Minister of Finance gazettes notice of maximum fines for registered Auditors guilty of improper conduct
6 June 2024
The Minister of Finance today gazetted the latest notice of maximum fines for registered auditors found guilty of improper conduct. This followed the publication of a notice for public comment, in January 2024, proposing the withdrawal of the notice of maximum fines previously gazetted on 15 June 2023 and the publication of new maximum fines.
The purpose of Government Notice No. 4933 of 6 June 2024, withdrawing Government Notice No. 3549 of 15 June 2023 and determining new maximum amounts, is to provide for the maximum amounts for both sections 51(2) and 51B(3)(b) of the Auditing Profession Act, 2005 as amended, to apply per charge.
The addition of the words per charge in respect of fines imposed following a disciplinary hearing (which was the main amendment) was intended to align with the imposition of fines in respect of matters finalised through admission of guilt processes. This, having been the intention prior to publication of the 15 June notice.
Following a 30-day comment period and having reviewed the written comments received by National Treasury, the Minister determined the following maximum amounts as maximum fines that may be imposed on registered auditors found guilty of improper conduct: