ANALYSIS: AMENDMENTS TO IMPAIRMENT STANDARDS

Since adopting the Standards of Generally Recognised Accounting Practice (GRAP) on impairment of assets, stakeholders shared practical challenges on the application of those standards with the Accounting Standards Board. This article discusses these challenges and steps taken by the board to respond to those challenges GRAP 21, Impairment   Non-Cash-Generating Assets, … MORE

ANALYSIS: THE NEW AUDITOR’S REPORT

Challenges are being faced in the implementation of the new auditor’s report. Here are some tips gleaned from auditors’ initial experiences The most prominent change in the auditor’s report under the new and revised auditor reporting standards is the communication of key audit matters (KAM), which provides more entity-specific and … MORE

ANALYSIS: IAASB in SA Update on Enhancing Audit Quality Projects

SAICA recently hosted representatives from the International Auditing and Assurance Standards Board (IAASB) and received first-hand feedback on their work relating to quality control and related projects, with touchpoints regarding audit quality and how this is set to affect practice going forward The objective of the IAASB, being an international … MORE

ANALYSIS: Growing demand for Agreed-upon procedures engagements

Increased audit exemption thresholds internationally have prompted stakeholders to look for alternative services to an audit. This article explores the growing use of agreed-upon procedure (AUP) engagements as a means of filling the gap As financial reporting and other forms of external reporting have evolved, there has been recognition that … MORE

ANALYSIS: Auditing accounting estimates

On 20 April 2017, the International Auditing and Assurance Standards Board (IAASB) issued the Exposure Draft: Proposed ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures (ED), for comment until 1 August 2017. This is an overview of the proposed changes WHY IS THE ISA BEING REVISED? The main reasons … MORE