Hearing Dates on African Bank - hearing should conclude in December 2019

Johannesburg, Thursday, September 26, 2019 – The Independent Regulatory Board for Auditors (IRBA) hereby gives notice of the recommencement of the hearing into the conduct of the Deloitte auditors responsible for the previous African Bank at the time that the bank failed in 2014.

The disciplinary hearings recommence on 2 October 2019 at the IRBA offices in Greenstone Hill Office Park. The remaining witnesses and testimony in the matter should conclude on 6 December. No further dates have been set down.

After conclusion of the hearing, the Disciplinary Committee has 30 days to consider and agree its findings on the charges and communicate its findings to the auditor. Thereafter, the disciplinary process allows for a hearing for mitigation of sentence if applicable.

The full schedule of set down dates are:

Ends

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.