IRBA concludes sanctions hearings on Gupta-linked Linkway auditor

Johannesburg, Friday, February 15, 2019 – The Independent Regulatory Board for Auditors (IRBA) has reached the conclusion of its disciplinary process into the improper conduct of the auditor responsible for the Linkway Trading (Pty) Ltd audit. Linkway was mentioned in the Gupta-leaks as the conduit which paid for the Gupta wedding at Sun City. This is the first investigation to reach sanction stage out of a myriad of Gupta-linked inquiries and investigations by various bodies.

Says Bernard Agulhas, CEO of IRBA: “We are satisfied with the committee’s finding of guilt on the charges. The committee now has 30 days to deliberate and finalise the appropriate sanction.”

The disciplinary committee had previously found the auditor guilty on all six charges after the hearing process ended last year. During the last two days, the disciplinary committee heard arguments in mitigation and aggravation relating to proposed sanctions against the auditor.

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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.