Proposed Revised Due Process Policy for the Development, Adoption and Issue of Quality Management, Auditing, Assurance and Related Services Pronouncements

Proposed Revised Due Process Policy for the Development, Adoption and Issue of Quality Management, Auditing, Assurance and Related Services Pronouncements

• 28 March 2024
• Auditing and Assurance
• South African Accounting Academy

Background

This proposed policy serves the public interest by facilitating an understanding of the CFAS' objectives and operating procedures in the development, adoption and issue of high-quality standards on quality management, auditing, review, other assurance and related services, as well as pronouncements that are relevant, internationally comparable and issued by the IRBA.

Previously, the CFAS had recommended the issuing of the Exposure Draft: Proposed Due Process Policy for the Development, Adoption and Issue of Quality Management, Auditing, Review, Other Assurance and Related Services Pronouncements (Revised November 2022) on 30 November 2022, with comments required to be submitted by 30 March 2023.

Proposed Revised Due Process Policy

The important comments that were raised during that initial exposure period, including our response thereto, are now reflected in this revised exposure draft.
Consequently, this proposed Revised Due Process Policy was updated for the following:

1. The due process to be followed for making limited modifications to the International Auditing and Assurance Standards Board (IAASB) International Standards, as detailed in paragraphs 33-69; and
2. The need for renaming the International Standards Framework in South Africa (i.e. the continued reference to the International Standards on Auditing (ISAs) in the context of audit engagements), should local modifications to the International Standards be made.

To enhance the readability and comprehension of the entire text, the CFAS has provided the complete content for convenience. 
The CFAS seeks responses to the specific questions that are set out in the Explanatory Memorandum section of the publication. Respondents are requested to direct their attention and comments specifically to the paragraphs that are not shaded in grey, as those are the sections open for public comment.

Deadline for comments is 31 May 2024.

Click here to download the Proposed Policy document:

https://www.irba.co.za/upload/Proposed%20CFAS%20Due%20Process%20Policy%20(Revised%20March%202024).pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• This proposed Revised Due Process Policy serves the public interest by facilitating an understanding of the CFAS’ objectives and operating procedures in the development, adoption and issue of high-quality standards on Quality Management, Auditing, Review, Other Assurance and Related Services Standards, and pronouncements developed by the CFAS, which are relevant, internationally comparable and issued by the IRBA.

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