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INDEPENDENT REGULATORY BOARD FOR AUDITORS’ COMMITTEE FOR AUDITING STANDARDS ISSUES REVISED SAAPS 2 |
| Source: | Independent Regulatory Board for Auditors (IRBA) | | Country: | South Africa | | Date: | 07/02/2011 | | Contributor: | Dieter Gloeck | | Web: | http://www.irba.co.za |
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The Committee for Auditing Standards of South Africa’s Independent Regulatory Board for Auditors has withdrawn SAAPS 2 (Revised) Financial Reporting Frameworks and Audit Opinions, issued September 2008, with immediate effect and SAAPS 2 (Revised) (January 2011) Financial Reporting Frameworks and the Auditor’s Report was published.
SAAPS 2 (January 2011) has been revised and provides guidance for the implementation of the International Standards on Auditing (ISAs) that became effective for audits of financial statements for periods beginning on or after 15 December 2009.
This SAAPS has been revised in response to changes to the International Standards on Auditing (ISAs) and incorporates the following significant changes:
• Implementation guidance for auditors in determining the acceptability of the financial reporting framework applied by an entity as regards general and special purpose financial statements, general and special purpose frameworks, and fair presentation and compliance frameworks in both the private and public sectors in South Africa;
• The effect of the financial reporting framework applied by an entity on the auditor’s report including modified opinions, emphasis of matter and other matter paragraphs; and
• For the first time this SAAPS 2 deals with public sector financial reporting frameworks and reporting as contributed by the Auditor-General South Africa, and thus provides more comprehensive guidance than previously.
This SAAPS is expected to require further revision when the Companies Act, 2008 and Amendments thereto, and the Regulations pursuant thereto, become effective. |
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