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STANDARDS
THE FOLLOWING TOPICS ARE DISCUSSED IN THIS
ISSUE:
• Standards:
o
Outreach by the IAASB.
o
Resources and Tools for Small- and Medium-sized
Practitioners.
o
International Standard on Auditing (ISA) 540
(Revised),
Auditing Accounting Estimates and Related
Disclosures.
o
Revised Guide for Registered Auditors: Assurance
Engagements on the Annual Financial Statements and
Annual Statutory Returns of a Medical Scheme.
o
Exposure Draft: Proposed International Standard
on Related Services 4400 (Revised):
Agreed-Upon
Procedures Engagements.
o
ExposureDraft:
ProposedRevisedGuide for Registered
Auditors: Assurance Engagements on Financial
Service Providers’ Separate Accounts (Section 19(3))
and Reporting Requirements (Section 19(4)) of the
Financial Advisory and Intermediary Services Act.
o
Exposure Draft:
Proposed Guide for Registered
Auditors: Assurance Engagements on the Fresh
Produce Agents’ Trust Accounts.
o
Exposure Draft: Proposed South African Auditing
Practice Statement (SAAPS) 3 (Revised 2019),
Illustrative Reports.
o
Revised Illustrative Banks Act Regulatory Auditor’s
Reports.
o
IAASB projects in progress.
• Ethics:
o
IRBA Code of Professional Conduct for Registered
Auditors (Revised November 2018).
o
Exposure Draft: Proposed amendments to Section
321 of the IRBA Code of Professional Conduct for
Registered Auditors (Revised November 2018):
Second Opinions.
o
IESBA projects in progress.
Outreach by the IAASB
The International Auditing and Assurance Standards Board (IAASB)
has on two recent occasions conducted outreach activities in South
Africa, with both events hosted by the IRBA.
The IAASB invited all interested stakeholders to help shape the
future of assurance over emerging forms of external reporting
(EER) at an event held in Johannesburg on 23 October 2018, as
part of a global series of discussions being held in seven locations
worldwide. Marek Grabowski, who is the Director of Audit Policy at
the Financial Reporting Council, the chairman of the EER Task Force
of the IAASB and a member of the IAASB, led the discussion. Ciara
Reintjes, a member of the Project Advisory Panel to the EER Task
Force, facilitated the discussion. The event was well attended, with
about 60 representatives from various constituencies that include
assurance providers, professional accountancy organisations,
preparers, the public sector, regulators, academics and consultants
in attendance. This event was part of the preparations for the
publication planned for early 2019 of a proposed International
Assurance Engagement Practice Note, Addressing Challenges in
the Application of ISAE 3000 (Revised) to EER.
Then, on 21 November 2018 all interested stakeholders were
invited to an IAASB outreach event held with some of the IAASB’s
leadership and staff. High profile representatives from the IAASBwere
Professor Arnold Schilder (IAASB Chairman) and Mr Jasper van den
Hout (Principal). The event offered stakeholders an opportunity to
explore current IAASB projects, which included consultation on the
next IAASB strategy; revisions to quality control standards and the
proposed new approaches to quality management; a focus on the
audit of accounting estimates; revisions to the risk identification and
assessment standard; and an update on IAASB projects relating
to data analytics, professional scepticism and extended forms of
external reporting. In addition to this public event, a series of media
interviews took place, as well as meetings with firm leadership of
certain firms, and consultations with the African Organisation of
Supreme Audit Institutions (English).
Issue 44 | October-December 2018
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