IRBA newsletter #33

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4
STANDARDS
Auditors are reminded that the new and revised Auditor
Reporting Standards are effective for audits of financial
statements for periods ending on or after 15 December
2016. Acomprehensive list of resources to assist auditors
with the implementation is available on the IRBA website
In this issue, the following topics are discussed:
IAASB Issues its Invitation to Comment, EnhancingAudit
Quality in the Public Interest: A Focus on Professional
Skepticism, Quality Control andGroupAudits
?The IAASB's Invitation to Comment, Enhancing Audit
Quality in the Public Interest: A Focus on Professional
Skepticism, Quality Control and GroupAudits.
?ISA 800 (Revised), Special Considerations – Audits of
Financial Statements Prepared in Accordance with Special
Purpose Frameworks; and ISA 805 (Revised), Special
Considerations –Audits of Single Financial Statements and
Specific Elements, Accounts or Items of a Financial
Statement.
?The audit implications of IFRS 9: Financial Instruments.
?Guide for Registered Auditors: Reporting Responsibilities
of the Reporting Accountant Related to Property Entities in
Terms of the JSE Listings Requirements.
?SAAPS 3 (Revised November 2015), Illustrative Reports.
?ISAE 3000 (Revised), Assurance Engagements Other than
Audits or Reviews of Historical Financial Information.
?SAAPS 6, External Confirmations from Financial
Institutions.
?Engagements onAttorneys’ Trust Accounts.
?Revision of SASAE 3502, Assurance Engagements on
Broad-Based Black Economic Empowerment (B-BBEE)
Verification Certificates.
?Effect of Government Gazette No. 39703 on Sector Codes.
The IAASB released its Invitation to Comment, Enhancing
Audit Quality in the Public Interest: A Focus on Professional
Skepticism, Quality Control and Group Audits (the ITC) on 17
December 2015.
The ITC highlights the IAASB's discussions on three priority
topics: professional scepticism, quality control and group
audits. It intends to facilitate responses on detailed aspects of
these three priority topics, including:
?How the IAASB's auditing and quality control standards
currently address various matters.
?Concerns the IAASB has noted about these topics.
?Possible actions the IAASBmay take in response, including
highlighting specific areas in the IAASB's auditing and
quality control standards that might be improved to
enhance audit quality.
?More specific questions the IAASB would like to be
answered.
The IAASB has also released a companion document, an
Overview of the ITC, designed to solicit feedback from
investors, audit committees and preparers. It summarises the
key areas the IAASB is exploring and the direction it may take.
Readers of the ITC may find the Overview useful in facilitating
outreach activities.
The IRBA welcomes high-level comments on matters
addressed in the ITC, but does not seek responses to all the
specific questions that are set out on pages 87-95 of the ITC.
High-level comments should be submitted via email to
by 2 May 2016. The IRBA also
welcomes engaging in bilateral discussions with registered
auditors and other stakeholders on matters addressed in the
ITC, and it encourages interested parties to contact the IRBA
in this regard. All comments will be considered as a public
record.
We invite registered auditors and other interested parties to
submit comments directly to the IAASB by responding to the
specific questions set out in the ITC via the IAASB by
16 May 2016. We also encourage registered auditors and
other interested parties to participate in any other forums, such
as those established by the South African Institute of
Chartered Accountants (SAICA), set up to discuss and
comment on the ITC.
Issue 33 January - March 2016