Our regulatory and professional obligations

Regulatory Breakdown

IRBA Code Compliance

• Section 225 Guidance: Addresses how we respond to non-compliance or suspected non-compliance with laws and regulations.
• Public Interest and Prevention: Our duty is to act in the public interest, aiming to rectify, remediate, or mitigate non-compliance consequences and prevent potential non-compliance.

Definition of Non-Compliance

• Scope of Non-Compliance: Involves actions against laws or regulations, whether intentional or unintentional, by any individual within the organization.

Our Response to Non-Compliance

• Understanding and Engagement: On encountering non-compliance, we seek to understand the issue and engage with relevant parties for corrective actions.
• Reporting Obligations: Required to report to the appropriate authority if mandated by law or deemed necessary in the public interest.
• Evaluation and Further Action: Assess the adequacy of responses to non-compliance, and determine if additional actions, like reporting to authorities, are necessary.

Urgent Situations

• Immediate Disclosure: In cases of imminent breach causing substantial harm, immediate reporting to relevant authorities may be required.

Specific Reporting Obligations: Audits and Reviews

• Reportable Irregularities under APA: Refers to unlawful acts by those in management causing material loss, involving fraud, theft, or significant fiduciary breaches.
• Reporting Process:
  • Initial Report to IRBA: Upon identifying a reportable irregularity.
  • Notification to Directors: Informing directors within three days of reporting to IRBA.
  • Follow-Up Report: Within 30 days, updating the status of the irregularity.
• Continuation of Irregularities: If ongoing, IRBA informs the appropriate regulator.

Impact on Audit Reports

• Qualification of Audit Reports: If a reportable irregularity is found or ongoing, our audit reports reflect these findings.

This structured approach ensures we consistently meet our professional responsibilities and adhere to the highest standards of regulatory compliance.