Finalised disciplinary and investigation matters: Issue 62 of IRBA News is Now Available

In the latest issue of IRBA News, three finalised disciplinary matters and 15 finalised investigation matters were reported on.

One of the three finalised disciplinary matters related mainly to a failure in extrapolating identified errors. The second case related to improper evaluation of material misstatements identified. The last case related to fronting for a third party to acquire shareholding in the firm, entering into relationships with companies implicated in state capture, and accepting an appointment as auditors of a company who owed a significant loan.

Of the 15 finalised investigation matters, the main themes identified related to the following:

• Failure to obtain and document sufficient appropriate audit evidence on various aspects of the audit, including the Statement of Cash Flows
• Failure to appropriately identify, evaluate and address material uncorrected misstatements identified during the audit
• Failure to identify and evaluate threats to independence, and apply appropriate safeguards to reduce the threats to an acceptable level.

Issue 62 of IRBA News may be accessed on the following link:

https://www.irba.co.za/upload/IRBA%20News%20Issue%2062.pdf