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5
STANDARDS c o n t .
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ISA200,
Overall Objectives of the Independent Auditor and
the Conduct of an Audit in Accordance with International
Standards onAuditing;
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ISA210,
Agreeing the Terms of Audit Engagements;
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ISA240,
The Auditor's Responsibilities Relating to Fraud in
anAudit of Financial Statements;
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ISA 260 (Revised),
Communication with Those Charged
with Governance;
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ISA300,
Planning anAudit of Financial Statements;
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ISA 315 (Revised),
Identifying and Assessing the Risks of
Material Misstatement through Understanding the Entity
and Its Environment;
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ISA320,
Materiality in Planning and Performing anAudit;
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ISA330,
TheAuditor's Responses toAssessed Risks;
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ISA 450,
Evaluation of Misstatements Identified during the
Audit;
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ISA 700 (Revised),
Forming an Opinion and Reporting on
Financial Statements;
and
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Related conforming amendments to other ISAs.
The changes that have been made to the ISAs are intended to
provide workable solutions for issues relating to the perceived
need for auditors to address disclosures more explicitly as part
of the financial statement audit. The IAASB believes that these
changes to the ISAs will further contribute to high-quality
audits and, through this, an enhanced focus on disclosures by
preparers as well as higher quality financial reporting.
The revised ISAs are effective for audits of financial
statements for periods ending on or after 15 December 2016.
Early adoption is permitted.
The communiqué and revised ISAs are available on the IRBA
website.
IFRS 9:
Financial Instruments
The SouthAfrican Institute of CharteredAccountants' (SAICA)
Banking Project Group has established a subcommittee, the
IFRS 9 Implementation Working Group, to address industry
issues related to the implementation of IFRS 9, Financial
Instruments, specifically the impairment requirements. The
IRBA is represented on the working group. The IRBA, through
the IFRS 9 Implementation Working Group and the IAASB's
Committee forAuditing Standards (CFAS)
Financial Institutions Working Group, will consider whether
South Africa-specific auditing guidance is required especially
on the impairment requirements contained in IFRS 9. Auditors
are strongly encouraged to prepare for the implementation
and assess the impact of IFRS 9 on their audit procedures.
Proposed Guide for Registered Auditors: Reporting
Responsibilities of the Reporting Accountant Related to
Property Entities in Terms of the JSE Listings
Requirements
The CFAS approved the release of the proposed
Guide for
Registered Auditors: Reporting Responsibilities of the
Reporting Accountant Related to Property Entities in Terms of
the JSE Listings Requirements
(proposed Guide) in August
2015, for exposure for public comment by 30 October 2015.
The proposed Guide provides guidance to JSE-accredited
reporting accountants of JSE-listed entities that report on
property related transactions, in accordance with the JSE
Limited Listings Requirements (the Listings Requirements). It
is aimed at assisting reporting accountants with the applicable
assurance engagements and related reporting accountants'
reports for:
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Engagement in terms of paragraph 13.15 of the Listings
Requirements on an entity's forecast statement of profit or
loss and other comprehensive income as well as the
vacancy and lease expiry profile of the property portfolio as
a whole (forecast information) and/or;
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Engagement in terms of paragraph 13.16(e) of the Listings
Requirements to issue a review conclusion on the assets
and/or liabilities acquired by the applicant issuer, as
reflected in the adjustment column of the pro forma
statement of financial position.
This proposed Guide:
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Replaces the previous SAICA Circular 9/2005, The
Reporting Accountant's Reporting Responsibilities in
Terms of Section 13 of the Listings Requirements of the JSE
Limited Relating to Property Companies (issued August
2005), which is to be withdrawn by the institute. The
proposed Guide addresses and updates matters in terms of
paragraph 13.15 of the JSE Listings Requirements
previously dealt with in the SAICAcircular.
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Provides guidance on the reporting accountant's reporting
responsibilities in terms of paragraph 13.16(e) of the JSE
Issue 32 October - December 2015