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IRBA_Reminder re new effective revisions and EDs due in 2024
- 22 January 2024
- Auditing and Assurance
- South African Accounting Academy
Registered auditors and others are reminded of several amendments that recently became effective.
These changes apply to the International Standards on Auditing (ISAs); the International Standards on Quality Management; certain sections of the IRBA Code of Professional Conduct for Registered Auditors (Revised April 2023); and the IRBA Pronouncements.
IRBA has provided the information on revisions and effective dates in a handy table format, with links to access the actual standards and pronouncements.
Registered auditors and others are also reminded to submit their comments on the Exposure Draft: Proposed Guide for Registered Auditors (Revised), Joint Audit Engagements, issued on 29 November 2023, by the deadline of 29 February 2024.
Click here to download the Communiqué:
https://www.irba.co.za/upload/report_files/02-Standards-Omnibus-2023.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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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 proposed as well as newly revised standards that are approved as well as when they become effective.
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Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.
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As an auditor and independent reviewer, you should be aware of proposed changes to existing standards issued by the standard-setting bodies and adopted by regulators, e.g. the IRBA.
Relevance to Your Clients:
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None