This issue comes at a critical time in our country’s history, as the 7th Government of National Unity administration unveils its key priorities and policies. In this evolving landscape, the auditors’ role in safeguarding the local economy’s financial integrity and ensuring that companies comply with regulations for sustained investor confidence has to be underlined. Fundamentally, reliable corporate reporting that is assured by independent auditors provides essential information for informed investment decisions, helping to stabilise market reactions.
Therefore, IRBA cannot overemphasise the fact that the auditors’ responsibilities will be more crucial in how our country navigates the future and rebuilds the economy.
This newsletter covers the period April to June 2024, and includes summaries on the following topics:
Changes to Standards (including Ethics)
Investigations:
Investigating Committee – met once and referred 27 matters to the Enforcement Committee
Enforcement Committee – met once and concluded on 23 matters (short summary on each)
23 Matters finalised by fines issued through an admission of guilt process (i.e. following the Decision to charge)
Investigation Process #1: Opening an investigation
An evaluation of the allegations
Jurisdiction and Timeframe considerations
Legal:
Disciplinary Committee (overview and short summaries)
13 open matters (involving 13 categories of improper conduct) referred to the Legal Department for disciplinary hearings
2 matters finalised (including a summary of these finalised matters)
2 matters finalised through admission of after being previously referred for disciplinary hearings
Reportable Irregularities statistics
Registry (registrations, re-registrations and terminations)
Overview of registry movements
Education & Transformation news:
An exciting change for prospective audit development programme (ADP) candidates
ADP Monitoring Inspections
Well done to our top achievers in Auditing
Actively planting the seeds to grow the pipeline
Future-proofing auditors: an emphasis on digital competence