B-BBEE VerificationAssurance
The International Audit and Assurance Standards Board
(IAASB)
Gazettes issued by the Department of Trade and Industry
(DTI)
The DTI issued three gazettes inMay 2015:
Gazette 38799 issued on 15May 2015
Practitioners are urged to:
(a) Familiarise themselves with the content of all relevant
DTI announcements;
(b) Refer any interpretation issues (of legislation and The
Codes of Practice) to the DTI; and
(c) Comply with the SASAE 3502 in updating B-BBEE
related issues
Revised Standards
ISA 720 (Revised), T
he Auditor's Responsibilities
Relating toOther Information
The IAASB issued ISA 720 (Revised),
The Auditor's
Responsibilities Relating to Other Information,
in April 2015.
The revisions aim to clarify and increase the auditor's
involvement with “other information” – defined in the standard
as financial and non-financial information, other than the
audited financial statements that are included in entities'
annual reports.
The Board adopted and prescribed ISA 720 for use by
registered auditors at its meeting in July 2015.
Registered auditors are urged to familiarise themselves with
this revised standard as in recent years there have been
significant developments in relation to the detail included in
companies' annual reports.
Addressing Disclosures in the Audit of Financial
Statements – Revised ISAs and Related Conforming
Amendments
The IAASB issued revisions to the standards encompassing
changes to 10 ISAs and conforming amendments to five other
ISAs in July 2015. The revisions to the standards aim to focus
auditors more explicitly on disclosures throughout the audit
process and drive consistency in auditor behaviour in applying
the requirements of the ISAs. The revisions and the
conforming amendments will be considered by the CFAS
meeting in August 2015 for approval to recommend to the
Board to adopt and prescribe for use by registered auditors.
The audit of disclosures in financial statements continues to
rate highly in inspection findings. The IRBA therefore
welcomes this increased focus, and encourages registered
auditors to give attention to disclosures throughout the audit.
Exposure Drafts
Proposed amendments to the IAASB's International
Standards – Responding to Non-Compliance or
Suspected Non-Compliance with Laws and Regulations
(NoCLAR)
The IAASB issued an Exposure Draft,
ProposedAmendments
to the IAASB's International Standards—Responding to Non-
Compliance or Suspected Non-Compliance with Laws and
Regulations
, to propose limited amendments to the IAASB's
International Standards in response to the International Ethics
Standards Board for Accountants (IESBA's) May 2015 Re-
Exposure Draft,
Responding to Non-Compliance with Laws
and Regulations
(see below).
Amendments are needed to the IAASB's International
Standards in the public interest to enable them to operate in
concert with the IESBA standards. The focus of the Exposure
Draft is proposed amendments to ISA 250,
Consideration of
Laws and Regulations in an Audit of Financial Statements
,
with less extensive changes proposed to seven other
standards.
Comments may be submitted directly on the
website
exposure draft are requested by
21 October 2015
.
The Exposure Draft may be downloaded from the IAASB
website by clicking on the following link:
8
Issue 30 April - June 2015
STANDARDS c o n t .
