- • Implementation of the IFRS Foundation Trade Mark Guidelines, in accordance with the • Implementation of the IFRS Foundation Trade Mark Guidelines, in accordance with the International Auditing and Assurance Standards Board's (IAASB) International Accounting Standards Board (IASB) Liaison Working Group Publication. This has meant replacing the references to ' International Financial Reporting Standards ' in the Opinion and Directors' ® Responsibilities paragraphs with 'IFR S Accounting Standards as issued by the International Accounting Standards Board' , and similarly replacing references to the ' International ® Financial Reporting Standard for Small and Medium-sized Entities ' with ' IFRS for SMEs Accounting Standard as issued by the International Accounting Standards Board ' .
- • of the Illustrative Auditor-General of South Africa (AGSA) Report (previously • of the Illustrative Auditor-General of South Africa (AGSA) Report (previously Illustrative Report 4 of Part A), as it is no longer aligned with AGSA reporting prescriptions. The AGSAand the Standards Secretariat of the IRBA have agreed to implement an alternative consultation process between the AGSA and the Regulated Industries and Reports Standing Committee on the AGSA audit report for section 4(3) audits. The AGSA audit report will also continue to be shared with relevant stakeholders after each update. Registered auditors are referred to the effective AGSA Directive, regularly updated and published in the Government Gazette.
- • corrections to Reports 4, 13, 15 and 16, in respect of how they refer to the Companies • corrections to Reports 4, 13, 15 and 16, in respect of how they refer to the Companies Act of South Africa, and the updating of the rest of SAAPS 3 (Revised March 2024) text and footnotes for alignment and consistency.
- • to the Notes to Part A, which included the following: • to the Notes to Part A, which included the following:
- o of a new Note 16, IRBA Rule: Enhanced Auditor Reporting Requirements, o of a new Note 16, IRBA Rule: Enhanced Auditor Reporting Requirements, which explains the EAR-related additions to the illustrative reports.
- o to Note 2, Financial Statements , to emphasise and clarify the use of the o to Note 2, Financial Statements , to emphasise and clarify the use of the correct title when referring to the financial statements in the Opinion paragraph.
- o to Note 6, Relevant Ethics Requirements, to remove superseded o to Note 6, Relevant Ethics Requirements, to remove superseded information.
- o to Note 7, Key Audit Matters , to incorporate the EAR Rule requirement to o to Note 7, Key Audit Matters , to incorporate the EAR Rule requirement to report key audit matters for all PIEs (which is an extension of the ISA 701 requirement through a legal requirement).
- o to Note 10, Applicable Financial Reporting Framework , to conform to the o to Note 10, Applicable Financial Reporting Framework , to conform to the IFRS Foundation® Trade Mark Guidelines.
- o to Note 13, Auditor's Responsibilities for the Audit of the Financial o to Note 13, Auditor's Responsibilities for the Audit of the Financial Statements - Group Audit, to incorporate guidance in respect of the reference to group financial statements that are prepared based on an alternative consolidation process.
- o of all 'Public Sector Perspective' subparagraphs in the Notes to Part A. o of all 'Public Sector Perspective' subparagraphs in the Notes to Part A.
- • Restructuring of the 'Circumstances' that identify the scope and applicability of the illustrative reports, to improve ease of use.

A free download of SAAPS 3 (Revised March 2024) is available in both Word and PDF formats from the IRBA website. The IRBA does not accept responsibility for loss caused to any person who acts or refrains from acting in reliance to the material in the IRBA pronouncements, whether such loss is caused by negligence or otherwise.