IRBA: no more extensions for 2nd RI reports

IRBA: no more extensions for 2nd RI reports

• 23 September 2020
• Accounting
• South African Accounting Academy

The communique issued by the IRBA on 20 May 2020 informing Registered Auditors (RAs) of the lifting of the suspension on the submission of second Reportable Irregularity reports included an acknowledgement by the IRBA that, due to ongoing restrictions on business operations that were in place at that time, some RAs might have continued to experience challenges in complying with these legislative timelines.

If such challenges were present, RAs were consequently advised to submit requests for extension with supporting reasons to the IRBA for the attention of the Director Legal.

With South Africa progressing to Level 1 Lockdown from Monday the 21st of September 2020, most businesses will resume operations subject to the required COVID19 protocols for workplace safety. In light of this development, the IRBA will no longer be accepting any further requests for extensions of the 30-day period within which a second report must be submitted to the IRBA.

Registered Auditors are reminded of their statutory obligation under Section 45(3)(c) of the Auditing Profession Act insofar as having to submit to the IRBA their second reports no later than 30-days from the date on which the first report was sent to the IRBA.

Click here to download the IRBA Communiqué:

https://www.irba.co.za/upload/63_%20IRBA%20no%20longer%20entertaining%20requests%20for%20RI%20extension.pdf

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