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entity, the practitioner may consider the responses collectively

to determine whether the sustainability assurance engagement

exhibits the characteristics set out in the objective paragraph of


Effective date

SAAEPS 1 is effective for the

Acceptance and Continuance

– Preconditions for the Assurance Engagement

phase of the

sustainability assurance engagement for reporting periods beginning

on or after 15 December 2020. Early adoption is permitted.

The effective date of SAAEPS 1 has been delayed by two years

to allow time for practitioners to prepare for and implement the

guidance, receive training and provide feedback to the IRBA on

any implementation lessons. The delayed effective date also allows

time for preparers of sustainability reports to receive training on the

content of SAAEPS 1, as it relates to them.

SAAEPS 1 is available on the

IRBA website .

CFAS Public Sector Standing Committee (PSSC)

Revision of the Guide for Registered Auditors: Auditing

in the Public Sector Vol 1

The update of the

Guide for Registered Auditors: Auditing in the

Public Sector Vol 1

(the Guide) is continuing. The Guide is being

updated for:

• Changes made to the AGSA’s audit methodology;

• Further guidance on how political governance structures in the

public sector should be engaged with;

• Amendments arising from the revision of the Public Audit Act


• Expanding/enhancing the sections dealing with legislation,

guidance and key stakeholders/role players in the public sector;

• A new section on the role and powers of the Auditor-General;

• Changes to the financial reporting frameworks applicable to

the public sector; and

• Changes to the International Standards of Supreme Audit

Institutions (ISSAIs).

International Audit and Assurance Standards Board


IAASB projects in progress

• Accounting estimates (ISA 540).

• Quality control at engagement level (ISA 220).

• Quality control at firm level (ISQC 1).

• Engagement Quality Review (EQR) (ISQC 2) – NEWSTANDARD

– see

IAASB website

for more information.

• Group audits (ISA 600) – the IAASB’s Group Audits Task Force

has issued an ISA 600 Project Update – Enhancing Audit

Quality Focusing on Group Audits. See the

IAASB website


more information.

• Professional scepticism.

• Auditor risk assessments (ISA 315 (Revised)).

• Agreed-upon procedures (ISRS 4400).

• Data analytics.

• Integrated reporting (emerging forms of external reporting)


More information on these projects is available on the

IAASB website .

Issue 43 | July-September 2018