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SA auditors could face up to R25 million in penalties for improper conduct.

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GUEST - Imre Nagy, CEO for the Independent Regulatory Board for Auditors (IRBA)

Minister of Finance Enoch Godongwana recently increased the maximum monetary fines that the Independent Regulatory Board for Auditors (IRBA) can impose on auditors. These new fines will apply to auditors and auditing firms that have been charged with improper conduct and who admit guilt or who are found guilty following a disciplinary hearing.

The maximum monetary fines the IRBA can now impose are as follows.

* Admission of guilt: R5 million per charge for an individual auditor; R15 million per charge for a firm of auditors.

* Found guilty following a disciplinary hearing: R10 million per charge for an individual auditor; R25 million per charge for a firm of auditors.

20 Jun 2023 5PM English South Africa Business News · Investing

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