RSA GVT consulted on proposed Independent Regulatory Board for Auditors (IRBA) rule on enhanced auditor reporting for the audit of financial statements.
Document dated Jul. 7, 2022, was received on Dec. 7 due to a new feed.
Proposed Rule
Per section 10, auditing profession act 2005, IRBA may, by notice in gazette, prescribe rules re any matter that is required or permitted to be prescribed in terms of the act.
Proposed rule: for all audits of annual financial statements, the audit firm shall disclose in the independent auditor’s report: materiality applied, an explanation of significant judgements made by the auditor in determining materiality for the audit.
How auditor evaluated management’s assessment of entity’s ability to continue as a going concern, where relevant, key observations arising with respect to evaluation.
Procedures specific to auditor’s response to material uncertainty re going concern.
Matters where disclosure has not been made by the preparer in the annual financial statements or the annual report, including fees paid / payable to the firm for the audit of financial statements on which firm expresses an opinion; fees charged to client.
Effectiveness
Comments must be submitted by Oct. 5, 2022.
Sep. 2023 IRBA Rule Issued
On Sep. 15, 2023, RSA GVT publishedIndependent Regulatory Board for Auditors (IRBA) rule on enhanced auditor reporting, in the government's official gazette.
For audits of annual financial statements of public interest entities, as defined in IRBA Code of Professional Conduct for Registered Auditors, revised Apr. 2023.
Effective for audits of financial statements for periods ending on / after Dec. 15, 2024.
Early adoption of IRBA rule on enhanced auditor reporting is permitted.
Regulators
RSA GVT
Entity Types
Auditor; Corp
Reference
OG 49309, BN 475/2023, 9/15/2023; CP, OG 47061, BN 309/2022, 7/22/2022
