LATEST UPDATE
Pending Disciplinary and Finalised Investigation Matters
In the latest issue of IRBA News, Issue 73, eight disciplinary matters pending disciplinary hearings and 22 finalised investigation matters were reported.
Current open matters involve eight categories of improper conduct. The most common charge is failure to exercise due care and skill. Other frequent charges include insufficient appropriate audit evidence, dishonesty and integrity issues, as well as non-declaration of assurance work. Tax and accounting issues, independence, the Prevention and Combating of Corrupt Activities Act, and executor or trustee duties make up the remaining categories.
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; appropriate professional scepticism was not exercised; incomplete Annual Assurance Work Declarations were submitted to the IRBA; audit reports were signed before the client signed the financial statements; audit files were not assembled on a timely basis; and fraud risk assessments were not performed.
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