IRBA News #67

IRBA News #67

• 25 October 2024
• Auditing and Assurance
• South African Accounting Academy

Summary:

The Independent Regulatory Board for Auditors (IRBA) has released its latest quarterly newsletter, providing useful summaries of changes to various standards, disciplinary matters, etc. In this edition, IRBA highlights the rapid advancements in technology, such as artificial intelligence, automation and data analytics, which are transforming the auditing profession.

Article:

With the rapid pace of technological advances and access to more data sources greater assurance & improved efficiencies are attainable.

Consequently, it is becoming more critical for the auditing profession to keep up with the impact of these technological advancements and the related cybersecurity risks, among others, when it comes to audits. All role-players in the profession, including regulators, need to gear themselves up for all these changes and adapt to the new environment.

This newsletter covers the period July to September 2024, and includes summaries on the following topics:

• Changes to Standards (including Ethics)
• Legal:
  • Disciplinary Committee (overview and short summaries)
    • 12 open matters (involving 11 categories of improper conduct) referred to the Legal Department for disciplinary hearings. The most common charge continues to be insufficient appropriate audit evidence.
    • 5 matters finalised (including a summary of these finalised matters)
    • 5 matters finalised through admission of guilt after being previously referred for disciplinary hearings
  • Reportable Irregularities statistics
• Registry (registrations, re-registrations and terminations)
  • Overview of registry movements
  • Information about Assurance Status & Age Group of removed RAs
  • 2024/2025 Annual Renewal process
• Investigations:
  • Investigating Committee – met once and referred 25 matters to the Enforcement Committee
  • Enforcement Committee – met once and concluded on 19 matters
    • 4 Matters finalised where the respondents were not charge with improper conduct
      • 1: the respondent was not found guilty of improper conduct
      • 3: there were no reasonable prospects of succeeding with a charge of improper conduct against the respondents
    • 11 Matters finalised by fines issued through an admission of guilt process (i.e. following the Decision to charge) with a short summary on each
    • 4 Matters were referred to the Legal Department for disciplinary hearings
• Education & Transformation news:
  • Equipped to make a difference – a focus on women in auditing
  • A positive change in ADP training contract fees
    • Registrations and Completions (including the latest ADP Stats from 1 April 2024 to 30 September 2024)
    • Firm Monitoring Inspections
  • Monitoring of Professional Bodies
    • Updates on the Monitoring policy
    • SAICA
    • ACCA SA
    • Other Professional Bodies
  • Accolades for the Top Performing Auditing Students
    • Conversations with University Students
    • Dialogues with University Academics
  • Stakeholder Engagements
  • Competency Framework: unlocking Cognitive Competence and the essential skillsets for auditors of today and tomorrow
• Inspections:
  • Committed to upholding Audit Quality – get to know our New Inspectors
• Operations:
  • IRBA Fees Matter Litigation and Plans
• Communications and some general news items.

Click here to download the document:

https://www.irba.co.za/upload/IRBA%20News%20Issue%2067.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.

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