IRBA newsletter #33

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STANDARDS c o n t .
Listings Requirements in November 2015.
The Guide provides guidance to JSE-accredited reporting
accountants of JSE-listed entities that report on property-
related transactions, in accordance with the JSE Limited
Listings Requirements (LR). Its purpose is to provide
guidance to a JSE-accredited reporting accountant in the
implementation of:
?ISAE 3400, The Examination of Prospective Financial
Information, when engaged to report on an entity's forecast
statement of profit or loss and other comprehensive income
as well as the vacancy and lease expiry profile of the
property portfolio as a whole (forecast information). This
information is prepared in terms of paragraphs 13.12-13.14
and 13.18(d) and (e) of the LR and reported on in terms of
paragraph 13.15 of the LR; and/or
?ISRE 2400 (Revised), Engagements to Review Historical
Financial Statements, or ISRE 2410, Review of Interim
Financial Information Performed by the Independent
Auditor of the Entity, when engaged to report on the assets
and/or liabilities acquired by the applicant issuer in terms of
the transaction reflected in the adjustment column of an
entity's pro forma statement of financial position. This
information is prepared in terms of paragraph 13.16 of the
LR and reported on in terms of paragraph 13.16(e) of the
LR.
The resultant amendments to the LR were published in
Government Gazette No. 39711 on 19 February 2016 and the
amendments came into operation on 21March 2016.
The Guide is effective for engagements commencing on or
after 1March 2016.
website.
SAAPS 3 (Revised November 2015), Illustrative Reports
The CFAS approved the issue of the South African Auditing
Practice Statement (SAAPS) 3 (Revised November 2015),
Illustrative Reports, in November 2015.
This SAAPS is aimed at providing practical guidance to
registered auditors who report on financial statements, both
for compliance with the ISAs (or the ISREs, as applicable) and
the legal and regulatory requirements applicable to auditors
and auditor reporting in South Africa, as related to the content
and format of the auditor's report. For the purpose of this
SAAPS, the main legal and regulatory requirements
addressed are the Auditing Profession Act, 2005 (No.26 of
2005), the Companies Act, 2008 (Act No.71 of 2008) and the
Public Audit Act, 2004 (Act No.25 of 2004).
This SAAPS contains conforming amendments arising from
the issue of the new and revised Auditor Reporting Standards
and related auditing standards issued by the IAASB, which
have been approved for adoption, issue and prescription by
registered auditors in SouthAfrica.
It also includes guidance contained in the communiqué, IRBA
Strengthens Auditor Independence by Mandating Disclosure
of Audit Tenure,
issued by the IRBA on 4
December 2015.
This SAAPS is effective for periods ending on or after 15
December 2016. If the registered auditor has decided on an
early adoption of the new and revised auditor reporting and
related auditing standards, then the early adoption of this
SAAPS is also required.
website.
ISAE 3000 (Revised), Assurance Engagements Other
thanAudits or Reviews of Historical Financial Information
Registered auditors are reminded that ISAE 3000 (Revised) is
effective for assurance reports dated on or after 15 December
2015.
6 Issue 33 January - March 2016