IESBA Launches the Post-Implementation Review of the Long Association International Independence Standard

11 May 2021
Accounting
South African Accounting Academy

The IESBA's Long Association Post-Implementation Review (LAPIR) Working Group has developed this questionnaire to inform its consideration of the implications of the expiration of the transitional provision contained in paragraph R540.19 of the long association provisions of the Code (Phase 1 of the LAPIR).

This review is being undertaken before the "jurisdictional provision" in the standard expires for audits of financial statements for periods beginning on or after 15 December 2023. The jurisdictional provision permits respective jurisdictions to apply a cooling-off period of less than five years, subject to specified conditions.

An update of the LAPIR was released in March 2021.

Registered auditors were previously advised to consider Section 92 of the South African Companies Act, 2008 (Act 71 of 2008), when reading the jurisdictional provision paragraph (R540.19) of the IRBA Code, which relates to a Position where a Shorter Cooling-off Period is Established by Law or Regulation.

Responses are requested by 31 May 2021, using the “Submit a Comment” link.

Click here to access the questionnaire:

https://www.ethicsboard.org/publications/iesbas-long-association-post-implementation-review-lapir-questionnaire

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