This document is non-authoritative.

Click here to download the FAQ Document:

https://saicawebprstorage.blob.core.windows.net/uploads/resources/AssuranceFAQs.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services, and thus you need knowledge of newly revised standards that are approved as well as when they become effective.
Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.
Although specific references to the ISAs have been included in this document, the auditor is still required to have an understanding of the entire text of the ISAs to assess whether or not any particular FAQ is relevant to an engagement, and if so, to enable the auditor to apply all the requirements of the particular ISAs properly.
The concepts of professional scepticism and professional judgement should be applied in all the scenarios described in the FAQs. The different approaches presented are not necessarily the only acceptable approaches. The auditor must obtain sufficient appropriate audit evidence in the circumstances of a particular audit in accordance with the requirements of the ISAs relevant to the audit

To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update

Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more:
https://cpd.accountingacademy.co.za.