Professional bodies

You recently qualified as a Chartered Accountant in South Africa and were made

aware of international opportunities. You are interested in these opportunities but

realise that Auditors worldwide must comply with the professional bodies applicable to

their own country.

Agreed upon procedures

You are a Senior Auditor at XYZ Ltd$,$ and your client ABC Ltd $($ABC$)$ has requested

that you do agreed$-$upon procedures for their revenue for the purpose of providing

these to ABC$$s tenants. ABC rents stalls in different malls and obtains revenue from

the rental income. ABC will issue lease agreements to tenants, and ABC will receive

two types of rental income as follows:

$1.$ Fixed rental income per month received on the $1$st of every month and

$2.$ Variable rental income based on the revenue the stall makes per month: ABC

receives $2\%$ of the revenue made by each stall received on the $10$th of every

month.

REQUIRED:

$4\mathrm{.}1$ Based on the Professional body information, discuss some of the

legislations worldwide that auditors have to comply with, including South

Africa.