Finalised Disciplinary and Investigation Matters

In the latest issue of IRBA News, Issue 64, five finalised disciplinary matters and 24 finalised investigation matters were reported.

In two of the disciplinary matters, reportable irregularities were not reported to the IRBA. One matter related to a failure to maintain independence, and another to a failure to exercise professional scepticism, in relation to the acceptance and continuing of engagements. Some matters also related to misappropriation of funds and not properly discharging their duties towards clients.

In several of the investigation matters, sufficient appropriate audit evidence was not obtained for material balances, and material omissions were not identified, resulting in inappropriate audit reports. In other matters, sufficient appropriate audit evidence was not obtained regarding compliance with laws and regulations, resulting in a failure to identify and address material misstatements, and considering possible reportable irregularities. Some matters also related to independence threats not identified, evaluated and responded to appropriately.

Issue 64 of IRBA News contains a more detailed analysis of these matters and may be accessed on the following link: