IRBA: News #64

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IRBA: News #64

• 14 December 2023
• Regulatory Compliance and Legislation
• South African Accounting Academy

IRBA’s recently published 2023 Survey Report: Audit Quality Indicators reflects on a year that has shown some progress in the auditing profession. It indicates that concerning the relevant quality indicators, firms have stayed on course in their commitment to transparency and continuous improvement.

This newsletter covers the period October to December 2023, and includes summaries on the following topics:

• Changes to Standards (including Ethics)

• Legal:

  • Disciplinary Committee (overview and short summaries)

    • 18 open cases (involving 13 categories of improper conduct) referred to the Legal Department for disciplinary hearings (4 of these were referred during the current reporting period)

    • 5 matters finalised (including a summary of these finalised matters)

      • 4 matters were finalised through admission of guilt and the other 1 matter was finalised after a disciplinary hearing

    • 7 additional hearings have been scheduled for the next quarter. This is to significantly improve turnaround times while addressing the backlog that was created by the previous protracted legislative amendments.

  • Reportable Irregularities statistics

• Information required regarding the economic activities of audit clients that are reported to the IRBA

• Registry (registrations, re-registrations and terminations)

  • Annual renewal

  • IRBA prescribes a fit and proper policy for registered auditors

• Investigations:

  • Investigating Committee – met once and referred 26 matters to the Enforcement Committee

  • Enforcement Committee – met once and concluded on 24 matters

    • 3 Matters finalised with the Decision not to charge

    • 17 Matters finalised through an admission of guilt process (i.e. fines issued)

    • 4 Matters were referred to the Legal Department for disciplinary hearings

  • A glimpse at challenges and accomplishments over the past 6 years

• Inspections

  • Firms’ commitment to transparency and continuous improvement evident in latest audit quality indicators (AQIs) survey results

• Education & Transformation news: 

  • Putting the spotlight on the top-performing audit students

  • Developments within the audit development programme (ADP)

  • Review and revision of the IRBA’s Competency Framework

  • Professional Body Monitoring

Some general news items.

Click here to download the IRBA Newsletter:

https://www.irba.co.za/upload/IRBA%20News%20Issue%2064.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• Members of IRBA should stay up-to-date with the latest developments that affect registered auditors.

• This newsletter summarises all the relevant changes for the preceding quarter.

Relevance to Your Clients:

• None

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