IRBA: REMINDER: Upcoming and Newly Effective Audit-related Rules, Pronouncements and Revisions

IRBA: REMINDER: Upcoming and Newly Effective Audit-related Rules, Pronouncements and Revisions

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

Summary:

The Independent Regulatory Board for Auditors (IRBA) would like to remind registered auditors and other interested parties of the several amendments that recently became, or are soon to be, effective.

Article:

These changes apply to certain sections of the IRBA Code of Professional Conduct for Registered Auditors (IRBA Code), the IRBA Rules and the IRBA Pronouncements, including:

• Guide for Registered Auditors: Joint Audit Engagements (Revised May 2024) - Audits of financial statements for periods ending on or after 31 December 2024
• IRBA Rule: Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest Entities - Audits of financial statements for periods ending on or after 15 December 2024
• South African Auditing Practice Statement (SAAPS) 3 (Revised March 2024), Illustrative Reports - Auditor’s or independent reviewer’s reports issued for audits or independent reviews of financial statements for periods ending on or after 15 December 2024
• IRBA Staff Audit Practice Alert 9: Guidance on the IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest Entities – Audits of financial statements of public interest entities for periods ending on or after 15 December 2024
• IRBA Rule 4: Quality Management (Assembly and Retention of Audit Documentation) - Audits of financial statements for periods beginning on or after 15 December 2024
• Revisions to Listed Entity and Public Interest Entity (PIE) Definitions in the IRBA Code - Audits of financial statements for periods beginning on or after 15 December 2024
• Narrow-scope amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 260 (Revised), Communication with Those Charged with Governance as a Result of the Revisions to the IESBA Code that Require a Firm to Publicly Disclose When a Firm Has Applied the Independence Requirements for PIEs - Audits of financial statements for periods beginning on or after 15 December 2024, in line with the effective date of the revisions to the definitions of listed entity and public interest entity in the IRBA Code
• Revisions to the IRBA Code - Technology-related Revision – Revisions to Parts 1 to 3 that are effective as of 15 December 2024:
  • Revisions to Part 4A, which are effective for audits and reviews of financial statements for periods beginning on or after 15 December 2024.
  • Conforming and consequential amendments to Part 4B that are effective for periods beginning on or after 15 December 2024; otherwise, effective as of 15 December 2024
• Revisions to the IRBA Code Addressing Tax Planning and Related Services – Effective for tax planning services beginning after 30 June 2025, with early adoption permitted

Click here to download the document:

https://www.irba.co.za/upload/01_%20Standards%20Omnibus%202025.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 proposed as well as newly revised standards, rules and guidelines 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.
• As an auditor and independent reviewer, you should be aware of proposed changes to existing standards, rules and guidelines issued by the standard-setting bodies and adopted by regulators, e.g. the IRBA.

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