STANDARDS
New andRevisedAuditor Reporting Standards
The format and content of all audit reports on financial
statements are about to change significantly. We provide
hereunder an opportunity for registered auditors to become
acquainted with the changes and to share these changes with
their audit clients to provide for a smooth and effective
implementation in SouthAfrica.
As registered auditors are now aware, the International
Auditing and Assurance Standards Board (IAASB) issued the
new and revised Auditor Reporting Standards (the Reporting
Standards) in January 2015. The IRBA Board approved the
Reporting Standards inMay 2015.
The IRBA is continuing with its Auditor Reporting Awareness
Programme. Initiatives have included:
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The Chairman of the IAASB, Professor Arnold Schilder,
visiting South Africa on an outreach programme and
engaging with leadership from the IRBA, SAICA, the JSE
Limited, the Auditor General and the large audit firms on 18
and 19May 2015.
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An Auditor Reporting Awareness Workshop,
“The
New Auditor's Report – Straight from the Horse's
Mouth”
, hosted jointly by SAICAand the IRBA, was held
during the IAASB's outreach. The event was attended
by JSE-accredited auditors and others, and it focused
on changes to the auditor's report and the new
standard on Key Audit Matters. The event was also
broadcast and is available at no charge on a webinar
(see below for the link).
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The IRBAhosted a
Regulator Workshop
on 18 June 2015
to introduce other regulators to the recent developments in
auditor reporting that affect them. The workshop was well
attended and welcomed by the regulators. The regulators
will be considering whether to prescribe the requirement of
disclosing Key Audit Matters in the audit report of entities of
the industries that they regulate.
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The
Institute of Directors Southern Africa
(IoD) hosted a
joint IoD and IRBA
New Auditor Reporting
event on 19 June
2015. The event was aimed at IoDmembers in their capacity
as directors of companies and/or members of audit
committees to alert them to the impact that the Reporting
Standards will have on them and the value they should
prepare to gain from them.
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A
dedicated webpage
on the Reporting Standards contains
a comprehensive list of resources to promote awareness
and understanding as well as assist with the effective
implementation of the Reporting Standards:
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The
Reporting Standards
may be downloaded here:
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The issuing of two
communiqués
:
o
– The IRBABoard adopts the IAASB's new
and revised Auditor Reporting Standards and related
conforming amendments.
Integrated reporting workshop with the IAASB team
5
Issue 30 April - June 2015
Prof. Arnold Schilder and Bernard Agulhas during the PowerFM
interview
