Issue 49 | January - March 2020 3 STANDARDS LIST OF TOPICS COVERED IN THIS ISSUE • Standards: o Implications of the COVID-19 Outbreak on Audits and Auditors. o Membership Changes to CFAS. o Outreach Relating to the IRBA Exposure Draft – Proposed Guide for Registered Auditors: Joint Audit Engagements. o The IAASB Issues an Auditor Reporting Project Update. o IAASB Consults on Extended External Reporting Assurance. o IAASB Projects in Progress. • Ethics: o Membership Changes to CFAE. o Final Amendments to the IRBA Code of Professional Conduct for Registered Auditors (Revised November 2018) Relating to Registered Candidate Auditors. o IESBA Proposes Significant Revisions to the IESBA Code of Ethics. o IESBA Report Exploring the Ethical Implications of Technology for Accountants. o IESBA Projects in Progress. IMPLICATIONS OF THE COVID-19 OUTBREAK ON AUDITS AND AUDITORS The IRBA has issued a newsletter relating to the Implications of the COVID-19 Outbreak on Audits and Auditors . This newsletter aims to address some implications and considerations with regard to audits and audit risks. In addition, a dedicated COVID-19 webpage has been added to the IRBA website. This will form a central repository of information that has been released both locally and internationally in relation to the outbreak and the implications on audits and auditors. While this is not meant to be a complete source of information for auditors, it will be updated on an ongoing basis. COMMITTEE FOR AUDITING STANDARDS (CFAS) Membership Changes We bid farewell to Riana Fourie, who has served as Chairman of CFAS for the past six years. Prior to this position, she served as Chairman of the CFAS Regulated Industries and Reports Standing Committee. We thank her for her excellent leadership and dedication to standard setting. We welcome Zine Mshengu, Divisional Head: Industry Technical Support at the South African Reserve Bank and currently a CFAS member, as new Chairman of CFAS. We wish her well in leading CFAS. Outreach Relating to the IRBA Exposure Draft – Proposed Guide for Registered Auditors: Joint Audit Engagements CFAS approved the issue of the Proposed Guide for Registered Auditors: Joint Audit Engagements (this proposed Guide) , in November 2019 for a 90-day exposure for public comment, with comments due to the IRBA by 6 March 2020. Then the IRBA invited auditors and other interested parties to an outreach event on the proposed Guide, and this was held on 26 February 2020. In addition, audit committees of entities that currently have joint audit engagements in place were invited to meet with the IRBA to discuss their views on the exposure draft. CFAS will be considering the public comments received and is expected to finalise this project and issue a final Guide during the course of the year. INTERNATIONAL AUDIT AND ASSURANCE STANDARDS BOARD (IAASB) The IAASB Issues an Auditor Reporting Project Update The IAASB Auditor Reporting Implementation Working Group recently published a project update in the form of a communique that provides an update on its post-implementation review (PIR) of the revised auditor reporting standards. The communique also includes other relevant news and information on the PIR. The communique may be downloaded from the IAASB website. IAASB Consults on Extended External Reporting (EER) Assurance On 13 March 2020 the IAASB issued, for public consultation, a Consultation Paper on proposed non-authoritative guidance on EER Assurance. EER encapsulates many different forms of reporting, including, but not limited to, integrated reporting, sustainability reporting and other reporting by entities about financial and non-financial matters that comprise environmental, social and governance matters related to an entity’s activities. The Consultation Paper is on the full combined updated Phase 1 and Phase 2 draft non-authoritative guidance, Special Considerations in Performing Assurance Engagements on Extended External Reporting. The Consultation Paper also invites comments on two supplementary documents, should respondents wish to comment on their content, structure and relationship to the draft guidance document. These supplementary documents are Supplement A: Credibility and Trust Model and Background and Contextual Information; and Supplement B: Illustrative Examples.