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SAICA: FAQs on ISA for LCE
- 10 May 2024
- Auditing and Assurance
- South African Accounting Academy
This document consists of 26 FAQs with detailed answers.
The adoption / not of the ISA for LCE in South Africa is a dynamic topic. This document reflects information as of 3 May 2024. It will be updated to reflect significant local or international developments, as and when required.
The International Auditing and Assurance Standards Board (IAASB) published the ISA for LCE on 6 December 2023 Click here for the standard. These FAQs are intended to assist in socialising the standard in the South African context. The FAQs however do not provide implementation guidance on the standard. This document is intended to be read in conjunction with material that the IAASB has published.
In addition to the standard, the IAASB has released:
- The Basis for Conclusions
- Fact sheet
- Frequently asked questions
- An overview presentation deck
Click here to download the FAQ document:
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 proposed and revised standards 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.
- The adoption / not of the ISA for LCE in South Africa is a dynamic topic at the moment. It is important that all practitioners understand the possible impact and practical considerations once the ISA for LCE is adopted as a pronouncement in SA.