The original article can be found here.
Article Highlights:
- Last week, the finance minister gazetted new maximum fines for auditors found guilty of misconduct in their audit work – and the maximum penalties run into millions of rands.
- But some experts worry that the new fines could have unintended consequences, including wiping out the lower and independent tiers of the profession.
- Concerns have also been raised about an indirect risk of rising audit costs, or companies that otherwise would have settled taking on protracted or costly fights in the face of large penalties.
