Ethics and Independence requirements when performing assurance engagements
|CPD Hours:||Attendance at this seminar will secure 3 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)|
The ethical and independence requirements applying to auditors are legally enforceable and are located within the following legislation and standards: • ISQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements • Auditing Standard ISA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information • Section 90 of the Companies Act applicable to an auditor engaged to perform a statutory audit of a company or a close corporation (CC) • The IRBA’s Code of Professional Conduct for Registered Auditors (the Code) • International Standard on Review Engagements 2400 (Revised) To help members better understand the independence requirements and fully digest this information, this webinar will provide practical, case-based scenarios to help practitioners assess issues of ethics and independence that they may encounter during the performance of assurance engagements.
The following issues regarding ethics and independence will be discussed and explained: • The five fundamental ethical principles • Threats to independence and safeguards • The conceptual framework and ethical dilemmas • Who is “RIP” • The Seven ethical and independence declarations that must be signed by engagement partners and team members on all assurance engagements • Independence requirements for statutory audits • Rotation requirements for partners of statutory audits • Independence requirements for Public Interest Entity Audits • Rotation requirements for partners of Public Interest Entity Audits • Independence requirements for voluntary audits (self-review threats) • Independence requirements for Independent Reviewers • Prohibited relationships applicable to all assurance engagements • Disclosure of audit tenure
The seminar will be of interest to professional accountants in public practice who are responsible for the performance of any assurance engagements.