LATEST UPDATE
Finalised Disciplinary and Investigation Matters
In the latest issue of IRBA News, Issue 69, two finalised disciplinary matters and 17 finalised investigation matters were reported.
In one disciplinary matter, proper audit documentation was not maintained during the audit of attorney's trust accounts; unmodified assurance opinions were issued despite apparent financial irregularities; and a false and/or incomplete Assurance Work Declaration was submitted to the IRBA. In the second matter, independence of the firm and/or engagement team was not ensured; unauthorised and improper financial transfers were allowed; audit reports were issued without conducting the necessary audit procedures; proper audit documentation was not maintained; and a false and/or incomplete Assurance Work Declaration was submitted to the IRBA.
In several investigation matters, sufficient, appropriate audit evidence was not obtained for material balances and disclosures; non-cash items included in the statement of cash flows were not identified; material misstatements were not appropriately identified, evaluated and addressed; legal compliance considered was not documented; and independence threats and breaches were not identified, evaluated and addressed.
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