STANDARDS
New andRevisedAuditor Reporting Standards
The IRBA is rolling out an Awareness Programme on the new
and revised Auditor Reporting Standards, issued by the
International Auditing and Assurance Standards Board
(IAASB) in January 2015:
?
ISA 700 (Revised),
Forming an Opinion and Reporting on
Financial Statements
;
?
ISA 701,
Communicating Key Audit Matters in the
Independent Auditor's Report
;
?
ISA 260 (Revised),
Communication with Those Charged
with Governance
;
?
ISA570 (Revised),
Going Concern
;
?
ISA 705 (Revised),
Modifications to the Opinion in the
Independent Auditor's Report
; and
?
ISA 706 (Revised),
Emphasis of Matter Paragraphs and
Other Matter Paragraphs in the Independent Auditor's
Report
.
Initiatives include articles in the South African Institute of
CharteredAccountants' (SAICA)
Accountancy SA
magazine:
A n a l y s i s : F o c u s o n K e y A u d i t M a t t e r s
Further articles
to follow in the July edition of
Accountancy
SA.
Events are also being held with various stakeholders such as
the Institute of Directors, the JSE Limited, SAICA and the
IAASB. Some events will also be recorded and the webinars or
recordings will be advertised.
For further information on the IRBA's roll-out on the new and
revised Auditor Reporting Standards, please visit
Documents of particular interest on this site may be the
following non-authoritative publications:
?
Auditor Reporting – KeyAudit Matters
?
Auditor Reporting – Illustrative KeyAudit Matters
?
Auditor Reporting onGoingConcern
As required by its
Due Process Policy
, the Committee for
Auditing Standards (CFAS) recommended the new and
revised standards to the IRBA Board for approval to adopt for
use by registered auditors at its March 2015 meeting. Once
adopted by the IRBA Board, the new and revised ISAs will be
effective for audits of financial statements for periods ending
on or after 15 December 2016.
Guide for Registered Auditors: Assurance Engagements
on the Annual Financial Statements and Annual Statutory
Returns of a Medical Scheme, including prescribed
Auditor Reports for Medical Schemes
The CFAS issued the
Guide for Registered Auditors:
Assurance Engagements on the Annual Financial Statements
and Annual Statutory Returns of a Medical Scheme
(this
Guide) on 11 March 2015. This Guide is a new guide for
auditors and is effective for engagements on accounting
periods ending on or after
31 December 2015
. Early adoption
is encouraged.
The purpose of this Guide is to provide guidance to a
registered auditor on conducting an assurance engagement
on the annual financial statements and annual statutory
returns of amedical scheme.
The Council for Medical Schemes (CMS) published the
prescribed auditor report templates
on 27 November 2014.
The auditor reports are included in this Guide. These auditor
report templates are effective for year-ends of medical
schemes ending on and after
31 December 2014
.
This Guide and the prescribed auditor report template may
be downloaded from the IRBA website at
JSE Section 13, Property Entities IRBAGuide
The CFAS has approved a project for the development of an
IRBA Guide to be used by reporting accountants when
required to report in terms of Section 13,
Property Entities
of
the JSE Listings Requirements. It is anticipated that the Guide
will be issued on exposure for comment later this year.
Committee forAuditing Standards (CFAS)
3
Issue 29 March - April 2015
