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International Standard on Assurance Engagements(ISAE 3000) is typically applied to provide assurance of:
ISAE 3000 recognizes two types of reports, a type 1 and a type 2 report. A type 1 report provides assurance on the suitability of design and existence of controls and type 2 report provides assurance on suitability of design, existence and operational effectiveness.
An ISAE 3000 report generally consists of a description of the scope, the norm against which the report is tested, a description of the control framework and a detailed description of the risk management system and a control matrix consisting of the risks, the related control objectives and the related controls.
Typically a practitioner applying ISAE 3000 in an engagement will issue a scope statement as follows. This illustrates the applicability of the standard in certain circumstances:
ISAE 3000, is the standard as prescribed by SAIBA when a BAP(SA) performs an assurance engagement on non-financial information. Entities may voluntarily request an BAP(SA) to perform an ISAE 3000 engagement, under the following circumstances:
However, some entities are part of a regulated environment that requires that only a registered auditor with the IRBA may perform the engagement:
SAIBA is a legislative controlling body for accountants, accounting officers and independent reviewers. As a controlling body we are required to monitor and sanction compliance to standards of member conduct. We perform this function by ensuring compliance by our members to the IAASB’s engagement standards. We perform this function by requiring members to stay up to date with the latest developments in this area. We offer CPD and training courses to help guide members with their everyday challenge in the workplace. We lobby government and SME associations to allocate work to business accountants.
The firm should study ISAE 3000 and ensure that all assurance engagements on non-financial information are performed in terms of this standard. The firm should study any relevant laws, regulations, founding documents or contract terms to determine the qualifications of the persons required to perform the engagement, prior to performing the engagement. Members are required to register with www.saiba.academy and read www.accountingweekly.com to stay updated and do a specialist license to unlock additional advisory work.
In summary you can:
SAIBA has provided a number of guides, videos and PowerPoint slides that will assist accountants with understanding their responsibilities in terms the various types of engagements: