IRBA Inspections tip-offs hotline

One of the new initiatives the IRBA has implemented in the 9th inspections cycle is a Tip-Offs hotline. The information below, taken from the IRBA’s 9th Inspections Cycle Information Handbook, explains the process, and is available on:

https://www.irba.co.za/guidance-for-ras/inspections/tip-offs

This new initiative is already operational, with a dedicated email address for the submission of tip-offs via the IRBA website. Tip-offs may be provided either anonymously, or with one’s personal or contact details. The primary benefit of this process – presently existing in certain international jurisdictions – will be the enhanced proactive benefits of the risk-based inspections approach. It is also envisaged that this process may yield similar proactive benefits for other IRBA departments, ultimately leading to early regulatory interventions.

Tip-offs are expected to empower those who would otherwise be fearful of reporting matters that could be of significant risk. In addition, the availability of an external reporting channel may deter individuals from acting in a manner that would otherwise negatively impact audit quality in the market