JSE requires auditors to have 800 hours IFRS training

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26 Aug 2008

The Johannesburg Stock Exchange has amended its listing requirements to require all independent auditors of listed companies to have experienced IFRS specialists and to register with the JSE.

Specifically, the new JSE rules:
  • establish a JSE Registry for Auditors and their IFRS advisors
  • require any audit firm that wishes to audit listed companies to be registered with the JSE
  • require all audit firms to have at least three individual auditors within the firm registered with the JSE
  • require all audit firms to have at least one IFRS advisor, either internal or external to the firm, registered with the JSE. The role of the IFRS advisor includes providing 'technical IFRS assistance and advice in support of the assurance opinion'.
  • require IFRS advisors to have spent a specified number of hours on 'performing practical and interpretive IFRS consulting over the past 12 months in order to have a comprehensive working knowledge of IFRS'.
    • If the IFRS advisor is a single individual, 800 hours of IFRS experience in the past 12 months is required.
    • If the IFRS advisor is one of two individuals who work as part of an IFRS advisory group, each of those individuals must have spent at least 500 hours on IFRS work in the past year.
The JSE requires listed companies to follow IFRSs and requires auditors to follow International Standards on Auditing. Click for JSE Listing Requirements that Contain the New Rules (PDF 169k). Here is a link to our South Africa Page.


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