IRBA NEWSLETTER ISSUE 47

Issue 47 | July - September 2019 14 Online Submission of RIs The IRBA is excited to introduce the deployment of an RI online reporting system. The system will phase out the current manual reporting of RIs, wherein registered auditors (RAs) email their RI reports to the IRBA and have to make manual follow-ups. By using the system, RAs will be able to upload RI reports, together with supporting documentation, on the IRBA website through their personal profiles. Certain information fields will need to be populated with relevant information before an RA is able to submit an RI report. This will ensure the completeness of information submitted to the IRBA during the reporting process. Upon submission of the first RI report, the system will indicate that the RI has been successfully sent to the IRBA and that it has now entered the review and approval stage of processing. On completion of the review process and approval of the RI, the RA will receive an automated letter of acknowledgment from the IRBA. During the 30-day period from the submission of the first RI report, automated email reminders will be sent prompting the RA to submit a second RI report, in line with the relevant provisions of the Auditing Profession Act. Second RI reports and supporting documents can also be submitted through the online system. The online system will not only simplify and centralise the RI referral process, but it will also give RAs access to real-time information on the status of RI reports they have submitted to the IRBA. In addition, it will give them access to a complete list of all RIs submitted online. Implementation of this online functionality will be rolled out in a phased approach, with only selected RAs being given access to the system during the first phase. The phased approach will enable the IRBA to test the effectiveness of the system prior to its full deployment. Once the system is fully functional, a formal communique will be sent out to inform all RAs, after which all RI submissions will then be made online. All questions and/or queries in this regard may be forwarded to ris@ irba.co.za . Rebecca Motsepe Director Legal Telephone: (087) 940-8800 Fax: (087) 940-8873 E-mail: legal@irba.co.za LEGAL cont.