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8
COntinued
standards
SAAPS 2 (Revised November 2013)
provides guidance to registered
auditors on the application
of International Standards on
Auditing (ISAs) in determining
the acceptability of the financial
reporting framework applied in the
preparation of a set of financial
statements.
SAAPS 3 (Revised November 2013)
SAAPS 3 (Revised November 2013)
provides practical assistance to
auditors when reporting on financial
statements that meet the requirements
of the ISAs and the International
Standard on Review Engagements
(ISRE) and comply with South African
jurisdictional requirements, mainly the
Companies Act and the Public Audit
Act.
SAAPS 3 (Revised November 2013)
contains conforming amendments
arising from the withdrawal of
the South African Statements of
Generally Accepted Accounting
Practice (SA GAAP) from
1 December 2012 and the issue of
the ASB Directive 5 Appendix I.
SAAPS 3 (Revised November 2013)
also includes illustrative review
reports for ISRE 2400 (Revised),
Engagements to Review Historical
Financial Statements effective
for reviews of historical financial
statements for periods ending on
or after 31 December 2013. The
existing illustrative review reports
for ISRE 2400 are retained as they
may continue to be used for reviews
of financial statements for periods
ending prior to 31 December 2013.
Guide for Registered Auditors:
Reporting on Financial
Information contained in Interim,
Preliminary, Provisional and
Abridged Reports required by the
JSE Listings Requirements
The
Guide for Registered Auditors:
Reporting on Financial Information
Contained in Interim, Preliminary,
Provisional and Abridged Reports
Required by the JSE Listings
Requirements
(the JSE Guide) was
prepared by the CFAS and was
approved for issue in November 2013
and issued on 28 November 2013.
The purpose of the JSE Guide is to
provide guidance to a JSE accredited
auditor on the implementation of
ISA 810,
Engagements to Report
on Summary Financial Statements
and ISRE 2410,
Review of Interim
Financial Information Performed
by the Independent Auditor of the
Entity
when reporting on an issuer’s
interim, preliminary, provisional and
abridged reports as required by the
JSE Listings Requirements.
The JSE Guide also provides
illustrative auditor’s reports for
circumstances when an issuer’s
auditor is reporting on summary
financial statements or condensed
financial statements included in
the issuer’s interim, preliminary,
provisional or abridged report.
The JSE Guide replaces the SAICA
Guide,
Guide on Reporting on
Financial Information contained
in Interim, Preliminary, Provisional
and Abridged Reports
issued in
March 2004 which has been
withdrawn by SAICA. The JSE Guide
is effective for auditors’ reports
on an issuer’s interim, preliminary,
provisional or abridged report issued
on or after 1 January 2014.
Regulatory reports in progress
Auditor’s reports on the annual
retirement fund returns to the
Financial Services Board
The RIRSC Retirement Funds Task
Group has finalised the regulatory
audit/assurance reports for:
•
The Schedule D main audit report;
•
The Section 15 agreed upon
procedures reports for small
retirement funds, umbrella funds,
retirement annuity funds and
preservation funds; and
•
The Regulation 28 reports on
Schedule IB for retirement funds.
These have been submitted to the
Financial Services Board and will
be published shortly as part of the
annual financial statements pack for
the various kinds of funds.
Discussions have been held between
the RIRSC Retirement Funds Task
Group, comprising retirement fund
auditors, senior staff of the Retirement
Funds Department of the Financial
Services Board (FSB) and National
Treasury, to resolve interpretation
issues arising from Regulation 28,
relating to the supplementary
disclosures in Schedule IB to the
annual financial statement. The FSB
has requested that auditors provide
additional information as to why
they have modified or qualified their
Regulation 28 report in the “Basis of
Opinion” paragraph. The FSB thanks
those auditors who have already
done so. The FSB has also requested
that auditors request their clients to
explain their interpretations of
Regulation 28 in footnotes to
Schedule IB, where there is
uncertainty about the provisions
in Regulation 28. Where auditors
disagree with their client’s
interpretations, this should be
considered in their report.
The CFAS has approved a project
to develop Compliance Standards
as guidance for auditors when
performing engagements to report
on compliance matters required by
South African regulators. The project
commenced in March 2014 and it
is expected that a standard will be
finalised in approximately 18 months.
CFAS Public Sector Standing
Committee (PSSC)
Joint IRBA/AGSA Guide for
Registered Auditors: Guidance for
Registered Auditors: Performing
Audits where the AGSA has
Opted not to Perform the Audit