IRBA newsletter #33

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LEGAL c o n t .
1 8
day timeframe as stipulated by the Auditing Profession Act for
registered auditors to submit their second reports to us,
determined from the date on which their first reports were
submitted up to the date of submission of the second report.
. She will be your first point of contact
in the RI reporting process.
We do, however, wish to reiterate that the IRBA is not at liberty
whatsoever to grant any form of extension to the maximum 30-
Reportable Irregularities (RIs) for the Quarter October-December 2015 (Note that RIs are reported on quarterly in arrears)
114 second reports were received, of which:
RIs were continuing
RIs were not continuing
54
60
RIs did not exist -
Of the 54 continuing reportable irregularities received, the top seven most frequent types of RIs reported, categorised
by nature, were:
(Note that in many cases, a second report received would identify more than one RI)
Financial statements not prepared/not approved
Income tax returns not submitted
29%
26%
VAT returns not submitted 11%
Contraventions of the Estate Agency Affairs Act 10%
UIF/SDL not declared and/or paid
Trading while technically insolvent
5%
4%
Contraventions of the Pension Funds Act 4%
Other (including non-establishment of a Social and Ethics Committee, contraventions of the Attorney's Act, etc.) 11%
The now former attorney was charged with contravening the
Attorney'sAct.
The individual who allegedly signed the assurance report was
charged with contravening the Auditing Profession Act for
representing herself, or holding herself out, as a registered
auditor by signing the report without being registered with the
IRBA.
Neither was asked to plead, and the matter is expected to
proceed in July 2016.
HoldingOuts
The IRBA received a complaint from the Cape Law Society in
2010 regarding an assurance report submitted to the Law
Society in respect of a firm of attorneys. This report was
allegedly signed by an individual who was not registered with
the IRBA.
The IRBA referred the matter to the Commercial Crime Unit of
the SAPS in Cape Town, and the matter proceeded to the
Specialised Commercial Crime Court in Bellville on 15
February 2016.
Issue 33 January - March 2016
Jane O’Connor
Director: Legal
Telephone: (087) 940-8804
Fax: (087) 940-8873
E-mail: