Document background
The Audit Code of Practice serves as an authoritative guide for conducting audits within the South African jurisdiction. It has been developed to ensure consistency and quality in audit practices while complying with local regulatory requirements and international standards. The document is essential for audit firms, individual practitioners, and organizations subject to audit requirements, providing detailed guidance on everything from audit planning to reporting. The Code takes into account the South African regulatory framework, including the Auditing Profession Act, Companies Act, and IRBA requirements, while also incorporating international best practices. It is particularly relevant in the context of increasing regulatory scrutiny, evolving audit methodologies, and the need for enhanced transparency and accountability in financial reporting.
