IRBA Issues Revised SAAPS 3 Illustrative Reports (September 2025)

Posted 19 September 2025 Written by Acts Online
Category Financial and Accounting

Brought to you by SA Accounting Academy: The Independent Regulatory Board for Auditors (IRBA) has released the revised South African Auditing Practice Statement (SAAPS) 3, which incorporates narrow-scope amendments to international reporting standards.

In terms of the auditing standards framework, the Independent Regulatory Board for Auditors (IRBA) Committee for Auditing Standards (CFAS) has approved the publication of South African Auditing Practice Statement (SAAPS) 3 (Revised September 2025), Illustrative Reports. This statement provides practical guidance to registered auditors reporting on financial statements for compliance with the International Standards on Auditing (ISAs) or the International Standards on Review Engagements (ISREs), as well as South African legal and regulatory requirements.

The revised statement incorporates the International Auditing and Assurance Standards Board’s (IAASB) narrow-scope amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements. In total, 31 illustrative auditor’s and independent reviewer’s reports have been included in this final version of SAAPS 3 (Revised September 2025).

Effective Date and Implementation

The effective date for SAAPS 3 (Revised September 2025) applies to auditor’s or independent reviewer’s reports issued for audits or independent reviews of financial statements for periods beginning on or after 15 December 2024. Early adoption is permitted.

The finalisation of this statement follows a public consultation process initiated on 10 March 2025 via the Exposure Draft: Proposed SAAPS 3 (Revised XX 2025). The guidance ensures that the format and content of reports issued by South African practitioners remain aligned with international best practices and local statutory obligations.

Click here to download the 150-page Revised SAAPS 3 (September 2025).

What this means for you, your business, or your clients

  • For yourself: You must familiarise yourself with the 31 new illustrative report templates to ensure that any audit or review opinions you sign for periods beginning after 15 December 2024 use the correct, updated terminology.
  • For your business: Audit firms must update their standard reporting templates and internal quality management systems to incorporate the revised language required by the IAASB’s narrow-scope amendments to ISA 700 (Revised).
  • For your clients: Clients should be informed that the wording of their audit or independent review reports will change for the upcoming financial year to reflect updated international and local regulatory reporting standards.

Originally published at https://accountingacademy.co.za/news/read/irba-saaps-3-revised-september-2025-illustrative-reports-incorporating-the-iaasb-s-narrow-scope-amendments-to-isa-700-revised

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