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IRBA: Fit & proper policy
- 11 January 2024
- Auditing and Assurance
- South African Accounting Academy
This policy document lists factors that ‘may’ affect an auditor’s fitness to practice the profession, as well as those that definitely will have said effect.
Entitled ‘fit and proper policy’, it is immediately effective from 7 December 2023 and applies to all registered auditors, as well as those seeking registration or re-registration.
The IRBA appreciates the importance of fit and proper auditors in the preservation of the integrity and good reputation of the profession. This is fundamental to the maintenance of public confidence in the profession and the IRBA as a regulator, which in turn, will ensure the attainment of the profession’s mandate being the protection of public interest.
The IRBA further appreciates the principle of a ‘fit and proper’ person, while a fundamental one in the confirmation of an individual’s fitness to properly perform the role they are undertaking, there is no single infallible test regarding what constitutes a ‘fit and proper’ person and in some instances, this will require an assessment on a case-by-case basis.
Because of the above, the IRBA adopts the fit and proper policy to provide the framework for the assessment and determination of fit and proper auditors.
This policy seeks to give effect to sections 6 and 37 of the APA and sets out the requirements for fit and proper auditors, as well as considerations relevant thereto.
Click here to download the Policy:
https://www.irba.co.za/upload/Board%20Approved%20-%202023-10%20-%20FitAndProperPolicy%20FINAL.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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Auditors need to be aware of the latest publications issued by IRBA.
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This policy applies to all applicants for registration as auditors, applicants for re-registration as auditors and all registered auditors.
Relevance to Your Clients:
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None