IRBA Newsletter Issue 54

Issue 54 | April-June 2021 6 ETHICS Imran Vanker Director Standards Telephone: (087) 940-8838 E-mail: standards@irba.co.za INTERNATIONAL ETHICS STANDARDS BOARD FOR ACCOUNTANTS (IESBA) IESBA Launches the Post-Implementation Review of the Long Association International Independence Standard The IESBA has released a questionnaire that seeks stakeholder feedback on key matters relating to the Long Association Post- Implementation Review (LAPIR). Responses to the questionnaire will help inform the IESBA’s review of the implementation of the five-year cooling-off requirement for engagement partners on audits of public interest entities. This review is being undertaken before the “jurisdictional provision” in the standard expires for audits of financial statements for periods beginning on or after 15 December 2023. The jurisdictional provision permits respective jurisdictions to apply a cooling-off period of less than five years, subject to specified conditions. Click here to download an update of the LAPIR released in March 2021. The IRBA Code of Professional Conduct and the South African Companies Act Registered auditors have previously been advised to consider Section 92 of the South African Companies Act, 2008 (Act 71 of 2008), when reading the jurisdictional provision paragraph (R540.19) of the IRBA Code, which relates to a Position where a Shorter Cooling-off Period is Established by Law or Regulation. IESBA Global Ethics Webinars on the Non-Assurance Services and Fee-Related Revisions to the IESBA Code of Ethics The IESBA recently presented two global webinars that focused on the recently released revisions to the Non-Assurance Services (NAS) and Fee-related Provisions of the International Code of Ethics for Professional Accountants (including International Independence Standards). Click on the links below to watch the recordings of these 60-minute webinars. • Fees Webinar – featuring Ian McPhee, IESBA member and Fees Task Force Chair; and Caroline Lee, IESBA Deputy Chair and Fees Task Force member. • NAS Webinar – featuring Richard Fleck, NAS Task Force Chair; and Kim Gibson, IESBA member and NAS Task Force member. During each webinar, the IESBA representatives explained key provisions of the revised NAS and fee-related independence standards that will come into effect in December 2022. IESBA Projects in Progress • Definition of PIE and Listed Entity; • Engagement Teams/Group Audits; • Technology; • Tax Planning and related services; • Benchmarking Initiative; and • Long Association Post-Implementation Review – Phase 1. More information on these projects is available on the IESBA website . Should you have any further queries, please email standards@irba.co.za .