South African Standards and Practice Statements

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;
• 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;
• ISA 800, Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, soon to be revised; and
• ISRS 4400 (Revised), Agreed-Upon Procedures Engagements, effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after 1 January 2022.

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

Additionally, this practice statement has not been updated for the IFRS Foundation® Trade Mark Guidelines.

However, any reference in it to the IFRS Foundation, the IASB, the ISSB and the work of these bodies is intended to be aligned to the IFRS Foundation Trade Mark Guidelines.

Furthermore, registered auditors are encouraged to adhere to the guidance issued by the IAASB when referencing the IFRS Accounting Standards in their reports.