South Africa’s Independent Regulatory Board for Auditors highlighted a 30% decrease in its investigations backlog from the 2021 financial year to date.

The backlog was due to more investigations being initiated in this period than what could be finalised and was in excess of 230 open matters at its peak.

The Board subsequently approved the appointment of additional investigators, and the department now has a full staff complement of nine investigators. This has resulted in a 30% reduction of the backlog.

IRBA CEO Imre Nagy said: “With a full staff complement, the department was able to achieve or exceed the target of completed investigations for the past two financial years.

“Furthermore, despite the challenges faced, we were able to prioritise and complete investigations into audits of high-profile entities in the 2018 to 2023 financial years. Of the 20 state capture matters opened against registered auditors, we have completed 15 matters. From these outstanding matters, three matters have been referred for disciplinary hearings.”

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By GlobalData