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Other considerations
The Revised and Restructured IRBA Code will have many
significant changes that will need to be considered by all registered
auditors and audit firms. The following will need to be considered:
• Training for firm personnel across all levels;
• Updating of the firm methodology;
• Considering amendments to firm policies and procedures;
• Noting differences between local requirements and
international requirements;
• Transitional arrangements, and catering for the differing
effective dates; and
• Re-assessing safeguards currently used under the extant
IRBA Code, among others.
Request for comments
The IRBA had invited registered auditors and other interested parties
to submit any comments regarding the proposed IRBA Code to the
IRBA by 2 July 2018.
A copy of the exposure draft is available in PDF format and may be
downloaded from the exposure drafts page on the
International Ethics Standards Board for Accountants
This is a unique invitation and opportunity for everyone with an
interest in the ethical conduct of accountants and registered
auditors to influence the global standard-setting agenda. The
IEBSA has released two consultation papers for public comment,
as detailed below.
Proposed IESBA Strategy and Work Plan 2019-2023
The IESBA released its
on 16 April 2018 and is seeking comments, views and
insights from all stakeholders by 16 July 2018 to help shape its
future strategic direction.
The proposed Strategy and Work Plan projects the IESBA’s
vision for the completely rewritten and significantly strengthened
(the Code) in
the global economy. The IESBA’s future priorities and actions will be
guided by the following three strategic themes:
• Advancing the Code’s relevance by keeping it fit-for-purpose
for a rapidly changing world, and further strengthening ethical
conduct and independence standards;
• Deepening and expanding the Code’s impact and influence
through increased global adoption and implementation; and
• Enriching the IESBA’s perspectives and capacities through
proactive stakeholder dialogue and co-operation.
IESBA Consults on Professional Scepticism
The IESBA seeks public comment by 15 August 2018 on its
consultation paper,
In response to regulatory and other stakeholder feedback on the
topic, the paper explores:
• The behavioural characteristics comprised in professional
scepticism;
• Whether all professional accountants should apply these
behavioural characteristics; and
• Whether the
should be further developed to address behaviours
associated with the exercise of appropriate professional
scepticism.
Through this initiative, the IESBA also aims to reinforce the effective
exercise of professional scepticism by auditors.
Request for comments
Consultation on the IESBA Strategy and Work Plan 2019-2023
is open for responses until 16 July 2018, and these must be
submitted using the IESBA online tool. We invite registered auditors
to submit their responses to the Proposed Strategy and Work Plan
consultation via the IESBA
We invite registered auditors and others to submit any comments
regarding the Professional Scepticism consultation paper to the
IRBA for consideration as we prepare our response to the IESBA.
Comments, which need to be submitted by 1 August 2018, should
be addressed to and be in Word and PDF
formats.
Alternatively, comments may be submitted directly to the IESBA
through the website, which has a “Submit a
Comment” link on the Exposure Drafts and Consultation Papers
page. Comments to the IESBA close on 15 August 2018.
IESBA projects in progress
• Non-assurance services.
• Fees.
• Technology.
• E-Code.
• Alignment of Part 4B of the Code and ISAE 3000 (Revised).
More information on these projects is available on the
IRBA COMMUNICATIONS
Please advise Lebogang Manganye
if you would like to receive IRBA communications, or if you are
aware of a non-auditor who would like to receive these.
ETHICS cont.
Imran Vanker
Director Standards
Telephone: (087) 940-8838
Fax: (086) 575-6535
E-mail:
Issue 42 | April - June 2018 7