Issue 53 | January-March 2021 6 STANDARDS cont. PUBLIC SECTOR STANDING COMMITTEE (PSSC) Guidance on Performing Audits where the AGSA has Opted not to Perform the Audit (Revised March 2021) The CFAS approved the issue of the Guide for Registered Auditors: Guidance on Performing Audits where the AGSA has Opted not to Perform the Audit (Revised March 2021) (this Revised Guide), for use by registered auditors (auditors). This Revised Guide is approved by the CFAS for joint publication with the Auditor-General of South Africa (AGSA). The aim is to help improve the understanding and enhance the performance of quality public sector audits by auditors, who are appointed as auditors of public institutions where the AGSA has opted not to perform the audit, in accordance with Section 4(3) of the Public Audit Act, 2004 (Act No. 25 of 2004) (PAA). The Revised Guide has been updated for the following: • Consequential changes made to the Guide for Registered Auditors: Auditing in the Public Sector (Revised August 2019); • Other relevant amendments arising from the revision of the PAA; • Removal of information that is already contained in the AG Directive; and • The inclusion of practical application guidance to implement the requirements of the PAA, Regulations and the AG Directive, and which is not already contained elsewhere. This Revised Guide, which is available for downloading in PDF format from the IRBA website , is effective from 6 April 2021. INTERNATIONAL AUDIT AND ASSURANCE STANDARDS BOARD The IAASB Issues an Exposure Draft on Conforming and Consequential Amendments to the IAASB’s Other Standards as a Result of the New and Revised Quality Management Standards The IAASB issued an Exposure Draft, Proposed Conforming and Consequential Amendments to the IAASB’s Other Standards as a Result of the New and Revised Quality Management Standards, for public comment. The Exposure Draft aligns the IAASB’s standards related to review, assurance and related services, as well as its framework, with the quality management standards through conforming amendments. The communique also noted that the Exposure Draft does not include the Conforming Amendments to International Standards on Auditing and Related Material Arising from the Quality Management Projects, which were issued as a final pronouncement together with the New and Revised Quality Management Standards in December 2020. The IRBA invites comments from registered auditors and others by 10 May 2021. Comments to the IAASB are due on 24 May 2021. The Exposure Draft is available in a PDF format and may be downloaded from the IRBA website . The Committee for Auditing Standards will be working on a project to update IRBA pronouncements for conforming and consequential amendments arising from the new and revised quality management standards. IAASB Projects in Progress • Audit evidence. • Technology. • Group audits (ISA 600). • Extended external reporting (EER) assurance. • Audits of less complex entities (LCE). • Complexity Understandability Scalability Proportionality (CUSP). • Fraud. • Going Concern. More information on these projects is available on the IAASB website .