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IRBA Standards: Updates to SAAPS 3 and other Illustrative Reports
- 26 June 2023
- Auditing and Assurance
- South African Accounting Academy
On 25 November 2022, the Independent Regulatory Board for Auditors (IRBA) published a communique on guidance issued by the International Auditing and Assurance Standards Board (IAASB) on narrow-scope amendments to International Accounting Standard (IAS) 1, Presentation of Financial Statements. The communique indicated that the IRBA was in the process of considering the implications of the IAASB guidance on our reporting templates and guides.
The narrow-scope amendments to IAS 1 now require preparers that use the International Financial Reporting Standards (IFRS) to disclose their "material accounting policy information", instead of "a summary of significant accounting policies". These changes to IAS 1 became effective for annual reporting periods beginning on or after 1 January 2023.
Subsequently, 3 IRBA pronouncements that contain illustrative auditor's reports have been updated:
- SAAPS 3 (Revised May 2019), Illustrative Reports
- Revised Guide for Registered Auditors (Revised November 2018), Assurance Engagements on the Annual Financial Statements and Annual Statutory Returns of a Medical Scheme
- Auditor's report template: Audit of the Financial Statements of a Large Retirement Fund (Schedule D)
The key updates made to the illustrative auditor's reports are set out in detail in this IRBA publication.
The updated IRBA pronouncements are effective for audits and reviews of financial statements ending on or after 31 December 2023, with early adoption permitted.
Click here to download the IRBA Communiqué:
Relevance to Auditors, Independent Reviewers & Accountants:
- All Registered Auditors, Independent Reviewers and other Independent Assurance Practitioners must comply with the IRBA Pronouncements that affect their reporting on relevant engagements.
- Practitioners should be aware of pronouncements that follow amendments to International Accounting Standards, such as IAS 1.
- As an Auditor & Independent Assurance Practitioner, you need to comply with the relevant reporting requirements, and must therefor refer to the latest illustrative reports for your relevant client engagements.
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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