IRBA Newsletter Issue 54

Issue 54 | April-June 2021 11 THE AMENDMENTS AT A GLANCE Disciplinary Committee The IRBA can now appoint as many members of the Disciplinary Committee as it deems appropriate. The committee must be chaired by an independent retired judge or senior counsel. Three members of the committee will constitute a panel for a hearing, and this must be chaired by a legal practitioner with at least 10 years’ experience and include a former RA with at least 10 years’ experience in signing audit opinions. The disciplinary panel and chairperson will be appointed by the chairperson of the committee. Enforcement Committee The Act has established the Enforcement Committee (previously the Disciplinary Advisory Committee) as a subcommittee of the Board. The committee has the following power: • To consider recommendations from the Investigating Committee; • Where grounds exist for a charge of improper conduct against an RA, to decide on whether to follow an admission of guilt process or refer the matter to the Disciplinary Committee for a hearing; and • To refer non-audit complaints to an IRBA-accredited professional body for an investigation. Protection of Information The IRBA is required to take appropriate measures to ensure the protection of personal information under its control. However, it is precluded from disclosing information obtained in the performance of its functions, except for the purpose of enforcing compliance with the Act or any decision made in terms of the Act; when it is required to do so by a court; at the written request of, and to, any appropriate regulator, including an appropriate international regulator of audits and auditors that requires the information for the institution of an investigation, with a view to the institution of any disciplinary process or criminal prosecution; or for purposes of referring a non-audit complaint to an accredited professional body. Transitional Arrangements The sanctions applicable at the time of the improper conduct will be imposed on RAs guilty of improper conduct. Thus, new sanctions will only be imposed for improper conduct committed by RAs after 26 April 2021. LEGAL cont.