LATEST UPDATE

IRBA Issues Its First Reportable Irregularities Report

The Reportable Irregularities (RI) process, as outlined in the Auditing Profession Act, as amended, is designed to empower registered auditors to challenge management and boards on irregularities uncovered during an independent audit of financial statements, and ensure effective governance. As such, this Independent Regulatory Board Auditors’ (IRBA) first-ever publication of the RI 2022/2023 aims to not only embolden registered auditors, but to provide stakeholders with comprehensive feedback on the nature of RIs reported over a specific period, and the measures taken to address them.

Through this report, the goal is to enhance transparency and support coordinated regulatory efforts to effectively address identified irregularities. Consequently, auditors, audit committees, boards, investors and the public will find valuable insights into risk areas.

Overall, this report covers a five-year overview of RIs, with a detailed analysis on the 2022/2023 fiscal year.

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