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IRBA: 4 QM rules gazetted
- 01 December 2023
- Audit
- South African Accounting Academy
The IRBA QM L&R Rules:
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Rule 1: ‘ultimate responsibility and accountability for the system of quality management’
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Rule 2: transparency reports
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Rule 3: engagement quality reviewer and assistant
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Rule 4: audit documentation assembly and retention
These 4 rules have not been effective for some time, but the early adoption of each rule is nevertheless ‘permitted’:
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Rule 4 will be ‘effective for auditing financial statements for periods beginning on or after 15 December 2024’.
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Rules 1-3 will be ‘effective for audits of financial statements for periods beginning on or after 15 December 2025’.
Click here to download the Government Gazette containing IRBA BN 512 of 2023:
https://www.gov.za/sites/default/files/gcis_document/202311/49757gon512.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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Members of IRBA should stay up-to-date with the latest developments and notices (that have been gazetted) that affect registered auditors.
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These new rules will impact auditors in the future – once they become effective.
Relevance to Your Clients:
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None