LATEST UPDATE

IRBA Strengthens Auditor Accountability with Record Enforcement Actions in 2023/2024

The Independent Regulatory Board for Auditors (IRBA) has released its 2023/2024 Annual Enforcement Report, showcasing a significant increase in enforcement activity.

In this period, the IRBA finalised a record 106 enforcement matters, a 43% increase from the previous year. Of these, 95 resulted in findings of guilt, with sanctions including fines, training directives, suspensions, and some permanent deregistrations (disqualifications).

Key positive actions detailed in the report relate to three key areas: efficiency and fairness, robust enforcement processes, as well as transparency and public interest.

Regarding efficiency and fairness, 87% of matters were resolved through admissions of guilt or settlements.

The robust enforcement processes are demonstrated by the fact that all charges preferred were supported by irrefutable evidence collated during our investigation processes, as well as effective prosecution at disciplinary level, resulting in 99% guilty findings, where auditors were charged.

In the area of transparency and public interest, the IRBA published details of 42 matters.

The full Enforcement Report may be accessed on:

https://www.irba.co.za/upload/IRBA%20Annual%20Enforcement%20Report%202023.pdf