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IESBA: Staff Q&A: Revisions to the Code Relating to the Definition of Engagement Team and Group Audit
- 22 November 2023
- Audit
- South African Accounting Academy
The Q&A publication is designed to highlight, illustrate, or explain aspects of the revisions in the Code and is intended to complement the Basis for Conclusions for the final pronouncement. It will assist firms, national standards setters, and professional accountancy organizations in adopting and/or implementing the revisions.
Contents:
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General
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Determination of the Engagement Team and Audit Team
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New Defined Terms in the Context of Group Audits
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Independence in a Group Audit Context
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Key Audit Partners
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Breach of an Independence Provision at a Component Auditor Firm
The Q&As will also assist regulators and audit oversight bodies, the corporate governance community, investors, preparers, educational bodies or institutions, and other stakeholders in understanding the revisions to the Code.
The revisions to the Code address holistically the various independence considerations in an audit of group financial statements. The revisions also deal with the independence and other implications of the changes to the definition of an engagement team in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to align with changes to the definition of the same term in the International Auditing and Assurance Standards Board’s (IAASB) International Standards on Auditing (ISAs) and International Standards on Quality Management (ISQMs.
The pronouncement is coming into effect for audits of financial statements and group financial statements for periods beginning on or after 15 December 2023, with early adoption permitted.
Click here to download the Q&A document:
Relevance to Auditors, Independent Reviewers & Accountants:
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As an accountant, auditor and independent reviewer, you need to be aware of and consider the information contained in publications by various professional bodies and standard-setters, e.g. IESBA, IAASB, etc. – so that you can apply this in the performance of your duties.
Relevance to Your Clients:
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None