CATEGORIES
- (2)Account / Profile
- (499)Accounting
- (6)Audit
- (125)Auditing and Assurance
- (1)Business
- (3)Business Rescue
- (66)CIPC
- (6)Compliance
- (6)Ethics and Professionalism
- (35)Financial Reporting
- (3)Guides
- (1)Individuals Tax
- (2)Law
- (36)Legal and Compliance
- (2)Management
- (12)Money Laundering
- (1)Personal & Professional Development
- (1)Practice Management
- (1)Professional Ethics
- (1)Public Sector
- (82)Regulatory Compliance and Legislation
- (29)SARS Issues
- (11)Sustainability Reporting
- (21)Tax
- (1)Tax Update
- (1)Technology
- Show All
IRBA: 4 QM rules gazetted
- 01 December 2023
- Audit
- South African Accounting Academy
The IRBA QM L&R Rules:
-
Rule 1: ‘ultimate responsibility and accountability for the system of quality management’
-
Rule 2: transparency reports
-
Rule 3: engagement quality reviewer and assistant
-
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’:
-
Rule 4 will be ‘effective for auditing financial statements for periods beginning on or after 15 December 2024’.
-
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:
-
Members of IRBA should stay up-to-date with the latest developments and notices (that have been gazetted) that affect registered auditors.
-
These new rules will impact auditors in the future – once they become effective.
Relevance to Your Clients:
-
None