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SAICA: Comments on Exposure Draft: Proposed International Standard on Auditing 240 (Revised)
- 03 July 2024
- Accounting
- South African Accounting Academy
The responses to the questions posed in the explanatory memorandum contain suggestions to enhance clarity on certain proposals to facilitate consistent application of the standard.
In general, SAICA supports the improvements and changes made to the standard. SAICA would like to encourage the IAASB to bring to the attention of the International Accounting Standard Board (IASB) the responsibilities the preparers of the financial statements have towards fraud so that fraud is not perceived to be an auditors’ issue alone. It is recommended that this be elevated in the financial statements.
SAICA has set out detailed comments on aspects that they agree on and disagree with.
Click here to download the 17-page Submission document:
https://saicawebprstorage.blob.core.windows.net/uploads/resources/SAICA_submission_ED_ISA_240.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 newly revised and proposed standards (in this case proposed ISA 240) 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.
- Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators and standard-setting boards, such as the IAASB.
- Practitioners should also be aware of commentary published on proposed auditing standards by other stakeholder professional bodies, such as SAICA.