The IAASB finalises ISA 315 (Revised 2019)

In December 2019, the International Auditing and Assurance Standards Board (IAASB) issued International Standard on Auditing (ISA) 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement. On its release, the IAASB stated that ISA 315 (Revised 2019) is an important part of the IAASB’s efforts to improve audit quality globally. The IAASB chair,…

The concept of materiality and the need to embrace it

The concept of materiality is one of the most fundamental and significant concepts within the financial and corporate reporting ecosystem. ‘Materiality’ can be defined and rationalised in numerous ways, but the following encompasses the essence of the concept: Materiality is a concept or convention within auditing and accounting relating to the importance/significance of an amount,…

SAICA MIB project groups

The issues the MIB groups focus on are tabled and addressed from an auditor, preparer and regulatory perspective. SAICA has a broad membership base, with members taking up key roles in different industries and at differing levels of seniority. To ensure that we cater to our members’ needs, we run interest groups for our members.…

Feb 2021 Issue

Leading in times of uncertainty Today, uncertainty is everywhere. We have all heard anecdotes about some of the world’s most valuable companies … the world’s largest taxi company, Uber, owns no cars, the world’s largest accommodation provider, Airbnb, owns no property, and so on. But even for them, times are uncertain. Because people did not…