Kaya 959 Kaya Biz

SA auditors could face up to R25 million in penalties for improper conduct.

Loading player...
GUEST - Imre Nagy, CEO for the Independent Regulatory Board for Auditors (IRBA)

Minister of Finance Enoch Godongwana recently increased the maximum monetary fines that the Independent Regulatory Board for Auditors (IRBA) can impose on auditors. These new fines will apply to auditors and auditing firms that have been charged with improper conduct and who admit guilt or who are found guilty following a disciplinary hearing.

The maximum monetary fines the IRBA can now impose are as follows.

* Admission of guilt: R5 million per charge for an individual auditor; R15 million per charge for a firm of auditors.

* Found guilty following a disciplinary hearing: R10 million per charge for an individual auditor; R25 million per charge for a firm of auditors.
20 Jun 2023 5PM English South Africa Business News · Investing

Other recent episodes

The Mental Health Cost of Financial Stress

Financial stress has emerged as one of the biggest threats to South Africans' mental wellbeing. Dr Rachel Moore, Chief Medical Officer at Mediclinic Southern Africa, discusses the psychological impact of economic pressure, barriers to accessing mental healthcare and what can be done to reduce stigma and improve support.
22 Oct 2PM 12 min

KPMG Africa CEO Outlook: Confidence vs Execution

African CEOs remain confident about growth despite geopolitical tensions, economic uncertainty and disruptive technological change. Tola Adeyemi, CEO of KPMG One Africa, unpacks why execution has become the defining leadership challenge, and why many organisations are still struggling to keep pace with artificial intelligence
22 Oct 1PM 20 min

South Africa’s Economic Report Card After the MTBPS

Finance Minister Enoch Godongwana's Medium-Term Budget Policy Statement paints a mixed picture of South Africa's economy. Revenue collection is outperforming expectations, and fiscal stability appears to be improving, yet growth forecasts have been downgraded amid infrastructure constraints and global risks. Dr Nwabisa Kolisi of the HSRC unpacks what the MTBPS…
22 Oct 12PM 9 min

Clicks Crosses R50bn: Growth Through Scale

Clicks Group has become a R50 billion turnover business, cementing its position as one of South Africa's retail success stories. CEO Bertina Engelbrecht discusses the drivers behind the milestone, changing consumer behaviour, pharmacy-led growth and how the retailer plans to expand while navigating a tough consumer environment.
22 Oct 12PM 15 min

Strong Cash Flow, Softer Profits: Inside Famous Brands' Interim Results

Famous Brands delivered a resilient performance in difficult trading conditions, growing revenue and more than doubling free cash flow while navigating consumer pressure and global uncertainty. CEO Darren Hele discusses cash generation, expansion plans, shareholder returns, challenges in key regional markets and what current trading conditions reveal about South African…
21 Oct 1PM 14 min
All episodes