Johannesburg, Tuesday, March 24, 2020 – On Thursday, 19 March 2020, the disciplinary hearing, which was scheduled to consider the conduct of the then partners of ACT Audit Solutions in relation to professional services rendered to Sharemax, was adjourned to enable the Independent Regulatory Board for Auditors (IRBA) to bring an application for postponement of the proceedings. The IRBA filed the postponement application on 20 March 2020.
The application was necessitated by the state of national disaster declared by the President of the Republic pursuant to the COVID-19 pandemic. In its application, the IRBA cited the need to comply with the IRBA’s own COVID-19 Safety Protocol and government directives relating to social distancing and self-isolation in order to minimise community transmission of the virus. The Respondents did not oppose the application.
The Disciplinary committee considered the application and on 23 March 2020, issued a ruling postponing the proceedings to 5 – 23 October 2020. In its ruling the committee directed the parties to file pre-hearing minutes, witness lists, witness timetable, witness statements, experts’ joint minutes etc, six weeks prior to the hearing.
In the interest of the health and safety of all parties, and to ensure compliance with state regulations regarding the state of national disaster, the IRBA welcomes the decision of the committee and will adhere to the directive in a bid to ensure that the matter can be heard in the most efficient and effective way possible.
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.