Notice of Withdrawal and Reissuance of Maximum Fines for Auditors guilty of Improper Conduct

On 5 January 2024, the Minister of Finance gazetted a notice of withdrawal of the notice of maximum fines for improper conduct of registered auditors, issued on 15 June 2023, and issued a new maximum fine notice for a comment period of 30 days.

This does not reverse the notice of maximum fines for improper conduct as promulgated by the Minister on 15 June 2023, which will remain applicable for improper conduct committed from 15 June 2023 until the adoption of the new notice for maximum fines after the comment period, as envisaged in sections 51(2) and 51B(3)(b) of the Auditing Profession Act, 2005 (Act 26 of 2005).

According to the Government Gazette Notice 49968 of 5 January 2024, para4, the purpose of the proposed withdrawal of the Notice and a new determination of maximum amounts, is to provide for the maximum amounts for both sections 51(2) and 51B(3)(b) of the Act to apply per charge.
The Government Gazette may be accessed at:
https://www.gov.za/documents/notices/auditing-profession-act-maximum-monetary-fines-withdrawal-comments-invited-05-jan