AUDITORS: IRBA CALLS FOR INPUT ON MONETARY FINE GUIDELINES

AUDITORS: IRBA CALLS FOR INPUT ON MONETARY FINE GUIDELINES

• 03 February 2025
• Auditors & Accountants
• SA Legal Academy

The Independent Regulatory Board for Auditors (IRBA) has called for input by 4 March 2025 on draft guidelines for determining the monetary fines to be imposed on registered individual auditors and auditing firms found guilty of improper conduct. This is noting that:

• monetary fines gazetted by the Minister of Finance under the 2005 Auditing Profession Act, as amended, are the maximum amounts to be imposed, and that
• in terms of the Act, the IRBA’s enforcement/disciplinary committee may ‘scale’ a monetary fine in line with the nature and gravity of the improper conduct concerned.

The IRBA has also called for input on:

• the possible retention of ‘various fees prescribed for the 2019/2020 and 2020/2021 financial years, and
• revised assurance fee proposals for 2025/25.

Please click the links below for more information:

• IRBA notice on draft guidelines 
• draft guidelines
• fee retention proposal
• 2025/26 fee proposal

Published by SA Legal Academy Policy Watch

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