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IRBA Code: Revised definitions of Listed Entity and Public Interest Entity
- 06 February 2023
- Accounting
- South African Accounting Academy
The IRBA adopted the International Ethics Standards Board for Accountants (IESBA) Code, published in 2018, together with South African enhancements. Since then, the IRBA Code has continued to track changes in the IESBA Code and has been updated for those developments, following a local due process and adoption by the IRBA Board. Local adaptations of the IESBA Code are reflected in the IRBA Code as underlined and in italics.
A listed entity is now referred to as a publicly traded entity.
Paragraphs 400.8 and 400.9 of the Code were edited, and paragraph 400.10 was inserted.
Paragraphs R400.17, R400.17 A1, R400.17 SA, R400.18, R400.18 A1, R400.18 A2, R400.19 A1, R400.20 and R400.21 of the Requirements and Application Material were inserted, and paragraph R400.18 SA was edited.
The following is also briefly discussed:
- Background
- IESBA Amendments and the Process Followed in South Africa
- Rationale for the Proposed Amendments to the IRBA Code
Comments deadline is 3 April 2023.
Respondents are requested to submit their comments electronically, in Word and PDF formats, to Imran Vanker, Director Standards, by emailing standards@irba.co.za.
The Proposed Effective Date (depending on the comments received), is that the proposed amendments to the PIE provisions in the IRBA Code will be effective for audits of financial statements for periods beginning on or after 15 December 2024, in line with the effective date of the IESBA Code revisions. Early adoption will be permitted.
Click here to download the Exposure Draft:
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 IRBA and IESBA.
- The definitions of Listed Entity and Public Interest Entity will determine which sections of the IRBA Code must be applied by auditors and accountants.
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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