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AUDITING PROFESSION: QUALITY MANAGEMENT RULES PUBLISHED BUT NOT IMMEDIATELY EFFECTIVE
- 24 November 2023
- Auditors & Accountants
- SA Legal Academy
The Independent Regulatory Board for Auditors has published four rules arising from international standards on quality management but not effective for some time:
- Rule 1: ‘ultimate responsibility and accountability for the system of quality management’
- Rule 2: transparency reports
- Rule 3: engagement quality reviewer and assistant
- Rule 4: audit documentation assembly and retention
Rule 4 will be ‘effective for the audits of financial statements for periods beginning on or after 15 December 2024’. Rules 1-3 will be ‘effective for audits of financial statements for periods beginning on or after 15 December 2025’. The early adoption of each rule is nevertheless ‘permitted’.
- Government Gazette notice
Published by SA Legal Academy Policy Watch
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