AUDITING

Accountancy SA,  Aug 2004  by de Beer, Linda

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ATTORNEYS' TRUST ACCOUNTS - AUDIT GUIDE REVISED

Guidance for Auditors: The Audit of Attorneys' Trust Accounts in terms of the Attorneys Act, No 53 of 1979 and the Applicable Rules of the Provincial Societies has recently been issued to replace and update the similar guide previously issued.

This guidance has been developed by SAICA's Joint Attorneys' and Accountants' Committee, to provide guidance on the audit of the attorneys' trust accounts and to highlight the audit issues in this area. The guidance can be downloaded from the SAICA website.

CONSULTATIVE ADVISORY GROUP

As a result of major reforms at international level and in an attempt to restore public confidence in the accounting and auditing profession, the PAAB approved, inter alia, a proposal to establish a Consultative Advisory Group (CAG).

The CAG will provide a forum where the newly formed auditing standard-setting structure at the PAAB, the Auditing and Assurance Standards Board (AASB), is given an opportunity to consult on a wider basis with those stakeholders affected by auditing pronouncements and the standardsetting process. Briefly, the objectives of the CAG are as follows:

* To demonstrate the importance of public interest and the protection thereof when developing auditing pronouncements;

* To facilitate greater involvement from other organisations, at a high level, with an interest in, and affected by, auditing standards;

* To demonstrate the relevance of the auditing profession as a result of sharing of agenda's with other interested bodies and pro-actively identifying matters for the standard-setter's attention; and

* To enhance the transparency and accountability of the audit standard-setting function.

While the AASB will comprise mostly of members from the profession with the required technical expertise and experience, the CAG will be, broadly, constituted of members representative of those preparing audited financial statements, regulators of various industries, as well as stakeholders who are otherwise interested in audit issues.

The AASB monitors international developments on a continuous basis and frames its processes and structures on those changes considered appropriate for members with the ultimate objective of maintaining high quality standards and practices in auditing and assurance.

Copyright South African Institute of Chartered Accountants Aug 2004
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