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Board Notice 128 of 2009, Government Gazette No. 32615 of 9 October 2009
Adoption of Auditing Pronouncements and Handbook of International Standards on Auditing and Quality Control 2009 Edition
Johannesburg / 24 November 2009
The IRBA would like to draw the attention of all Registered Auditors to Board Notice 128 of 2009, included in Government Gazette No. 32615 of 9 October 2009: “The Adoption of Auditing Pronouncements and Circulars made under the Public Accountants’ and Auditors’ Act, 80 of 1991 (now repealed) and the Adoption of International Standards on Auditing, Assurance, and Ethics Pronouncements in terms of the Auditing Profession Act, 26 of 2005 (“The Act”)”.
The Board Notice is available for download from the Auditing Standards section of the IRBA website http://www.irba.co.za/index.php?option=com_content&task=view&id=403&Itemid=55.
The Handbook of International Standards on Auditing and Quality Control – 2009 Edition (the 2009 Handbook) was issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), on 1 May 2009.
The 2009 Handbook was recommended by the Committee for Auditing Standards (CFAS) and approved by the Board following due process locally and internationally as part of the Clarity Project. The 2009 Handbook is prescribed for use by Registered Auditors in South Africa and becomes effective for audits of financial statements and other engagements for periods beginning on or after 15 December 2009. The 2009 Handbook together with the 2008 International Standards on Review Engagements, the 2008 International Standards on Assurance Engagements other than Audits or Reviews of Historical Financial Information, and the 2008 International Standards on Related Services, which are currently effective, are issued by the IRBA under the following copyright permission from IFAC:
“Copyright © April 2009 and March 2008 respectively by the International Federation of Accountants (IFAC). All rights reserved. Used with permission of IFAC. Permission is granted to make copies of this work to achieve maximum exposure and feedback”.
Scope of the 2009 Handbook
This handbook brings together all the International Standards on Auditing and the International Standard on Quality Control that have been redrafted by the International Auditing and Assurance Standards Board (IAASB) to improve their clarity (Clarity Project). It includes the Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, a Glossary of Terms and the “Clarified” International Standards on Auditing. These are effective for audits of financial statements and other engagements for periods beginning on or after 15 December 2009. Background information on the International Federation of Accountants (IFAC) is also included. The 2009 Handbook replaces the IFAC Handbook of International Standards on Auditing, Assurance, and Ethics Pronouncements - 2008 Edition Part II.
For practical purposes, where the audits of entities with financial periods beginning before 15 December 2009 have not yet taken place, the Clarified Standards included in the 2009 Handbook may be early adopted.
The IFAC Handbook of International Standards on Auditing, Assurance, and Ethics Pronouncements - 2008 Edition - Part I (the 2008 Handbook – Part I) will remain in effect during 2009. It contains pronouncements on auditing, review, other assurance, and related services issued by the IAASB as of 1 January 2008. The pronouncements on auditing will remain in effect for audits of financial statements and other engagements for periods beginning before 15 December 2009 and thereafter will be replaced by those contained in the 2009 Handbook.
The 2008 Handbook – Part I also includes the Code of Ethics for Professional Accountants (Revised July 2006), issued by the International Ethics Standards Board for Accountants (the IESBA). Persons registered with the Board in South Africa are required to comply with the IRBA Code of Professional Conduct and Disciplinary Rules contained in the Manual of Information, but may find the SAICA Code of Professional Conduct which is consistent in all material respects with the IFAC Code of Ethics for Professional Accountants, useful guidance.
The 2008 and 2009 Handbooks can be downloaded in a PDF format free of charge from the IRBA website – Click Here
Alternatively, the 2009 Handbook of International Standards on Auditing and Quality Control can be downloaded free of charge in PDF format or ordered for US$85.00, plus shipping, from the IFAC online bookstore (http://web.ifac.org/publication). Discounts are available for students, academics, and individuals living in developing countries, as well as for orders of 10 or more copies. Orders can also be placed by calling IFAC at +1 (212) 471 8722.
About the IRBA
The objective of the IRBA is to endeavour to protect the financial interests of the South African public and international investors in South Africa through the effective and appropriate regulation of audits conducted by registered auditors, in accordance with internationally recognised standards and processes. The CFAS assists the IRBA to develop and maintain auditing pronouncements which are internationally comparable.
Sandy van Esch