IRBA Newsletter Issue 48

Issue 48 | October - December 2019 16 EDUCATION & TRANSFORMATION MORE CANDIDATES COMPLETE THE ADP Our list of candidates who successfully completed the Audit Development Programme (ADP) had more additions during this quarter, with those listed below completing the ADP between September and November. Coenraad Hendrik Eales Kylie Deveugele Lorene Wartington Similo Mathuthu Sonelle Wilken To these candidates, we wish you all the success in your roles within the profession. We would also like to extend our gratitude to the candidates’ oversight registered auditors and their firms for their commitment and contribution to the success of these candidates. For further information and to register a prospective candidate on the programme, please refer to our website . The IRBA also regularly hosts ADP workshops around the country. If you are interested in having a workshop hosted at your firm, please contact adpadmin@ irba.co.za. NEW POLICY ON CONTINUING PROFESSIONAL DEVELOPMENT (CPD) The IRBA’s new CPD Policy has been approved by the Board and is effective from 1 January 2020. As highlighted in the previous issues, the policy follows an output-based approach that is combined with a minimum requirement of hours for ethics learning and development activities. In addition, the policy introduces the requirement for registered auditors (RAs) to reflect on their development needs, the effectiveness of their learning and development activities as a response to those needs. This is mandated through the requirement to apply the CPD Framework that is contained in the policy and explained in the guidance document. It should be noted that all RAs are required to comply with the existing policy for the 2019 calendar year. Also, this CPD Policy will be subject to declaration and monitoring in 2020. This new CPD Policy and the related guidance may be accessed on the IRBA website on the CPD page. PROFESSIONAL BODY ACCREDITATION The Accreditation Model The reputation, relevance and value of the auditing profession depend on the ability of RAs to continually meet the expectations of stakeholders and provide a service that is appropriate to the needs of the South African economy within the global context. Therefore, the IRBA has a duty to ensure that all RAs: • Have the necessary professional competence on entering the auditing profession to serve the public interest and the needs of the economy; • Further develop and maintain their professional competence after registration; and • Are subject to appropriate ethical requirements and get disciplined, where appropriate. Supporting the realisation of the IRBA’s objectives for the development, assessment and maintenance of the professional competence of auditors demands more than high-quality education, training, assessment and CPD programmes. Professional bodies that are devoted to providing relevant, effective and efficient services to members and other stakeholders also need to exercise high-quality governance and management of these programmes. For this reason, the accreditation of a professional body addresses the institutional effectiveness and efficiency as well as the quality of programmes that develop and assess professional competence. The IRBA accredits professional bodies as a statutory mechanism through which to support its objectives. To this end, the IRBA’s Accreditation Model is prescribed in order to outline the accreditation philosophy and requirements for professional bodies. Further details on the Accreditation Model can be found on the IRBA website. Accreditation and Monitoring of SAICA Currently, the South African Institute of Chartered Accountants (SAICA) is the only professional body that has been accredited by the IRBA, in terms of our Accreditation Model. As part of the process, SAICA is subject to annual monitoring by the IRBA and it is assessed according to the standards contained in the Accreditation Model. In November 2019, the IRBA issued its Final Monitoring Reports to SAICA. Significant issues were identified and these have been reported to SAICA for its response. Overall, it was concluded that SAICA would maintain its accreditation status, while subject to ongoing monitoring. The CPD Framework