IRBA Disciplinary Hearings for February 2023

13 January 2023

The following hearings are scheduled for February 2023:

1. IRBA // LA

14-15 February, 09h30-16h00

Overview of charges:

Respondent failed to assemble audit documentation in the audit file following an audit engagement of a Retirement Estate Body Corporate (Body Corporate). In particular, the Respondent failed to include documentation regarding verification of legal expenses stated in the financial statements for the Body Corporate.  

2. IRBA // MMP

23 February, 09h30-16h00

Overview of charges:

The Respondent concluded Loan Agreements with an entity associated with State Capture to fund the purchase and acquisition of shares in a Firm then registered with the IRBA (Firm). 65% of which shares were held as a nominee of an undisclosed third-party contrary to the provisions of the Auditing Profession Act and the IRBA Professional Code of Conduct (Code). Further to the above, the Respondent’s firm went on to audit a company related to the company from which the loan was obtained thus breaching the independence provisions of the Code.

Charges include breaches to the Rules Regarding Improper Conduct and sections of the Auditing Professions Act, and for behaving in a manner that tended to bring the profession into disrepute.

You can read the original notice here.