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The IRBA has observed a number

of instances where some RAs issue

“EME certificates” in their capacity”

as CAs(SA), a member of SAICA,

but without indicating that they are

also an RA, and without following

the IRBA’s reporting requirements,

including the signing conventions

in the IRBA

Code of Professional

Conduct for Registered Auditors.

RAs engaged in this emerging

undesirable practice are reminded

that they are to apply SASAE 3502

Assurance Engagements on Broad-

Based Black Economic Empowerment

(B-BBEE) Verification Certificates

when issuing EME certificates,

regardless of their membership with

professional bodies.

The dti issued a General Notice

No. 226 of 2014 in Government

Gazette No. 37453 published

on 18 March 2014 extending the

transitional period of the Codes of

2013 by a further six months, until

30 April 2015.

Broad-Based Black Economic

Empowerment Amendment Act,

2013 (B-BBEE Amendment Act)

On 27 January 2014, the President

assented to the B-BBEE Amendment

Act. Salient amendments include:

Defining a fronting practice and

criminalising misrepresentation of

a B-BBEE status of an enterprise;

Providing for a “B-BBEE

Verification Professional

Regulator”, which is to be

appointed by the Minister of

Trade and Industry;

Providing for the establishment of

the B-BBEE Commission;

Adding a trumping clause in the

B-BBEE Amendment Act;

Requiring all spheres of

government, public entities and

organs of state to report on

their compliance with B-BBEE in

their audited annual financial

statements and annual reports

required under the Public Finance

Management Act, 1999 (Act No.

1 of 1999); and

Requiring all public companies

listed on the JSE to provide to the

Commission, in such manner as

may be prescribed, a report on

their compliance with B-BBEE.

RAs are encouraged to contact

the Standards Department via


or telephone 087 940 8800 or

Gerhardus Burger on direct line

087 940 8786 for assistance

regarding B-BBEE assurance matters.

The International Audit and

Assurance Standards Board


International Standard on

Assurance Engagements (ISAE)

3000 (Revised), Assurance

Engagements Other than Audits

or Reviews of Historical Financial


This revised assurance standard

deals with assurance engagements

other than audits or reviews of

historical financial information. In

revising ISAE 3000, the IAASB

also agreed amendments to


International Framework for

Assurance Engagements,

as well as

ISAE 3402,

Assurance Reports on

Controls at a Service Organization,

ISAE 3410,

Assurance Engagements

on Greenhouse Gas Statements,


ISAE 3420,

Assurance Engagements

to Report on the Compilation of

Pro Forma Financial Information

Included in a Prospectus.

ISAE 3000

(Revised) is effective for assurance

engagements when the assurance

report is dated on or after

15 December 2015.

The CFAS considered ISAE 3000

(Revised) at its meeting in March 2014,

and recommended its adoption to

the Board to prescribe for registered


Consultation Paper: IAASB’s

Proposed Strategy for 2015-2019

and Proposed Work Program for


The IAASB is undertaking this

consultation to obtain views on its

future direction, in order to build on

its existing base of standards and

address new topics where needed.

The Consultation Paper includes

questions to obtain stakeholders’

views on whether the IAASB’s

strategic objectives are appropriate

for 2015–2019, the approach

taken to the development of the

Work Program for 2015–2016, in

particular the IAASB’s decision to

focus on fewer key projects, and the

appropriateness of the topics chosen

as the focus for the Work Program for

2015–2016, in light of the proposed

strategic objectives. The Consultation

Paper is available on the IAASB’s


Comments were due by 4 April 2014.

The CFAS will also consider the

IAASB Proposed Strategy and Work

Program in preparing its consultation

paper on the

CFAS Proposed

Strategy 2015—2019 and Work

Programme for 2015—2016.

Small and Medium Practices

The International Federation

of Accountants (IFAC) Small

and Medium Practices (SMP)


The SMP Committee of IFAC

represents the interests of professional

accountants who work in SMPs.

The committee develops guidance

and tools, and works to ensure the

needs of the SMP and small- and

medium-sized entity (SME) sectors

are considered by standard setters,

regulators, and policy makers.

The committee also speaks out on

behalf of SMPs to raise awareness

of their role and value, especially

in supporting SMEs, and the

importance of the small business

sector overall.