IRBA Newsletter Issue 48

Issue 48 | October - December 2019 6 STANDARDS cont. not a substitute for reading the abovementioned pronouncements, as they are the authoritative texts. The IRBA Staff Audit Practice Alert is available in PDF format and may be downloaded from the IRBA website . The IRBA Aligns South African Auditing Pronouncements with the IRBA Code of Professional Conduct for Registered Auditors (Revised November 2018) The IRBA Chief Executive Officer has approved for issue updates to South African auditing pronouncements aligned with the IRBA Code. The updates to the South African auditing pronouncements have been prepared by a Task Group of the CFAS. Several CFAS pronouncements that make specific reference to the IRBA Code required consequential amendments. These amendments are as a result of the revision and restructure of the IRBA Code. They include an update of section and paragraph references, and alignment of wording with the terminology used in the revised and restructured IRBA Code. This project did not include updates for outdated International Auditing and Assurance Standards Board (IAASB) standards, other new legislation or regulations, and amendments required to ensure consistency between auditing pronouncements. Matters of alignment include updates to: • Illustrative Auditor’s Reports in line with the IRBA communique issued on 30 May 2019; • Illustrative Assurance Provider’s Reports in line with the IRBA communique issued on 2 July 2019 ; • Illustrative Engagement Letters; • References to the IRBA Code paragraph numbers; and • Updates to the name of the IRBA Code of Professional Conduct. Pronouncements that have been updated Relevant page numbers Link to the website 1 Guide for Registered Auditors: Reporting Responsibilities of the Reporting Accountant Relating to Property Entities in terms of the JSE Listings Requirements Appendix 3, pages 49-51: Illustration 1: Independent reporting accountant’s report on property forecast information Click here 2 Revised Guide for Registered Auditors: Assurance Engagements on the Annual Financial Statements and Annual Statutory Returns of a Medical Scheme Appendix 5, pages 66-69: Illustrative auditor’s report Click here 3 IRBA Staff Audit Practice Alert: The Audit Implications of the Expected Credit Loss Model for the Auditors of Banks Pages 18-21 Click here 4 Revised Illustrative assurance report prepared in terms of ISAE 3420, to meet the JSE Listings Requirements Update to the report Click here 5 Sustainability engagements: Revised limited assurance illustrative engagement letter Update to the letter Click here 6 Sustainability engagements: Revised limited assurance illustrative assurance report Update to the report 7 Sustainability engagements: Reasonable assurance illustrative engagement letter Update to the letter 8 Sustainability engagements: Reasonable assurance illustrative assurance report Update to the report 9 Sustainability engagements: Combined reasonable and limited assurance illustrative engagement letter Update to the letter 10 Sustainability engagements: Combined reasonable and limited assurance illustrative assurance report Update to the report