This issue takes a closer look at the recent revisions to the IRBA Code of Professional Conduct (Revised April 2023) that aim to strengthen and clarify the independence requirements pertaining to group audits.
This newsletter covers the period April to June 2023, and includes summaries on the following topics:
Changes to Standards (including Ethics)
Legal:
Disciplinary Committee (overview and short summaries)
27 open cases (involving 12 categories of improper conduct) referred to the Legal Department for disciplinary hearings
3 matters finalised (including a summary of these finalised matters)
2 matters finalised through admission of guilt and the other matter following a disciplinary hearing process
Reportable Irregularities statistics
Guidance issued by the Financial Intelligence Centre regarding additions to the list of persons qualifying as Accountable Institutions
Registry (registrations, re-registrations and terminations)
Investigations:
Investigating Committee – met once and referred 23 matters to the Enforcement Committee)
Enforcement Committee – met once and concluded on 20 matters
2 Matters finalised with the Decision not to charge
15 Matters finalised through an admission of guilt process (i.e. fines issued)
3 Matters were referred to the Legal Department for disciplinary hearings
Inspections: A glimpse at the critical role of an inspector
Education & Transformation news:
Transformation drives for 2023/2024 off to a great start
Professional Body Accreditation
Professional Body Monitoring – SAICA
Update on the review and revision of the competency framework
ADP: Building on the positive results from the refreshed strategy
Stakeholder engagement
Some general news items.
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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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