Conforming and Consequential Amendments to IRBA Pronouncements: due to IAASB QMS

07 June 2022
Auditing and Assurance
South African Accounting Academy

The conforming amendments remove actual or perceived inconsistencies between the IAASB's suite of standards and the quality management standards. This, therefore, allows for the IAASB's full suite of standards to operate in conjunction with each other and without creating confusion, which is especially crucial when considering the importance of firm-level quality management to the consistent performance of quality engagements.

IRBA issued numerous updated pronouncements, which resulted from the conforming and consequential amendments to the IAASB's International Standards - these are set out in a table.

The conforming and consequential amendments to the IRBA pronouncements become effective for:

Audits and reviews of financial statements for periods beginning on or after 15 December 2022; and
Other assurance and related services engagements beginning on or after 15 December 2022.

Click here to download the Relevant amendments set out in tabular format:

https://www.irba.co.za/upload/Summary%20of%20Conforming%20and%20Consequential%20Amendments%20to%20IRBA%20Pronouncements%20Arsing%20from%20the%20IAASB%20QM%20Standards(1).pdf

Relevance to Auditors, Independent Reviewers & Accountants:

As an auditor and independent reviewer, you need to consider the IAASB’s new Quality Management Standards,
You should be aware of the relevant IRBA Pronouncements that have been aligned to conforming and consequential amendments to the Other International Standards, so that you can refer to the content during the performance of your engagements.

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