IRBA: IAASB Handbooks adopted

IRBA: IAASB Handbooks adopted

• 09 January 2025
• Auditing and Assurance
• South African Accounting Academy

Summary:

The Independent Regulatory Board for Auditors (IRBA) has adopted the International Auditing and Assurance Standards Board’s (IAASB) 2023-2024 Handbooks of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements.

Article:

The Independent Regulatory Board for Auditors (IRBA) draws the attention of all registered auditors to Board Notice No. 690 of 2024 (Government Gazette No. 51636) titled “The Adoption of the International Auditing and Assurance Standards Board’s (IAASB) 2023-2024 Handbooks of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements in terms of the Auditing Profession Act 26 of 2005, as amended”.

To that end, the IRBA has resolved to adopt, issue and prescribe the following publications:

1. Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2023-2024 Edition, Volume 1
2. Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2023-2024 Edition, Volume 3
3. Supplement to the Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2023-2024 Edition, Volume 4

The latest edition of the handbook also includes the International Standard on Auditing (ISA) 600 (Revised), Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors).

Volume 2 (containing the ISA for LCE) of the Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2023-2024 Edition, has not been adopted, issued or prescribed for use in South Africa.

The South African Institute of Chartered Accountants (SAICA) will also publish the IRBA auditing pronouncements in the 2024/2025 SAICA Student Handbook.

The relevant Volumes of the new 2024 IAASB Handbook can be downloaded as follows:

• Volume 1 – International Auditing Practice Notes, International Standards on Auditing, and International Standards on Quality Management – download at https://ifacweb.blob.core.windows.net/publicfiles/2024-08/IAASB-2023-2024-Handbook-Volume-1.pdf
• Volume 3 – International Standards on Assurance Engagements, International Standards on Review Engagements, and International Standards on Related Services – download at https://ifacweb.blob.core.windows.net/publicfiles/2024-08/IAASB-2023-2024-Handbook-Volume-3.pdf
• Volume 4 – A Framework for Audit Quality and the International Framework for Assurance Engagements – download at https://ifacweb.blob.core.windows.net/publicfiles/2024-08/IAASB-2023-2024-Handbook-Volume-4.pdf

OR the webpage can be accessed at https://www.iaasb.org/news-events/2024-08/new-iaasb-handbook-now-available-digital-access-and-print-orders

Click here to download the IRBA Communiqué:

https://www.irba.co.za/upload/61_%20IAASB%20Handbooks.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services, and thus you need knowledge of newly revised standards that are approved as well as when they become effective.
• Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.
• Auditors, Independent Reviewers and Accountants should be aware of the latest versions of handbooks containing standards issued by regulators and standard-setting boards, such as the IAASB Handbook, and when these are adopted by IRBA for application in South Africa.

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