Johannesburg, Thursday, July 5, 2018 – The hearing into the auditor, formerly of KPMG, who had been responsible for the audit of Linkway Trading continued today. The hearing picked up this morning in a continuance of leading the evidence in relation to charge three of six charges.
During the afternoon, the Independent Regulatory Board for Auditors’ (IRBA) concluded the evidence-in-chief of its witness in support of all six charges. The respondent did not pursue cross-examination of the IRBA witness. Further, the respondent did not lead any witnesses and closed his case.
The chairman, Advocate Alan Dodson SC, who is the chair of the IRBA disciplinary committee, directed the pro forma complainant (IRBA) to file Heads of Argument by Friday 20 July and the respondent to file Heads of Argument by Monday 30 July. Thereafter, the hearing adjourned and will reconvene on Saturday, 4 August to hear oral arguments from the parties. Judgment is expected within 30 days thereafter.
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.