ISQM 11, ISQM 22 and ISA 220 (Revised)3 come into effect on 15 December 2022. These standards are expected to have a significant impact on all firms that perform engagements in accordance with the IAASB standards. The South African Institute of Chartered Accountants (SAICA), in collaboration with the Pan African Federation of Accountants (PAFA) and the Independent Regulatory Board for Auditors (IRBA), has introduced a series of monthly virtual workshops where different aspects of the international quality management standards are addressed and participants have an opportunity to share practical insights and clarify their understanding of the implementation of the standards.
The fifth workshop took place on 15 August 2022 and addressed Information and Communication, Networks and Documentation. During this workshop, panel members answered the following important questions in the following tables.
Tumelo Makgakga CA(SA) is the Managing Director of FirstPlace Assurance & Advisory, Edwin Selbst CA(SA) is the owner of SARE Consulting, Eben Bakker CA(SA) is the Head of Audit for Enslins Bethlehem, Annalien Carstens CA(SA) is the Managing Director of Altimax and Michelle Vermeulen CA(SA) is the SAICA Project Manager: Audit & Assurance