Menu

Audit Practice Alerts

Home Audit and Ethics Pronouncements  Audit Practice Alerts

Where necessary, IRBA Staff Practice Alerts are developed to meet local requirements. IRBA Staff Practice Alerts do not constitute authoritative pronouncements from the IRBA, nor do they amend International Standards, South African Standards, South African Practice Statements or South African Guides. IRBA Staff Practice Alerts may comprise Review Engagements Practice Alerts, Assurance Engagements Practice Alerts, Related Services Practice Alerts, Audit Practice Alerts and Ethics Practice Alerts. Ethics Practice Alerts are available here.

Title Date Issued Effective Date Download
IRBA Staff Audit Practice Alert 12: New Frequently Asked Questions on Sustainability Assurance Engagements March 2026 Immediate PDF
TitleDate IssuedEffective DateDownload
Staff Practice Alert 11 : Generative Artificial Intelligence & Emerging Technologies in the AuditSeptember 2025ImmediatePDF
TitleDate IssuedEffective DateDownload
IRBA Staff Audit Practice Alert 10: Key Considerations – Acceptance and Continuation of Client Relationships of Audit EngagementsJuly 2024ImmediatePDF

08 July 2024: Staff Audit Practice Alert 10: Key Considerations – Acceptance and Continuation of Client Relationships of Audit Engagements

TitleDate IssuedEffective DateDownload
IRBA Staff Audit Practice Alert 9: Guidance on the IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest EntitiesSeptember 2023Effective for audits of financial statements of public interest entities for periods ending on or after 15 December 2024. Early adoption is permitted if the EAR Rule is early adopted.PDF
TitleDate IssuedEffective DateDownload
 IRBA Staff  Practice Alert 8: Frequently Asked Questions on Sustainability Assurance EngagementsOctober 2022ImmediatePDF
TitleDate IssuedEffective DateDownload
IRBA Staff  Practice Alert 7: Content of a Transparency ReportAugust 2022ImmediatePDF
TitleDate IssuedEffective DateDownload
IRBA Staff Audit Practice Alert 6: Protection and Retention of Client DataSeptember 2021ImmediatePDF
TitleDate IssuedEffective DateDownload
IRBA Staff Audit Practice Alert 5: The Auditor’s Considerations with respect to Transaction that are not at Arm’s LengthJune 2020ImmediatePDF
TitleDate IssuedEffective DateDownload

IRBA Staff Audit Practice Alert 4: A South African Perspective on the Auditor’s Considerations Relating to Fraud

May 2022ImmediatePDF
Fraud Guidance

Below is a list of links to relevant guidance on Fraud, which have been developed internationally and locally. The list references information that was known at the time of issuing this IRBA Staff Audit Practice Alert: A South African Perspective on the Auditor’s Considerations Relating to Fraud and it is not meant to be exhaustive.

TitleDate IssuedEffective DateDownload
 The Audit Implications of International Financial Reporting Standard 15, Revenue from Contracts with CustomersMay 2022ImmediatePDF

Information for Users

With the publication of the IRBA Staff Audit Practice Alert 3: The Audit Implications of International Financial Reporting Standard 15, Revenue from Contracts with Customers, the IRBA has started numbering IRBA Staff Audit Practice Alerts. The IRBA Staff Audit Practice Alert: The Audit Implications of the Expected Credit Loss Model for the Auditors of Banks (issued September 2016) and the IRBA Staff Audit Practice Alert: Determining Other Information as Defined in ISA 720 (Revised) in the South African Context (issued April 2017), may be considered as IRBA Staff Audit Practice Alerts 1 and 2, respectively.​
TitleDate IssuedEffective DateDownload
IRBA Staff Audit Practice Alert: Determining Other Information as Defined in ISA 720 (Revised) in the South African ContextApril 2017Withdrawn 
TitleDate IssuedEffective DateDownload

IRBA Staff Audit Practice Alert: The Audit Implications of the Expected Credit Loss Model for the Auditors of Banks

Link to relevant guidance on IFRS 9 and the ECL model

May 2022ImmediatePDF
IRBA Staff Audit Practice Alert: The Audit Implications of the Expected Credit Loss Model for the Auditors of Banks (Updated for alignment to the IRBA Code of Professional Conduct (Revised November 2018))November 2019 PDF
IRBA Staff Audit Practice Alert: The Audit Implications of the Expected Credit Loss Model for the Auditors of BanksSept 2016ImmediatePDF

The International Financial Reporting Standards (IFRAS) 9, Financial Instruments, becomes effective for annual periods beginning on or after 1 Januaru 2018.

Below is a list of links to relevant guidance on IFRS 9 and the ECL model, which have been developed internationally and locally. The list references information that was known at the time of issuing this IRBA Staff Audit Practice Alert: The Audit Implications of the Expected Credit Loss Model for the Auditors of Banks and it is not meant to be exhaustive.

  1. Basel Committee on Banking Supervision, Guidance on Credit Risk and Accounting for Expected Credit Losses
    The objective of that paper is to set out supervisory guidance on sound credit risk practices associated with the implementation and ongoing application of ECL accounting frameworks (e.g. IFRS 9 and the ECL model). It provides banks with supervisory guidance on how the ECL model should interact with a bank’s overall credit risk practices and regulatory framework. The supervisory guidance does not contradict the applicable accounting standards established by accounting standard-setters (e.g. the IASB), but rather presents the view of the BCBS on the appropriate application of those standards (e.g. IFRS 9 and the ECL model).
  2. South African Reserve Bank, Guidance Note 3/2016, Credit risk and accounting for expected credit losses
    The purpose of the Guidance Note is to bring to the attention of banks the latest supervisory guidance on sound credit risk practices associated with the implementation and ongoing application of ECL accounting frameworks, as outlined in the BCBS paper.
  3. International Auditing and Assurance Standards Board’s project proposal, Revision of ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
    Project proposal that addresses the revision of International Standard on Auditing (ISA) 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures.
  4. International Auditing and Assurance Standards Board’s project update, An Update on the Project and Initial Thinking on the Auditing Challenges Arising From the Adoption of Expected Credit Loss Models
    Part A of this publication describes the project to revise ISA 540 and is intended to be of relevance to auditors, management, those charged with governance, users (including investors), regulators and audit oversight bodies, particularly for those involved in entities where the financial statements have one or more accounting estimates that require significant judgement. Part B of this publication is intended to help auditors understand the audit challenges that may arise from entities’ adoption and future application of Expected Credit Loss (ECL) models, and to help auditors develop appropriate audit procedures in that respect.
  5. Global Public Policy Committee, The implementation of IFRS 9 impairment requirements by banks
    This paper has been published to promote the implementation of accounting for expected credit losses to a high standard. It aims to help those charged with governance to evaluate management’s progress during the implementation and transition phase.
  6. The South African Institute of Chartered Accountants (SAICA) The New Financial Instruments Standard web page
    The SAICA web page includes links to IFRS 9 related publications of an accounting nature.