NOTICE OF HEARING: Sanction hearing for former auditor of Linkway Trading

Johannesburg, Thursday, February 7, 2019 – The Independent Regulatory Board for Auditors (IRBA) hereby gives notice of the sanctions hearing for the auditor, formerly of KPMG, who had been responsible for the audits of Linkway Trading (Pty) Ltd.

The investigation was initiated on 30 June 2017 based on what was considered as sufficient prima facie evidence released in the AmaBhungane Gupta leaks. The complainant in this case is the Independent Regulator Board for Auditors (IRBA) as this investigation was a mero motu investigation in the public interest. Disciplinary hearings commenced in July 2018 and were concluded on August 4, 2018.

A sanctions hearing is conducted in terms of Section 51 (2) of the Auditing Profession Act 26 of 2005 under which the auditor may address the disciplinary committee in mitigation of sanction. Dates set down for the disciplinary committee to hear mitigation are 14 to 16 February.

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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.