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QUARTERLY REPORT FROM THE DIRECTOR: LEGAL FOR
THE PERIOD 1 OCTOBER 2013 TO 31 DECEMBER 2013
“Dear Practitioner” Workshops a major success with Registered Auditors
As part of the IRBA’s initiative to be a value added regulator,
and in line with our statutory mandate which is to strengthen the
audit function and to protect the public, the Legal Department has
embarked on a series of “How to avoid a Dear Practitioner Letter
from IRBA” workshops. In these workshops actual case studies (with
the documentation duly sanitised) are presented, illustrating where
practitioners got things wrong. The object of the workshops is to
allow practitioners to learn from the mistakes of their colleagues, and
to avoid common pitfalls encountered by RAs on a regular basis.
The workshops encompass auditor reporting, including inadequate disclosure in financial statements, going concern and
materiality; engagements on attorney’s and estate agents’ trust accounts; auditor obligation regarding trusts and similar
entities; assisting holding-out and company secretarial pitfalls.
Originally only three workshops in Johannesburg, Durban and Cape Town were planned but due to the overwhelming
demand these have been increased by 12 more workshops in Johannesburg, Pretoria, Durban, Cape Town,
Pietermaritzburg and Boland, and possibly another in Bloemfontein.
The workshops contribute towards auditor – specific CPD, and have been well received.
total number of RIs received BY Type of entity
Year to date 31 December 2013
(Proprietary) Limited
303
70%
Non-profit company
organisation/Section 21
company
31
7%
Close corporation
28
7%
Limited
14
4%
Trust
10
2%
Fund
6
1%
School
6
1%
Estate agent
6
1%
Body corporate
5
1%
Other entities
22
6%
Total number of RIs received
431
100%
Sandy van Esch
Director: Standards
Telephone:
087 940 8871
Facsimile:
086 575 6535
E-mail:
svanesch@irba.co.zaCOntinued
REPORTABLE
IRREGULARITIES
legal