IRBA ends 2023 with a 30 percent reduction in backlog of investigations

Johannesburg, Monday, January 8, 2024 – In its final IRBA News for 2023, the Independent Regulatory Board for Auditors has highlighted a 30 percent decrease in its investigations backlog from the 2021 financial year to date. The Investigations Department has made significant progress in respect of the backlog of matters that occurred in the 2018 to 2021 financial years. The backlog was due to more investigations being initiated in this period than what could be finalised and was in excess of 230 open matters at its peak.

The Board subsequently approved the appointment of additional investigators, and the department now has a full staff complement of nine investigators. This has resulted in a 30% reduction of the backlog. The department is working tirelessly to clear the remaining backlog of matters.

Says Imre Nagy, IRBA CEO: “With a full staff complement, the department was able to achieve or exceed the target of completed investigations for the past two financial years.

“Furthermore, despite the challenges faced, we were able to prioritise and complete investigations into audits of high-profile entities in the 2018 to 2023 financial years. Of the 20 state capture matters opened against registered auditors, we have completed 15 matters. From these outstanding matters, three matters have been referred for disciplinary hearings.”

Ends

Notes to Editors:
The full IRBA News Issue 64 can be found here.

More about the IRBA:

The IRBA is a public protection statutory body established to protect the financial interests of the public by ensuring registered auditors and their firms deliver services of the highest quality. It upholds audit firm independence to ensure that audit quality is such that it enhances the accuracy and credibility of financial performance reporting. In this way, the IRBA has an important role to play in building the reputation of South Africa as an investment market for both local and global investors and driving economic growth for the country.

The IRBA also registers suitably qualified accountants as auditors, who must adhere to the highest ethics standards, and promotes the auditing profession through the effective regulation of assurance conducted in accordance with internationally recognised standards and processes.