CPD event: Independent Review update


As more and more companies now require that their accountants perform independent reviews instead of audits, the Southern African Institute for Business Accountants (SAIBA), in conjunction with the SA Accounting Academy (SAAA) will address the latest amendments to the review standard (ISRE2400) as well as how CIPC is conducting inspections and compliance reports.

The half-day seminars and a webinar will accrue 4 hours’ CPD for members of a relevant professional body such as ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA and will be presented by Lynette Badenhorst, managing director of ProBeta.

In accordance with ISRE 2400 (Revised), a review engagement is not just about practitioners obtaining knowledge of their clients through questions and analysis; it also requires the accountant to dig deeper and obtain additional evidence if it is determined there may be a material misstatement in the financial statements, according to a document published by the International Federation of Accountants (IFAC).

It says additional procedures are also required when further questions arise, such as if related party transactions fall outside the normal course of business, fraud or non-compliance with laws or regulations is suspected, or doubts arise regarding the entity’s ability to continue as a going concern. This additional work effort allows for the meaningful and valuable level of assurance conveyed by the review conclusion.

Under ISRE 2400 (Revised), the practitioner is required to comply with relevant ethical requirements, including those pertaining to independence in the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), or national equivalent requirements that are at least as restrictive. The review standard also requires professional accountants to exercise professional judgment and to be skeptical throughout the engagement.

The following venues can be chosen from:
Spier Hotel (Stellenbosch) Aug 3, 2017
Coastlands Musgrave Hotel (Durban) Aug 11, 2017
Diep in die Berg (Pretoria) Aug 22, 2017
The Wanderers Club (Johannesburg) Aug 23, 2017
Online webinar / recording Aug 24, 2017

Some of the topics to be discussed are:
• What is an independent review?
• Who can perform an independent review?
• When is an independent review mandatory/voluntary?
• The standard that should be applied and recent amendments.
• US review engagements vs IAASB review engagements – which standard is best for SA accountants?
• CIPC warning and action against accountants that are not complying with the Companies Act requirements for filing reports.
• What the standard requires related to accepting, performing, completing and reporting on the engagement.
• Quality control in a review engagement.

To register, click here.