IRBA: News #70

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IRBA: News #70

• 23 July 2025
• Regulatory Compliance and Legislation
• 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 elaborates on their Continued Commitment to Audit Quality, the Strategic Legislative Reform – Key Upcoming Strategic Imperatives and possible Expansion of the Regulatory Horizon.

Article:

Issue 70 covers the period from April to June 2025, and includes summaries on the following topics:

• Changes to Standards (including Ethics)
• Investigations: 
  • Investigating Committee – met once and referred 21 matters to the Enforcement Committee
  • Enforcement Committee – met once and concluded on 26 matters
    • 5 Matters finalised with the Decision not to charge
    • 21 Matters finalised by fines issued through an admission of guilt process (detail is provided on each one of these)
    • No matters were referred to the Legal Department for disciplinary hearings
• Legal:
  • Disciplinary Committee (overview and short summaries)
    • 2 matters finalised (including a summary of these finalised matters)
      • 6 matters are pending disciplinary hearings (including an analysis of charges)
    • 12 open cases (involving 8 categories of improper conduct) referred to the Legal Department for disciplinary hearings (4 of these were referred during the current reporting period)
  • Reportable Irregularities statistics
• Registry (registrations, re-registrations and terminations)
  • Annual renewal process
• Inspections:
  • South Africa participates in the 19th IFIAR inspection workshop: sharing insights on global audit quality
    • Inspection of Insurance audits
    • Risk-based inspections approach
    • Inspection tactics – IT in audits
    • Revenue
    • Initiatives to improve audit quality
    • Strengthening audit oversight through initiative focusing on the roles of audit committees
    • Closing remarks

• Operations: 
  • Collaborative work acknowledged in the approval of the latest budget
    • Income and Expenditure for 2025/2026
    • Accumulated Reserves
• Education & Transformation news: 
  • Developments within the audit development programme (ADP)
  • Congratulations to our top performing auditing students
  • Partnering to impart knowledge and help students chart their career paths
  • Stakeholder engagement perceptions – Competency Framework review project
  • Monitoring of the Accredited Professional Bodies
  • International engagements

• Finally, detail is provided on the List of Communications sent as well some General news items.

• Click here to download the 40-page Newsletter:

• https://www.irba.co.za/upload/IRBA%20News%20Issue%2070.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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