STANDARDS c o n t .
Codes of Good Practice
The IRBA will not be revising SASAE 3502,
Assurance
Engagements on Broad-Based Black Economic
Empowerment Verification Certificates
as the SASAE is a
principles-based assurance standard and therefore
amendments to the 2013 Codes of Good Practice will not
affect the audit principles to be complied with.
All auditors are encouraged to be familiar with the effect of the
new Codes on their certificates and reports, as well as
communications in connection with the new Codes issued by
the DTI and the IRBA.
The CFAS approved the terms of reference of its new standing
committee, the <IR>SC, at its August 2014 meeting. The
Chairman of the committee, Linda de Beer, former Chairman
of the international Consultative Advisory Group (CAG) to the
IAASB and member of CFAS representing the JSE Limited,
was nominated at the March 2015 CFAS meeting. The
members of the <IR>SC are to be nominated shortly. The
purpose of the standing committee is to be a thought
leadership committee, contributing to and influencing
international developments in the domain of assurance on
integrated reporting.
The IAASB Issues a Framework for Audit Quality: Key
Elements that Create an Environment forAudit Quality
The IAASB released its publication,
A Framework for Audit
Quality: Key Elements that Create an Environment for Audit
Quality (the Framework for Audit Quality)
in 2014. Through the
Framework for Audit Quality
, the IAASB aims to raise
awareness of the key elements of audit quality, encourage key
stakeholders (such as audit firms, regulators, audit
committees, investors, universities and other stakeholders
who have an interest in continuously improving audit quality)
to challenge themselves to do more to improve audit quality in
their particular environments and facilitate greater dialogue
between key stakeholders on the topic.
While the primary responsibility for performing quality audits
rests with auditors, audit quality is best achieved in an
environment where there is support from other participants in
CFAS Integrated Reporting StandingCommittee (<IR>SC)
The International Audit and Assurance Standards Board
(IAASB)
the financial reporting supply-chain. All stakeholders are
encouraged to consider how they might use the
Framework for
Audit Quality
in reflecting on how they could influence
improvement in audit quality.
The
Framework for Audit Quality
is a non-authoritative
document. It is not a substitute for auditing standards,
standards of quality control, ethics and other regulatory
requirements, nor does it establish additional standards or
provide requirements for the performance of audit
engagements.
The
Framework for Audit Quality
may be downloaded from the
Proposed International Standards on Auditing (ISAs),
ISA800 (Revised) and ISA805 (Revised)
The IRBA submitted comments on 22 April 2015 on the
IAASB's exposure draft on proposed changes to ISA 800
(Revised),
Special Considerations – Audits of Financial
Statements Prepared in Accordance with Special Purpose
Frameworks
and ISA805 (Revised),
Special Considerations –
Audits of Single Financial Statements and Specific Elements,
Accounts or Items of a Financial Statement
issued in
January 2015. A CFAS task group assisted with the
preparation of the IRBA comment letter, which was generally
supportive of the proposals in the exposure draft.
5
Issue 29 March - April 2015
