Law

  • The Independent Regulatory Board for Auditors (IRBA) is responsible for the adoption of auditing standards in South Africa.

  • gThe IRBA sets the pre- and post-qualification requirements for persons that wish to register with the IRBA as Registered Auditors (RA).

  • Various statues and regulations determine the type of entity for which an audit is mandatory.

  • Various statues and regulations determine the type of entity for which an RA is required to perform non-audit engagement

  • Only those CIBA members that are registered with the IRBA as RAs may perform external audits of financial statements.

  • It is a statutory offence to be presented as an RA when you are not an RA. Both civil and criminal penalties apply.

Acts, Regulations, Standards and Pronouncements

Guides and Circulars

  • IRBA guides, videos and PowerPoint slides that will assist registered auditors with understanding their responsibilities.

  • IAASB guides, videos and PowerPoint slides that will assist registered auditors with understanding their responsibilities.

  • Detailed auditing standards.

  • Section 90(2) of the Companies Act, 2008 on the appointment and removal of auditors.

  • Mandatory audit rotation.

  • Audit reports for regulated industries.

  • Restrictions on providing non-audit services as a result of Section 90: Statutory audits.

  • The IAASB has provided a number of guides, videos and PowerPoint slides that will assist registered auditors with understanding their responsibilities in terms of audit engagements:

  • Resources

  • Standards and pronouncements

CIBA

  • Read more about how designated CIBA members can assist clients with preparing for an audit.

  • Read more about how designated CIBA members can participate in the Strategic Alliance to refer audit clients.

CPD