Revisions to the definitions of Listed Entity and Public Interest Entity in the SAICA Code

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Revisions to the definitions of Listed Entity and Public Interest Entity in the SAICA Code

• 09 October 2024
• Regulatory Compliance and Legislation
• South African Accounting Academy

Summary:

The South African Institute Chartered Accountants (SAICA) has approved the Revisions to Definitions of Listed Entity and Public Interest Entity (PIE).

Article:

The revision articulates an overarching objective for additional independence requirements for audits of financial statements of PIEs and provide guidance on factors to consider when determining the level of public interest in an entity.

The contents are:

• Definitions, Including Lists of Abbreviations and Standards
• Section 400
• Section 600
• Subsection 601 - Accounting and Bookkeeping Services
• Subsection 605 - Internal Audit Services
• Subsection 606 - Information Technology Systems Services
• Subsection 609 - Recruiting Services

These revisions will be effective for audits of financial statements for period beginning on or after 15 December 2024, in line with the effective date of the IESBA Code revision. Early adoption will be permitted.

Click here to download the 15-page Final Revision document:

https://saicawebprstorage.blob.core.windows.net/uploads/resources/A-Revisions-to-the-Definitions-of-Listed-Entity-and-PIE.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• Adherence with our Code of Conduct is crucial in the performance of our duties.
• Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators and standard-setting boards, such as the SAICA, IRBA and IESBA.
• The definitions of Listed Entity and Public Interest Entity will determine which sections of the SAICA Code must be applied by chartered accountants.

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