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SAICA: Submission re CFAS Proposed Due Process Policy
- 12 June 2024
- Auditing and Assurance
- South African Accounting Academy
The comments are set out as follows:
- Overarching comments
- Proposed Due Process Policy (Revised March 2024): Request for Specific Comments
- Visual representation of the process of adoption of International Auditing and Assurance Standards Board (IAASB) standards in South Africa
Some of the salient comments are:
- Non-adoption of an entire IAASB pronouncement or suite of IAASB pronouncements
The South African auditing profession is currently deliberating the adoption (or not) of the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, in South Africa. The Proposed Due Process Policy does not accommodate the non-adoption of an entire IAASB pronouncement or entire suite of IAASB pronouncements. For the sake of transparency and consistency regarding the Committee for Auditing Standards (CFAS)’ processes, these scenarios should be addressed in the Due Process Policy prior to its finalisation. - Outreach regarding the reference to “ISAs (South Africa)” or other similar naming convention
Comments on the naming convention of the auditing framework in South Africa, should local amendments be made to one or more of the ISAs, are contained in Part B to this document.
Click here to download the Submission 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 revised and proposed standards (e.g. the proposed ISA for LCE) 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 – as well as relevant commentary that is made by other relevant professional bodies, such as SAICA.
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