IRBA Releases 2023/2024 Annual Enforcement Report

Posted 27 June 2025 Written by Acts Online
Category Compliance

Brought to you by SA Accounting Academy: In terms of the Auditing Profession Act, No. 26 of 2005, the Independent Regulatory Board for Auditors (IRBA) has released its Annual Enforcement Report for the 2023/2024 period, detailing a substantial increase in disciplinary outcomes.

The report highlights a significant escalation in regulatory activity, with the IRBA finalising a record 106 enforcement matters during the 2023/2024 financial year. This represents a 43% increase in finalised cases compared to the previous reporting period. Of the matters concluded, 95 resulted in findings of guilt against registered auditors.

Key Trends and Sanctions

The IRBA’s enforcement efforts focused on addressing common compliance failures and auditor misconduct to maintain public confidence in the audit product. The disciplinary actions taken included the following sanctions:

  • Monetary fines;
  • Compulsory training directives;
  • Suspensions from practice; and
  • Permanent deregistrations (disqualifications) from the profession.

The report serves as an in-depth review of auditor conduct trends and the regulatory measures implemented to uphold the integrity of the auditing profession in South Africa.

Click here to download the IRBA Annual Enforcement Report 2023/2024.

What this means for you, your business, or your clients

  • For yourself: You must ensure that all audit engagements strictly comply with the International Standards on Auditing (ISAs) and the IRBA Code, as the regulator has increased its capacity to finalise disciplinary proceedings and impose personal sanctions, including permanent disqualification.
  • For your business: Audit firms must review their internal quality management systems under ISQM 1 and 2 to identify and remediate systemic failures that could lead to firm-wide disciplinary findings or significant monetary penalties.
  • For your clients: Clients should be prepared for more rigorous audit evidence requirements and potential delays as auditors exercise heightened professional scepticism to mitigate the risk of regulatory enforcement.

Originally published at https://accountingacademy.co.za/news/read/irba-enforcement-report-2023-2024

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