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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.
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).
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)).
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 ...
External Auditors' Liability to Third Parties . Auditors may be liable to 3rd parties who are damaged by making decisions based on information in audited reports. This risk of auditors' liability to third parties is limited by the doctrine of privity. An investor or creditor, for instance, can not generally sue an auditor for giving a favorable ...
Although ACCA holds recognition for statutory tax purposes, [56] it has no agreement with any accountancy body in South Africa, while ICAEW, ICAS and CA Ireland have agreements with South African Institute of Chartered Accountants.On the 6th of July 2023, the Independent Regulatory Board for Auditors, formally accredited the ACCA as an ...
According to Olung M (CAO - L), ISA guides the auditor to add value to the assignment hence building confidence of investors. The standards cover various areas of auditing, including respective responsibilities, audit planning , Internal Control , audit evidence , using the work of other experts, audit conclusions and audit reports , and ...
The website at the time of this transition carried approximately 700 judgments from South Africa and Namibia. SAFLII is currently in operation from within the Department of Public Law at the University of Cape Town and has been there from December 2013. SAFLII became a member of the Free Access to Law Movement at the Law Via the Internet ...