The board of the Independent Regulatory Board for Auditors (Irba) has approved the publication of the draft proposed Disciplinary Rules in the Government Gazette for a public comment process over 60 days, it said this week.
The rules outline key processes which support the Irba’s mandate to promote the integrity of the auditing profession by investigating allegations of improper conduct, conducting disciplinary hearings, and imposing sanctions for improper conduct.
Imre Nagy, acting CEO of Irba, said: “Given the changes to Sections 48 to 51 of the Act, as well as the introduction of section 24A, 48A, 48B, 51A and 51B ... it was necessary to revise the Disciplinary Rules to ensure compliance with the new legislative provisions.
“The rules therefore implement the amendments to the act, which strengthened powers of the Irba rand will improve both the efficiency and effectiveness of the Irba investigation and disciplinary processes.
This will ensure that the Irba effectively delivers on its public interest mandate to hold auditors charged with improper conduct to account, and will contribute to restoring confidence and rebuilding trust in the profession and the regulator.”
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