IRBA Newsletter Issue 51

Issue 51 | July-September 2020 11 Of the 310 continuing RIs received, the top six types of RIs most frequently reported, categorised by nature, are reflected in the chart below. Note: As depicted above, the top two types of reported contraventions related to the Estate Agency Affairs Act and the Unemployment Insurance Fund Act. There were also several RIs highlighting contraventions of the Companies Act, the Income Tax and the VAT Act, as well as the Sectional Title Schemes Management Act. All continuing second reports received were referred to the relevant regulators and/or authorities, in line with the provisions of the APA, for action. Requests for Extensions No Longer Considered Registered auditors are reminded that the IRBA is no longer considering requests for an extension of the 30-day period within which a second RI report must be submitted to the IRBA. This is in line with the communique issued on 18 September 2020, following the easing of the national lockdown to level 1. Registered auditors are, therefore, expected to ensure compliance with their statutory obligation under Section 45(3)(c) of the APA, insofar as having to submit to the IRBA second reports no later than 30 days from the date on which the first report was sent to the regulator. LEGAL cont.