Technology-Related Revisions to the SAICA Code

Technology-Related Revisions to the SAICA Code

• 10 October 2024
• Ethics and Professionalism
• South African Accounting Academy

Summary:

The South African Institute Chartered Accountants (SAICA) has approved the technology-related revisions to the Code of Professional Conduct.

Article:

The revisions are principles-based and apply to all technologies to be able to withstand, to the extent possible, the ever-evolving landscape of technology transformation.

These technology-related revisions will guide the ethical mindset and behaviour of registered auditors, as they take advantage of the opportunities technology is creating and adapting to new technology. The revisions apply to the use of any technology, including, to the extent possible, future technologies.

Significant Amendments

The approved amendments focus on several key areas, including, inter alia:

• Professional Skills (Section 113);
• Confidentiality (Section 114);
• Complex Circumstances (Section 120);
• Use of Technology (Sections 300 and 320);
• Hosting (Subsection 606).

These amendments highlight the importance of professional competence and due care as well as confidentiality, and also address complexity, particularly in the context of technology-related developments.

Effective dates:

• Revisions to Parts 1 to 3 will be effective as of 15 December 2024.
• Revisions to Part 4A will be effective for audits and reviews of financial statements for periods beginning on or after 15 December 2024.
• The conforming and consequential amendments to Part 4B in relation to assurance engagements with respect to underlying subject matters covering periods of time will be effective for periods beginning on or after 15 December 2024; otherwise, these amendments will be effective as of 15 December 2024.
• Early adoption will be permitted.

Click here to download the 38-page Final Revision document:

https://saicawebprstorage.blob.core.windows.net/uploads/resources/C-Technology-related-revision-to-the-Code.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 Technology-related revisions will determine which sections of the SAICA Code must be applied by chartered accountants.
• This publication provides detail on some issues flowing forth from the recently Revised IESBA Code, and sets out the new final amendments and enhancement regarding technology-related issues. It also incorporates the SA adaptations.
• The amendments will guide the ethical mindset and behaviour of professional accountants in business and in public practice as they deal with changes brought by technology in their work processes and the content of the services they provide.
• Adherence to the Code will assist with proper application of the ethical principles.

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