IRBA newsletter #33

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STANDARDS c o n t .
SAAPS 6, External Confirmations from Financial
Institutions
Registered auditors are advised that the status and authority
paragraph contained in page 4 of SAAPS 6 has been updated
to reflect the wording as per the Committee for Auditing
Standards (CFAS), Status and Authority of Quality Control,
Auditing, Review, Other Assurance and Related Services
Pronouncements document that was issued in November
2013. This change is considered non-substantive by the
CFAS, so it does not constitute a revision of SAAPS 6.
IRBAwebsite.
Engagements onAttorneys' Trust Accounts
The CFAS approved a project for the revision of the Guide for
Registered Auditors: Engagements on Attorneys' Trust
Accounts. The revision will be performed in two parts.
?Part one of the project will be to update the illustrative
engagement letter, the management representation letter
and the auditor's report for amendments to ISAE 3000
(Revised), Assurance Engagements Other Than Audits or
Reviews of Historical Financial Information, which is
effective for assurance reports dated on or after 15
December 2015. It is expected that the revised documents
will be issued by July 2016.
?Part two will be to update the Guide and appendices for:
o The UniformRules;
o ISAE 3000 (Revised);
o Guidance on components of other entrusted property
and all estatematters; and
o Other issues identified by the Task Group.
It is likely that the revised guide will be issued on exposure
early next year.
2016 and were published in Government Gazette No. 39740,
General Notices and Notice 2 of 2016 and are effective from 1
March 2016.
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The CFAS invites proposals for future standard-setting
pro j ec t s . Pl ease submi t such proposa l s to
, including information regarding
the proposed project.
B-BBEE VerificationAssurance
Revision of SASAE 3502, Assurance Engagements on
Broad-Based Black Economic Empowerment (B-BBEE)
VerificationCertificates
A project is to commence shortly to revise SASAE 3502 for
amendments to legislation. Minor changes to be effected to
the SASAE are due to:
?Amendments to the B-BBEE Act, 53 of 2003, that will
require a revision of references in terms of the B-BBEE
Amendment Act, 46 of 2013.
?The definition of B-BBEE Codes of Good Practice (CoGP)
as a result of the issue of the 2013 CoGP, which replaced
the 2007 CoGP.
?The Sector Codes which are in the process of being
amended, thus the effective dates of the amended codes
would have to be revised.
?A revision of the illustrative verification certificates in the
appendices of the SASAE to align with the amendments to
the underlying criteria being audited in terms of the
amended 2013 CoGPand the amended Sector Codes.
It is expected that the revised SASAE 3502 will be issued in
July 2016.
Effect of Government Gazette No. 39703 on Sector Codes
The DTI issued Government Gazette No. 39703 on 17
February 2016, which has effected the repealing of the
following Sector Codes:
?Construction Sector Code – Government Gazette No.
32305.
?Chartered Accountancy Sector Code – Government
Gazette No. 34267.
Auditors are alerted to the fact that due to the above Sector
Codes being repealed, these codes may not be used to
determine the measured entity's (ME) B-BBEE status from 17
February 2016.
Issue 33 January - March 2016