LATEST UPDATE
Pending Disciplinary and Finalised Investigation Matters
In the latest issue of IRBA News, Issue 74, 10 disciplinary matters pending disciplinary hearings, one finalised disciplinary matter and 14 finalised investigation matters were reported.
Current open matters involve 16 categories of improper conduct.
The most common charges are insufficient appropriate audit evidence, non-declaration of assurance work, and failure to exercise due care and skill. Other frequent charges include non-compliance with quality standards, inadequate audit procedures, and dishonesty and lack of integrity.
Failure to assemble or archive files, lack of professional scepticism, tax and accounting issues, independence, contravention of the Prevention and Combating of Corrupt Activities Act, failure to report reportable irregularities, executor or trustee duties and incorrect audit opinions make up the remaining categories. One matter was finalised, relating to VBS Mutual Bank, the Industrial Development Corporation and Spectramed Medical Aid Scheme.
In several investigation matters, among others, sufficient, appropriate audit evidence was not obtained for material balances and disclosures; and reportable irregularities were not reported.
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