LATEST UPDATE
Finalised Disciplinary and Investigation Matters
In the latest issue of IRBA News, Issue 67, five finalised disciplinary matters and 19 finalised investigation matters were reported.
In one disciplinary matter, appropriate procedures were not performed to obtain sufficient appropriate audit evidence to test compliance for an attorney trust account; the attorney’s non-compliance was not reported as required; and professional scepticism was not exercised throughout the audit.
In another matter, for example, adequate procedures were not performed regarding independence, materiality, planning and risk assessment; an independent review engagement was not performed, in accordance with ISRE 2400, with independence requirements not considered; and an audit was not declared on the assurance work declaration submitted to the IRBA.
In several investigation matters, sufficient appropriate audit evidence was not obtained for material balances and disclosures; material misstatements were not appropriately identified, evaluated and addressed; independence threats and breaches were not identified, evaluated and responded to; and individual annual returns did not correspond with assurance work declared on the audit firm’s assurance work declarations submitted to IRBA.
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