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IRBA: New! EAR Rule (Enhanced Auditor Reporting) for the Audit of Financial Statements of PIEs
- 20 September 2023
- Accounting
- South African Accounting Academy
This EAR Rule is effective for audits of financial statements of public interest entities for periods ending on or after 15 December 2024. Early adoption is permitted.
The prescription of the EAR Rule is in light of the IRBA's objective "to endeavour to protect the financial interests of South Africa through the effective and appropriate regulation of assurance conducted by registered assurance providers, in accordance with internationally recognised standards and processes". Consequently, its application is expected to provide additional transparency about the audit process, as well as promote and enhance audit quality. That should then help strengthen the reputation of the auditing profession and assist in restoring confidence in it.
The EAR Rule is prescribed pursuant to Section 10 of the Auditing Profession Act No. 26 of 2005, as amended, by notice via Government Gazette No. 49309 on 15 September 2023 (Board Notice 475 of 2023). The proposed EAR Rule was previously issued on exposure for public comment via Government Gazette No. 47061 on 22 July 2022 (Board Notice 309 of 2022).
The IRBA will also publish shortly, the following Implementation support:
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Staff Audit Practice Alert 9, Guidance on the IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest Entities; and
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Exposure Draft: Proposed SAAPS 3 (Revised), Illustrative Reports.
Click here to download the Gazetted Board Notice:
https://www.irba.co.za/upload/BN%20475%20of%202023.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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Members of IRBA should stay up-to-date with the latest developments and plans that affect registered auditors.
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IRBA Rules issued must be adhered to by all registered auditors, as non-compliance may lead to disciplinary action.
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This new EAR Rule will apply to all your PIE clients.
Relevance to Your Clients:
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None