National Treasury has issued a media statement unpacking the new maximum fines for registered auditors found guilty of improper conduct.

Replacing those gazetted in June 2023, the new maximum fines apply per charge on admission of guilt in respect of improper conduct committed from 6 June 2024. They are the culmination of a consultation process begun in January 2024.

The June 2023 maximum fines will apply to improper conduct committed after 15 June 2023 and before 6 June 2024.

The Independent Regulatory Board for Auditors is expected, ‘in due course’, to release a draft framework guiding the implementation of the maximum fines ‘in a proportional and scalable manner’.

Published by SA Legal Academy Policy Watch

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