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This approach states that the auditor has liability under ordinary negligence if the third party is known to be using the financial statements and there has been some sort of direct communication between the two parties. [12] An example could be the auditor directly giving a report to the bank that will be providing the loan for an actual client.
Currently, SAFLII serves over 220,000 unique visitors per month and provides access to about 49,000 judgements from South Africa alone. SAFLII also offers access to legislation and open-access journals such as De Jure, the Potchefstroom Electronic Law Journal, SADC Law Journal and Law, Democracy & Development.
The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent body for accountants. The institute provides a wide range of support services to more than 48,000 members and associates who are chartered accountants (CAs(SA)), as well as associate general accountants (AGAs(SA)) and accounting technicians (ATs(SA)).
The SALJ was established in Grahamstown in 1884, making it one year older than England's Law Quarterly Review and three years older than the Harvard Law Review. [3] Its first 17 volumes were published under the title Cape Law Journal, before its name was changed to the South African Law Journal in 1901.
The Independent Regulatory Board for Auditors (IRBA), formerly known as Public Accountants and Auditors Board (PAAB), is a statutory body controlling public accountancy in the Republic of South Africa. The designation conferred by IRBA is Registered Auditor (RA).
When the auditor cannot express an overall opinion, the auditor should state the reasons therefore in the auditor's report. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the ...
SAS 99 defines fraud as an intentional act that results in a material misstatement in financial statements. There are two types of fraud considered: misstatements arising from fraudulent financial reporting (e.g. falsification of accounting records) and misstatements arising from misappropriation of assets (e.g. theft of assets or fraudulent expenditures).
The concept of materiality is applied by the auditor both in planning and performing the audit, and in evaluating the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial statements and in forming the opinion in the auditor’s report. [11]