IRBA NEWS LETTER

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Issue 35 | July-September 2016 8
They also do not inappropriately use the words “assurance”, “audit”
or “review”.
The illustrative reports are available in both PDF and Word formats
and may be downloaded from the
In addition, SAICA has set up a task group to update these reports
for recent changes to the Regulations relating to banks as well
as to update the ISA 800 reports as a result of the issue of ISA
800 (Revised) that is effective for audits of financial statements for
periods ending on or after 15 December 2016.
Sustainability Standing Committee Project – Assurance
Concepts: Evaluating the Suitability of Criteria and the
Acceptability of Subject Matter in an Assurance Engagement
Other Than Audits or Reviews of Historical Financial
Information
The Sustainability Standing Committee has established a task
group to develop guidance for registered auditors in evaluating the
suitability of criteria and the acceptability of subject matter in an
assurance engagement other than audits or reviews of historical
financial information.
IAASB Projects
IAASB’s Work Plan for 2017-2018 and Continuing Relevance
of Its Strategic Objectives
The IAASB recently released a survey consultation, The IAASB’s
Work Plan for 2017-2018 and Continuing Relevance of Its Strategic
Objectives. Feedback to this consultation will assist the IAASB in
evaluating its priorities for 2017-2018 and allocating its resources.
The survey was open for responses by 30 September 2016. The
survey is available on the
IAASB’s Data Analytics Project
The IAASB’s Data Analytics Working Group has released a Request
for Input, Exploring the Growing Use of Technology in the Audit,
with a Focus on Data Analytics. The request is available on the
IAASB’s Invitation to Comment, Enhancing Audit Quality
in the Public Interest: A Focus on Professional Skepticism,
Quality Control and Group Audits (ITC)
As referred to in the previous edition of the IRBA News, the
comment period to respond to the IAASB ITC ended on 16 May
2016. The ITC dealt with the following three important topics:
• Professional scepticism;
• Quality control; and
• Group audits.
Eighty-seven responses to the ITC were received from a range
of stakeholders, including 11 (largely investors and analysts) who
responded to the Overview of the ITC.
The IAASB has established working groups that have analysed the
responses to the ITC and are in the process of deciding on a way
forward to address these three important topics.
IAASB’s Projects in Progress
The IAASB’s projects in progress are:
• Accounting estimates (ISA 540);
• Quality Control (ISQC 1 and ISA 220);
• Group Audits (ISA 600);
• Professional scepticism;
• Auditor risk assessments (ISA 315 (Revised));
• Responding to non-compliance with laws and regulations
(NOCLAR);
• Assurance on integrated reporting;
• New auditor reporting implementation;
• Agreed-upon procedures (ISRS 4400); and
• Data analytics.
Small and Medium-Sized Practices
At the IRBA Roadshows, registered auditors from the small and
medium practices (SMPs) sector expressed interest in resources
and/or tools that are aimed at the small and medium-sized entity
(SME) market. In response to these requests, the IRBA has prepared
a list of SME resources developed by the International Federation of
Accountants (IFAC).
The IFAC’s SMP Committee represents the interests of professional
accountants in the SMP sector. The committee develops guidance
and tools, and works to ensure that the needs of the SMP and SME
sectors are considered by standard setters and regulators.
SMPs may find the publications listed below useful in running their
practices and in the audit of SMEs.
These publications have not been issued as guidance in South
Africa as they have not gone through the IAASB’s due process
for development of International Standards. The guidance may,
however, be of use to SMPs, bearing in mind that registered auditors
are required to apply the International Standard on Quality Control
(ISQC) 1 and the IAASB International Standards. Those standards
also provide, in certain circumstances, for the perspectives of the
audit of SMEs to be considered.
Description Issued
Implementation Guidance
Companion Manual: Guide to Quality
Control for SMPs/Guide to Using ISAs
in the Audits of SMEs/Guide to Review
Engagements/Guide to Compilation
Engagements
21 October 2015
Guide to Compilation Engagements 24 September 2015
Guide to Review Engagements 10 December 2013
STANDARDS c o n t .