IRBA Newsletter Issue 53

Issue 53 | January-March 2021 22 INSPECTIONS cont. Ntlambi Gulwa Acting Director Inspections Telephone: (087) 940-8800 E-mail: inspections@irba.co.za • Are the firm’s policies and procedures designed, implemented and operating effectively to prevent audit failures? • Has the firm updated its ethics and independence policies and procedures, based on the changes to the IRBA Code of Professional Conduct (Revised November 2018)? • Has the firm started to assess the impact that the new International Standard on Quality Management standards will have on its policies and procedures? • What effect can ethics and independence failures have on the reputation of the firm and that of the profession? • Are the firm’s policies and procedures sufficient to ensure that threats to independence are identified, assessed and responded to timeously? • In preparation for Mandatory Audit Firm Rotation, what considerations has the firm made to ensure compliance with the independence requirements? • How have policies and procedures relating to ethics and independence been affected by the COVID-19 lockdown and remote working arrangement with regard to their implementation and monitoring by firms? PUBLICATIONS OF INTEREST The Johannesburg Stock Exchange (JSE) released its proactive monitoring reports for 2020 on 19 February 2021. The publications, which can be accessed on the JSE website , highlight the results of proactive monitoring activities performed and are: • Reporting back on proactive monitoring of financial statements in 2020. • Combined findings of the JSE proactive monitoring of financial statements: Reviews done 2011 to 2019.