IRBA Newsletter 27

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STANDARDS
Committee forAuditing Standards (CFAS)
Revised Guide for Registered Auditors: Reporting on
Financial Information contained in Interim, Preliminary,
Provisional and Abridged Reports required by the JSE
Listings Requirements
The Guide for Registered Auditors: Reporting on Financial
Information contained in Interim, Preliminary, Provisional and
Abridged Reports required by the JSE Listings Requirements
(Revised September 2014) (the revised JSE Reporting Guide)
was approved for issue at theAugust 2014 CFASmeeting.
This revised JSE Reporting Guide contains minor conforming
amendments arising from the recent changes made to the JSE
Listings Requirements. These changes were announced by
the JSE through Board Notice 108 of 2014 as published in
Government Gazette No. 37954. The effective date of the
amendments to the JSE Listings Requirements and therefore
the revised JSEReporting Guide was 30 September 2014.
The revised JSE Reporting Guide is available in both PDF and
Word format and may be downloaded from the IRBA website
at .
It is expected that the new and revised ISAs will be effective for
audits of financial statements for periods beginning on or after
15 December 2015.
In response to the proposed new and revised standards on
auditor reporting, the CFAS approved the following projects:
?The updating of South African Auditing Practice Statement
(SAAPS) 3, Illustrative Reports, to align with the new and
revised ISAs; and
?The formation of a task group to consider whether a new
South African Auditing Practice Statement (SAAPS) should
be developed to provide guidance to registered auditors on
“KeyAudit Matters” (KAMs) based on the new ISA701.
The Standards Department will also launch an Auditor
Reporting Awareness Programme, addressing
stakeholders through targeted initiatives. Stakeholders
identified are registered auditors (JSE-accredited auditors for
KAMs), users of auditor reports (investors, directors and
regulators), preparers and students (CTA level).
Retirement fund auditor reports
The Financial Services Board (FSB) gazetted the new
Prescribed Financial Statements Applicable to the Different
Categories of Funds, including all the auditor reports for the
different types of funds, on 18 July 2014, in Board Notice 77 of
2014, Government Gazette 37844.
The following auditor reports are included in the Prescribed
Financial Statements Applicable to the Different Categories of
Funds and are available on the inWord format:
?Schedule D auditor report.
?Section 15 auditor reports.
o Large funds
o Small funds
o Umbrella funds
o Retirement annuity and preservation funds
?Regulation 28 auditor report.
Refer to the or
the complete set of prescribed financial statements, legislation
and other information related to retirement funds.
The new format of the Prescribed Financial Statements
Applicable to the Different Categories of Funds is in respect of
funds with financial year-ends ending on or after 1 June 2014.
5 Issue 27 July - September 2014
CFAS Regulated Industries and Reports Standing
Committee (RIRSC)
The IAASBAuditor Reporting Project update
At its September 2014 meeting, the International Auditing and
Assurance Standards Board (IAASB) approved a suite of new
and revised auditor reporting standards. The IAASB plans to
release these auditor reporting standards in January 2015,
subject to confirmation of due process:
?ISA 700 (Revised), Forming an Opinion and Reporting on
Financial Statements;
?ISA 701, Communicating Key Audit Matters in the
Independent Auditor's Report;
?ISA 260 (Revised), Communication with Those Charged
with Governance;
?ISA570 (Revised), Going Concern;
?ISA 705 (Revised), Modifications to the Opinion in the
Independent Auditor's Report; and
?ISA 706 (Revised), Emphasis of Matter Paragraphs and
Other Matter Paragraphs in the Independent Auditor's
Report.