STANDARDS c o n t .
terms of ISA720 (Revised),
TheAuditor’s Responsibilities
Relating toOther Information.
These ISAs are effective for audits of financial statements for
periods ending on or after 15 December 2016.
The related communique and the exposure draft of the
proposed guide are available on the IRBA website
Illustrative Engagement Letter and Assurance Report:
Sustainability Engagements
The CFAS has approved the release of a revised illustrative
engagement letter, a revised illustrative assurance report and
related guidance for use by practitioners on sustainability
engagements in South Africa, effective for assurance
engagements where the assurance report is dated on or after
31 December 2015. Early adoption is permitted.
These replace the existing illustrative engagement letter and
illustrative assurance report that were issued by the CFAS on
17 April 2014 and continue to promote consistency in the
layout and wording of the engagement letter and assurance
report when providing assurance services on selected key
performance indicators disclosed in a sustainability report.
The related communique, the revised illustrative engagement
letter and revised illustrative assurance report are available on
The <IR>SC held its second meeting in September 2015.
Preparers of integrated reports, auditors, other assurance
providers, the public sector and academics are represented
on the standing committee, the purpose of which is to be a
thought leadership committee, contributing to and influencing
international developments in the domain of assurance on
integrated reporting.
CFAS Sustainability StandingCommittee (SSC)
IntegratedReporting StandingCommittee (<IR>SC)
B-BBEE VerificationAssurance
The International Audit & Assurance Standards Board
(IAASB)
Draft Marketing, Advertising & Communication (MAC)
Sector Charter and Draft Amended Tourism B-BBEE
Sector Code
The draft Marketing, Advertising & Communication (MAC)
Sector Charter, Government Gazette 39175, was gazetted on
4 September 2015 for comment. The commentary period will
close on 4 November 2015. Similarly, the draft Amended
Tourism B-BBEE Sector Code, Government Gazette 38915,
was gazetted on 30 June 2015 for comment. The commentary
period closed within 60 days from date of publication. B-BBEE
approved registered auditors (BARs) are required to take note
of these developments to ensure an appropriate
understanding and consideration of compliance
requirements.
Broad-Based Black Economic Empowerment (B-BEEE)
Information Session for B-BBEE Approved Registered
Auditors 2015
The IRBA hosted three B-BEEE Workshops in August 2015.
The interactive workshops were designed to address key audit
principles in the International Standard on Assurance
Engagements (ISAE 3000),
Assurance Engagements other
than Audits or Reviews of Historical Financial Information
, and
the South African Standard on Assurance Engagements
(SASAE 3502),
Assurance Engagements on Broad-Based
Black Economic Empowerment (B-BBEE) Verification
Certificates
.
The workshops were attended by 96 BARs. Feedback, which
related to statistics on outcomes from the inspections and
legal processes of the IRBA, was provided. The workshop did
not cover matters relating to the interpretation of the Codes of
Good Practice issued by the Department of Trade & Industry.
Changes to the International Standards on Auditing:
Addressing Disclosures in the Audit of Financial
Statements
The IAASB issued
Changes to the
International Standards on
6
Issue 31 July - September 2015
