LATEST UPDATE
Finalised Disciplinary and Investigation Matters
In the latest issue of IRBA News, Issue 68, three finalised disciplinary matters and 20 finalised investigation matters were reported.
In one disciplinary matter, appropriate audit procedures were not performed to identify non-cash items in the statement of cash flow, and audit considerations were not documented relevant to a discontinued operation. In another matter, adequate procedures were not performed regarding independence; it was not ensured that financial statements were prepared, in compliance with IFRS for SMEs; audit work performed was not documented; reportable irregularity considerations were not documented; and audit engagements were not disclosed in the IRBA Assurance Work Declaration.
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; PCAOB standards were not complied with; independence threats and breaches were not identified, evaluated and responded to; and there was no evidence that engagement files were assembled on a timely basis after the date of the audit or assurance report.
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