LATEST UPDATE
Finalised Disciplinary and Investigation Matters
In the latest issue of IRBA News, Issue 70, two finalised disciplinary matters and 26 finalised investigation matters were reported.
In one disciplinary matter, the respondent signed a letter/director's resolution on the letterhead of the entity, purporting to be its director while being an employee, without authority; and authorised the sale of the company's property to another entity where their immediate family members were directors; and, on behalf of these directors, the respondent signed the sale and transfer agreement as a director. In the second matter, the respondent failed to properly assess, and address familiarity and self-interest threats to independence.
In several investigation matters, among others, sufficient, appropriate audit evidence was not obtained for material balances and disclosures; an appropriate level of professional scepticism was not exercised; material misstatements were not appropriately identified, evaluated and addressed; non-cash items included in the statement of cash flows were not identified; non-compliance with the financial reporting framework was not identified; and the integrity of engagement documentation was not maintained.
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