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IESBA Strengthens and Clarifies Independence Requirements for Group Audits
- 28 February 2023
- Accounting
- South African Accounting Academy
The revisions also deal with the independence and other implications of the changes made to the definition of an engagement team in 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).
This final pronouncement will be effective 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 Final Pronouncement and Basis for Conclusions:
- https://www.ifac.org/system/files/publications/files/FINALP1_2.PDF
- https://www.ifac.org/system/files/publications/files/BASISF1.PDF
Relevance to Auditors, Independent Reviewers & Accountants:
- Adherence with our Code of Conduct is crucial in the performance of our duties.
- Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators and standard-setting boards, such as the IESBA.
- The Code requires Professional Accountants (PAs) to comply with the fundamental principle of professional competence and due care. The Code also requires PAs to comply with the fundamental principle of professional behavior, which in turn requires PAs to comply with relevant laws and regulations.
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
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