Auditing public schools presents unique challenges due to their non-profit nature, government funding, and compliance with specific legislation such as the South African Schools Act (SASA).
This course will help participants understand key audit requirements, identify high-risk areas, and ensure proper documentation throughout the pre-engagement, planning, and finalisation phases. Managers and partners will gain insights into how the National Guideline accounting framework impacts financial statements and the auditor’s reporting responsibilities.
Why Knowledge of the South African Schools Act (SASA) is Essential
Understanding the SASA is critical to ensuring compliance and relevance during the audit.
Without knowledge of the Act, auditors may overlook statutory requirements or misinterpret financial reporting guidelines, which could compromise audit quality.
Familiarity with the Act ensures that the audit approach aligns with legislative requirements, promotes transparency, and serves the public interest.
Discuss the 2024 BELA ACT amendments that affect the audit requirements in the South African Schools Act.
Pre-Engagement Phase
• Understanding SASA and its effect on the audit scope and reporting responsibilities.
Planning Phase
• Impact of the revised ISA 315 and ISA 330 on risk assessment and planning
• Identifying key audit risks unique to public schools, such as misuse of government funding and service-based revenue
• Understanding the National Guideline accounting framework and its influence on financial statement preparation
Finalisation Phase
• Consideration of the factors that go into finalising the audit engagement in line with ISA requirements
• Identifying auditor reporting responsibilities for public schools.
• Audit seniors
• Audit managers and partners
• Engagement Quality Control Reviewers.
