Analysis: A recurring deficiency – Evaluation of uncorrected misstatements

This article has been prompted by a report that first appeared in the Independent Regulatory Board for Auditors’ newsletter, IRBA News 58. That report noted that the IRBA had noted an increasing trend of deficiencies in the evaluation of uncorrected misstatements. In addition, the enforcement committee (ENCOM) has concluded on a number of matters in…

Analysis: Preparers of financial statements as key role players in the financial reporting ecosystem

In previous articles, we have explored the questions triggered by corporate failures about what went wrong and who is to blame. Some suggest that a holistic approach to all the participants in the financial reporting process is needed to prevent corporate failure from happening in the first instance. Fragmented pieces of legislation regulate only some…

Analysis: Comprehensive regulation of the financial reporting ecosystem 

Corporate failures trigger pressing questions about what went wrong and who is to blame. Laws and enforcement mechanisms are questioned, and attempts are made to solve for problems without exploring the core issues. Compliance requires improved scrutiny of the entire ecosystem, particularly in the case of public interest entities and entities with increased technological complexity…

Analysis: CIPC’s Corporate Compliance and Disclosure Regulation unit update

The Companies and Intellectual Property Commission’s (CIPC) Corporate Compliance and Disclosure Regulation unit, as part of its functions per section 187(3) of the Companies Act 71 of 2008, covered various areas of enforcement during the past few months. These included qualitative reviews of annual financial statements submitted in iXBRL and proactive monitoring and enforcement of…

ANALYSIS: Ten Key Challenges for Assurance Engagements

Ten Key Challenges for Assurance Engagements IAASB: Feedback on discussion paper AUTHOR │ Hayley Barker Hoogwerf, Project Director: Assurance at SAICA After a board meeting held in December 2017, the International Auditing and Assurance Standards Board (IAASB) issued a feedback statement to inform stakeholders of the key messages received in response to their outreach activities…

ANALYSIS: 6 Mythbusters on NOCLAR

The amendments to the IRBA Code of Professional Conduct for Registered Auditors (IRBA Code) relating to Non-compliance with Laws and Regulations (NOCLAR) may still be relatively new, but have you already been a victim of a myth or two? It happens to all of us. A standard or legislative amendment is released and before you’ve…