Finance minister Enoch Godongwana has raised the maximum fines that the Independent Regulatory Board for Auditors (Irba), the industry body that governs SA’s audit profession, can impose on auditors and auditing firms for misconduct.

The minister gazetted the new maximum fines on June 15 in terms of the Auditing Profession Act based on Irba’s recommendations — and after considering comments on proposed fine increases first published in September 2022. The new fines significantly raise the maximum monetary penalties that Irba can impose on auditors and audit firms who admit guilt after being charged with misconduct or who are found guilty in a disciplinary hearing...

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