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IRBA to Fill Two Vacancies on Inspections Committee

June 29, 2020

Independent Regulatory Board for Auditors

The Independent Regulatory Board for Auditors (IRBA) seeks nominations for two vacancies on the Inspections Committee.

The call for nominations was published in Government Gazette 43474.

IRBA is tasked with the effective and appropriate regulation of audits conducted by registered auditors, in accordance with internationally recognised standards and processes.

The Committee is responsible for monitoring the process and outcomes of IRBA inspections of registered auditors in South Africa.

Members serve a three-year term limited to no more than two consecutive terms of office.

Specific experience and expertise in Financial Reporting is required for one of the two vacancies.

Applications are invited until 10 July 2020.

Meanwhile, the Financial Sector Conduct Authority has published amendments in terms of the Financial Sector Regulation Act and the Financial Advisory and Intermediary Services Act:

β€’ Notice 706 – amendment of the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003 and the Specific Code of Conduct for Authorised Financial Services Providers and Representatives Conducting Short-Term Deposit Business, 2004 – subsection 4 on provider inserted into section 3 of general code and insertion of new section 7A on forecasts, illustrations, hypothetical data or projected benefits and past performance data;
β€’ Notice 707 – amendment of the Determination of Fit and Proper Requirements, 2017 – inserts reference to non-life insurance policy as defined in section 1 of the Insurance Act.

In a separate matter, national treasury published a statement on the recent gazetting of Trade Exposure and Greenhouse Gas Benchmark Regulations and Renewable Energy Premium Notice in terms of the Carbon Tax Act.
Treasury declared that the finalisation of the regulations concludes an extensive stakeholder consultation process on the carbon tax over the past decade.

Treasury will now embark on a policy process to inform the second phase (from 1 Jan 2023) to assess the impact of the carbon tax in bringing down the absolute level of GHG emissions.

β€œThe review will consider strengthening the rate of the carbon tax and adjustments of the tax-free allowances in line with the Paris Agreement requirements for carbon neutrality by 2050 and pursuing mitigation efforts to limit warming to well below 1,5 degrees Celsius.”