LATEST UPDATE
Pending Disciplinary and Finalised Investigation Matters
In the latest issue of IRBA News, Issue 71, six disciplinary matters pending disciplinary hearings and 16 finalised investigation matters were reported.
Current open matters involve eight categories of improper conduct. The most common charge remains insufficient appropriate audit evidence. Other frequent charges include dishonesty and integrity issues, as well as failure to exercise due care and skill.
In several investigation matters, among others, sufficient, appropriate audit evidence was not obtained for material balances and disclosures; material misstatements were not appropriately identified, evaluated and addressed; a risk assessment was not performed on revenue and other income; non-cash items included in the statement of cash flows were not identified; reportable irregularities were not considered; the impact of management integrity on continuing with client relationships were not considered; and breaches of Section 90(2) and 92(1) of the Companies Act were identified.
In one matter, the respondent contravened the IRBA Code and brought the profession into disrepute by signing two service-level agreements that misrepresented facts.
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