Accounting & Assurance Updates
The latest developments from Regulators and standard setting bodies
Accounting & Assurance Updates
IFRS Foundation and Value Reporting Foundation Consolidation Completed
1 August 2022 Information To support the work of the International Sustainability Standards Board’s (ISSB) the IFRS Foundation has announced the completion of the consolidation of the Value Reporting Foundation (VRF)...
More companies obtain assurance reports on sustainability data global study shows
1 August 2022 Study by IFAC, AICPA and CIMA Information The study examined global trends in both sustainability-related reporting and related assurance services. The results of the study show that increasing...
New FAQ publication for reporting going concern matters
1 August 2022 Information How should auditors include going concern related issues in the auditor’s report? IAASB issued a non-authoritative Frequently Asked Questions (FAQ) publication to address some of the common...
Request for Comment on Proposed Rule on Enhanced Auditor Reporting for the
Jul 22, 2022 IRBA is requesting comments on the proposed IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements. The proposed IRBA rule deals with additional disclosures in...
The First episode of the ISSB podcast available
The ISSB met on 21 July 2022 to review a summary of preliminary feedback gathered during meetings with stakeholders on the exposure drafts: IFRS S1 General Sustainability-related Disclosure Requirements and IFRS S2 Climate-related Disclosures....
Audit of Financial Statements: New Implementation Guide for Identifying and Assessing the
Information Jul 27, 2022 The International Auditing and Assurance Standards Board (IAASB) released its First-Time Implementation Guide for ISA 315, Identifying and Assessing the Risks of Material Misstatement. The guide focuses on...
Practice Note 4 of 2022: Closure of Co-Operatives online Email
26 July 2022 Information: The old email address for registration cooperativesonline@cipc.co.za was disabled as a result therefore no application or enquiries must be sent to that email address. CIPC step by...
Cryptocurrencies: US Treasury framework to regulate digital assets
7 July 2022 In response to President Biden’s executive order, the United States Treasury Secretary provided a framework for regulating digital assets. The goal is to use an interagency approach to...
take survey on the e-International Standards (eIS)
Jul 20, 2022 Are you aware of the E-International Standards? The International Federation of Accountants (IFAC) is seeking user feedback via a brief survey that will help shape phase two of its...
IAASB Proposes scope amendments to ISA 700 and ISA 260
6 July 2022 Scope amendments were proposed to: • ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements; and • ISA 260 (Revised), Communication with Those Charged with Governance....
CIPC Media Release: Entities filing Financial Accountability Supplements (FAS) instead of Audited
Information CIPC noted that some public companies filed Financial Accountability Supplements instead of Audited Annual Financial Statements during the period 01 April 2020 to 31 March 2021. This is in contravention...
Revised ISA 220, Quality Management for an audit of financial statements
Information The revised ISA 220 integrates the new quality management concepts in ISQM 1 into the audit processes performed for each engagement. The standard modernizes the approach to quality management and...
