This course will also assist with the implementation of your firm’s quality control and ethics policies and procedures manual.
This course will focus on the requirements as set out in the new Code of Conduct. All the relevant requirements will be covered.
The new IRBA Code of Professional Conduct for Registered Auditors (Revised November 2018) was recently released. The new IRBA Code applies to all registered auditors (firms and individuals), regardless of whether your status is recorded in the IRBA’s register as assurance or non-assurance.
The IRBA adopted the amendments made to the International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) issued during 2018, following the issue of proposed amendments on exposure in South Africa. Amendments to the IRBA Code (Revised November 2018) include the following:
Improving the Structure of the IESBA Code.
Revisions Pertaining to Safeguards
New Guidance for Professional Scepticism and Professional Judgement.
Offering and Accepting of Inducements.
Restructure of South African Paragraphs. .
The effective dates of the IRBA Code are as follows:
Parts 1 and 3 of the IRBA Code will be effective as of 15 June 2019.
Part 4A of the IRBA Code relating to independence for audit and review engagements will be effective for audits and reviews of financial statements for periods beginning on or after 15 June 2019.
Part 4B of the IRBA Code relating to independence for assurance engagements with respect to subject matter covering periods will be effective for periods beginning on or after 15 June 2019; otherwise, it will be effective as of 15 June 2019.
The release of the new IRBA Code will lead to significant changes and implementation risks that all registered auditors and audit firms will need to respond to, and these include the following:
Training personnel across all levels;
Updating your firm’s firm methodology, across audit and non-audit service lines
Considering amendments to your firm’s policies and procedures;
Noting differences between local requirements and international requirements;
Transitional arrangements, and catering for the differing effective dates;
Re-assessing safeguards currently used under the extant IRBA Code, among others; and
Confirmation that all relevant firm personnel understand the implications of the IRBA Code (Revised November 2018).
