Leaf Audit Quality

New guidance supports audit firm adoption of AI technologies

The Financial Reporting Council has published a guidance to support audit firms in the responsible use of generative and agentic AI in audit engagements, helping firms manage risks to audit quality while realising efficiency and quality benefits. The guidance codifies good practice, rather than addressing identified deficiencies, and reinforces that auditors remain fully accountable for audit quality.

The guidance is available on:
https://media.frc.org.uk/documents/Generative_and_Agentic_AI_Guidance_factsheet_quJLgito.pdf

FIC announces submission dates for 2026 Risk and Compliance Returns

The FIC issued Directive 11 of 2026 on 31 March 2026, effective from 1 April 2026, requiring specified accountable institutions to submit their 2026 Risk and
Compliance Return to the FIC electronically.

The directive is available on:
https://www.fic.gov.za/wp-content/uploads/2026/03/Media-release-2026-Risk-and-compliance-return-1.pdf

The submission period opens on 4 May 2026 and closes on either 30 June or 31 July 2026, depending on the specified category of the accountable institution.

Need Training on Auditing Taxation?

It is essential for auditors to understand the complexities of taxation and the impact taxation has on financial reporting. In practice, clients are not always as knowledgeable about taxation requirements as auditors, and as a result, auditors may simply recalculate tax balances without adequately addressing the underlying audit risks.

By the end of this course, you will have a clearer understanding of taxation-related audit risks, how taxation impacts financial reporting, and how to apply appropriate audit procedures in practice.

Upon completion of this quest, you will receive a verifiable LEAF Bronze CPD Certificate, recognising your professional development and technical competence.

Get Started
https://quest.leafexcellenceinauditingforum.com/quest/auditing_taxation.html

LEAFQuest Online Training

Build your skills in accounting and auditing at a pace that works for you.

No deadlines, no pressure — just flexible learning designed for busy professionals.

✔ Learn when it suits you
✔ Gain practical knowledge for your career
✔ Receive a recognised CPD certificate on completion

Take charge of your professional development today with training that’s credible, flexible, and client‑friendly.

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Sometimes the biggest growth happens when things don’t go according to plan. Keep showing up, keep pushing forward, and trust the process.

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IESBA Launches Firm Culture and Governance Newsletter Series

IESBA has launched a new five-part Firm Culture and Governance Update series exploring why strong ethical culture and governance frameworks matter, and the practical challenges accounting firms face in implementing them, available on:

https://www.linkedin.com/pulse/iesba-march-firm-culture-governance-update-iesba-6dowe/

This series is dedicated to exploring the relevance of building strong ethical culture and governance within accounting firms.

Subscribe to the series on:
https://www.linkedin.com/newsletters/firm-culture-governance-7044287224640622594/

IRBA 2025 Public Inspections Report

The IRBA has released its 2025 Public Inspections Report. The content of the report is based on the results and matters reported from inspections performed during the 2024/2025 cycle, as mandated by Section 47 of the APA.

The 2025 Public Inspections Report may be downloaded from the IRBA website, available on:
https://www.irba.co.za/guidance-to-ras/inspections/reports

CMS Circular 6 of 2026: Monthly Indicators for 2026 (previously Real-time Monitoring)

The CMS has published Circular 6 of 2026, which includes the deadlines for submitting the 2026 Monthly Indicators (previously referred to as Real-time Monitoring). All medical schemes must submit the required information no later than four weeks after each month-end. Non-compliance will incur a penalty of R1 459 for each day the failure continues.
The circular and further guidance are available on:
https://www.medicalschemes.co.za/latest-publication/circular-6-of-2026-monthly-indicators-for-2026/

Second chance alert!

Our IFRS 18 Webinar Series sold out — but a limited number of spots have just opened up for 14 & 15 May. If you missed out the first time, now's your moment.

Kimberly Berry CA(SA) will be guiding attendees through the practical application of IFRS 18 across this two-part series. Clear, expert guidance — no jargon overload.

Grab your spot before they're gone — https://leafexcellenceinauditingforum.com/events/

"Einstein reminds us that true wisdom comes from constant learning and curiosity, not just formal education.

🌱 Share one lesson you’ve learned recently that added to your wisdom!

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