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Agenda
NOTICE IS HEREBY GIVEN
OF A MEETING
OF THE : AUDITING GUIDANCE COMMITTEE
(AGC)
DATE : WEDNESDAY, 13 MAY 2009
TIME : 10H00 – 13H00
VENUE : TAU ROOM,
SAICA, 7 ZULBERG CLOSE,
BRUMA LAKE
COMMITTEE MEMBERS
Devon Duffield : Chairman - KPMG
Vincenzo Paino : Ernst & Young
Petunia Mthimunye : Eskom
Ahmed Timol : Grant Thornton
Edwin Selbst : Horwath Leveton Boner
Willie Botha Mervitz and Malan Chartered
Accountants
Gerda Janse van Vuuren : Nampak
Hayley Newton-Holroyd : RW Irish - Alliott Inc.
Nirupa Padia : University of the Witwatersrand
EX-OFFICIO
Ewald Müller : SAICA Senior Executive – Standards
Ashley Vandiar : SAICA Project Director – Auditing
Eugene Modiha : SAICA Project Manager –Auditing
BY INVITATION
Thingle Pather : KPMG
Sandy van Esch : IRBA Director: Standards
ALL COMMITTEE MEMBERS AND OTHER AUTHORISED PERSONS READING THIS
AGENDA AND ATTACHMENTS ARE REMINDED THAT THEY ARE DOING SO IN AN
OFFICIAL CAPACITY AND ARE REQUESTED TO RESPECT THE CONFIDENTIALITY
THEREOF.
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1. WELCOME AND APOLOGIES
To WELCOME members and NOTE apologies, if any.
D Duffield
2. PREVIOUS MINUTES
2.1 To CONSIDER and, if thought fit, APPROVE the minutes of the
previous meeting held on 10 March 2009.
Attachment 1
D Duffield
2.2 To CONSIDER any matters arising from the minutes not dealt with
elsewhere on the agenda.
Attachment 2
D Duffield
3. ETHICS
To CONSIDER what ethical issues, if any, are currently being faced by
members of the committee.
D Duffield
4. REVISED GUIDE ON TRADING WHILE FACTUALLY INSOLVENT
4.1 To NOTE the revised guidance on Trading While Factually Insolvent.
Attachment 3
A Vandiar
4.2 To CONSIDER, DISCUSS and provide relevant comments.
D Duffield
5. DISCUSSION PAPER ON PRACTICE REVIEW FUNDING
5.1 To NOTE the Discussion Paper on Practice Review Funding.
Attachment 4
E Müller
5.2 To CONSIDER, DISCUSS and provide relevant comments.
D Duffield
6. DISCUSSION PAPER ON REVIEW ENGAGEMENTS
6.1 To NOTE the Discussion Paper on Review Engagements (including
thresholds).
Attachment 5
E Müller
6.2 To CONSIDER, DISCUSS and provide relevant comments.
D Duffield
3
7. REPORT OF THE INDEPENDENT AUDITOR IN TERMS OF THE
TELEVISION LICENCE REGULATIONS UNDER THE
BROADCASTING ACT NO 4 OF 1999, AS AMENDED
5.1 To NOTE the proposed Report of the Independent Auditor in terms of
the Television Licence Regulations.
Attachment 6
W Botha
5.2 To CONSIDER, DISCUSS and APPROVE for publishing.
D Duffield
8. GOING CONCERN ASSUMPTION
6.1 To NOTE the draft Going Concern Tool-kit for Small Medium Practices.
Attachment 7
A Vandiar
6.2 To CONSIDER, DISCUSS and provide relevant comments
D Duffield
9. PRONOUNCEMENTS AND WORK PROGRAMME
To NOTE and CONSIDER the IAASB and IRBA’s work programmes.
Attachment 8
A Vandiar
10. KING III
10.1 To NOTE feedback relating to the status of KING III and SAICA’s
comment letter
Attachment 9
E Müller
10.2 To NOTE feedback on the paragraph on assurance in interim reports as
included in the KING III code.
A Vandiar
11. COMPANIES ACT
To NOTE a verbal report back on the status of the Companies Act, no. 71 of
2008.
E Müller
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12. SAICA ACTIVITIES
To NOTE a verbal report on activities of SAICA Standards Division of
relevance to the AGC.
E Müller
13. AUDIT GUIDANCE COMMITTEE EVALUATION QUESTIONNAIRE
To NOTE and DISCUSS the results of the Audit Guidance Committee
evaluation questionnaire.
D Duffield
14. JSE LISTING REQUIREMENTS FEEDBACK
To NOTE a verbal report on the JSE Listing Requirements.
S van Esch
15. PRO-FORMA FINANCIAL INFORMATION & PROFIT FORECAST
To NOTE a verbal report on the status of the project to update the guides on
Pro-forma Financial Information & Profit Forecast.
S van Esch
16. IRBA FEEDBACK
To NOTE verbal feedback from IRBA, including feedback from the April
meeting of Auditing National Standards Setters.
S van Esch
17. OTHER MATTERS
With the permission of the chairman, to CONSIDER any matters not dealt
with elsewhere on the agenda.
D Duffield
18. FUTURE MEETINGS
To NOTE that the meeting dates for 2009, are as follows:
o Wednesday, 12 August 2009 from 10H00 – 13H00 at SAICA’s offices,
o Wednesday, 11 November 2009 from 10H00 – 13H00 at SAICA’s offices
followed by lunch
D Duffield
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PREPARED BY : EUGENE MODIHA
PROJECT MANAGER – AUDITING
28 APRIL 2009
REVIEWED BY: ASHLEY VANDIAR
PROJECT DIRECTOR – AUDITING AND
MEMBER ADVICE
28 APRIL 2009
APPROVED BY: DEVON DUFFIELD
CHAIRMAN
06 MAY 2009
ISSUED : 06 MAY 2009
#259452
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