Clamping down on wayward auditors
Parliament is currently considering amendments to the Auditing Profession Act that will, among others, allow the minister of finance to determine, at his discretion, the maximum fine to be imposed on a firm or individual found guilty of malpractice – the current maximum fine is R200 000. It will also give the IRBA, South Africa’s auditing watchdog, powers to subpoena information needed to complete investigations, and to refer matters to other accredited professional bodies for investigation.
