South African Standards and Practice Statements

Where necessary, South African Standards are developed to meet local requirements. South African Standards contain requirements and application material on a particular subject, whilst applying the principles in the relevant International Standards on a consistent basis. South African Standards may comprise:

  • South African Standards on Auditing (SASAs) – currently none;
  • South African Standards on Review Engagements (SASREs) – currently none;
  • South African Standards on Related Services (SASRSs) – currently none;
  • South African Standards on Assurance Engagements (SASAEs):
Revised SASAE 3502 – Assurance Engagements on Broad-Based Black Economic Empowerment (B-BBEE) Verification Certificates – refer to https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/other-assurance-including-b-bbee/b-bbee-verification-assurance for further information.

South African Practice Statements may be developed and issued by the IRBA to provide practical assistance to auditors in the implementation of relevant International or South African Standards on Quality Control, Auditing, Review, Other Assurance, and Related Services. South African Practice Statements developed may be in respect of Auditing, Review, Other Assurance and Related Services (SAAPS, SAREPS, SAAEPS and SARSPS). Currently the following South African Auditing Practice Statements (SAAPS) have been issued:

Title Date Issued Effective Date Download Documents
SAAPS 2 (Revised November 2013) – Financial Reporting Frameworks and the Auditor's Report November 2013 November 2013 PDF
SAAPS 3 (Revised November 2013) – Illustrative Reports November 2013 November 2013  PDF | Word
SAAPS 3 (Revised November 2015) – Illustrative Reports November 2015 Periods ending on or after 15 December 2016 PDF | Word
SAAPS 4 – Enquiries Regarding Litigation and Claims October 2005 xxxxx PDF

Warning to Readers

Registered auditors are alerted to the fact that the practice statement has not been updated for amendments to ISA 501, Audit Evidence – Specific Considerations for Selected Items which is effective for audits of financial statements for periods beginning on or after 15 December 2009.

SAAPS 5 – Reporting on Donor Funding Engagements March 2007 This SAAPS is effective PDF

Warning to Readers

Registered auditors are alerted to the fact that the practice statement has not been updated for amendments to legislation that has been referenced, types and categories of donors and for amendments to:

  • ISA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, effective for audits of financial statements for periods beginning on or after 15 December 2009;0
  • ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements, effective for audits of financial statements for periods beginning on or after 15 December 2009;
  • ISRE 2400 (Revised), Engagements to Review Historical Financial Statements, effective for reviews of financial statements for periods ending on or after 31 December 2013;
  • ISA 610 (Revised 2013), Using the Work of Internal Auditors; effective for audits of financial statements for periods ending on or after 15 December 2014;
  • ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, effective for audits of financial statements for periods ending on or after 15 December 2016; and
  • ISA 800, Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, soon to be revised.

If reports are issued in terms of this guide they should be updated in terms of the Act and Standards.

SAAPS 6 – External Confirmations from Financial Institutions July 2013 This SAAPS is effective for external confirmation requests issued on or after 1 October 2013 PDF | Word

 Related communiques: