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IRBA Code of Conduct published: Nov 2024 edition
- 10 December 2024
- Auditing and Assurance
- South African Accounting Academy
Summary:
The IRBA draws the attention of all registered auditors to the publication of the latest edition of the IRBA Code of Professional Conduct for Registered Auditors (Revised November 2024).
Article:
This IRBA Code applies to all registered auditors (firms and individuals), regardless of whether their status is recorded in the IRBA's register as assurance or non-assurance.
It includes only previously gazetted amendments and revisions, with no changes to their effective dates. Specifically, this November 2024 edition now incorporates:
- The revisions relating to:
- the definitions of a listed entity and public interest entity, and
- technology.
The revisions become effective for audits of financial statements for periods beginning on or after 15 December 2024; and
- Changes to the definitions of “audit client” and “group audit client” arising from the approved revision to the definition of a listed entity that become effective for audits of financial statements and group financial statements for periods beginning on or after 15 December 2024.
Registered Auditors are reminded of the supporting implementation materials for the following - with links, as set out in the IRBA Communiqué:
- Overview of the IESBA Code https://www.irba.co.za/upload/Overview%20of%20Code%20-%202024.pdf
- Revisions to the Definitions of Listed Entity and Public Interest Entity in the IRBA Code
- Technology-related amendments to the IRBA Code
- Changes to the definitions of “audit client” and “group audit client”
Access the IRBA Communiqué at https://www.irba.co.za/upload/report_files/51.-IRBA-Code-2024.pdf
The IRBA Code is applicable to all registered auditors. A contravention of, or failure to comply with, any requirements in the IRBA Code may be regarded as improper conduct within the ambit of Section 21 of the Auditing Profession Act, No. 26 of 2005, as amended (APA) or the IRBA Rules Regarding Improper Conduct. As such, a contravention of, or failure to comply with, any requirements in the IRBA Code may be investigated and, if appropriate, the registered auditor might be charged in terms of Section 48 of the APA.
Click here to download the document:
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 pronouncements, publications and guidance issued by regulators and standard-setting boards, such as the IRBA and IESBA.
- A contravention of, or failure to comply with, any requirements in the IRBA Code may be regarded as improper conduct within the ambit of Section 21 of the Auditing Profession Act, as amended or the IRBA Rules Regarding Improper Conduct. As such, a contravention of, or failure to comply with, any requirements in the IRBA Code may be investigated and, if appropriate, the registered auditor might be charged in terms of Section 48 of the APA.
- The previously gazetted amendments and revisions will determine which sections of the IRBA Code must be applied by auditors and accountants.