From R200 000 to R15 million – finance minister wants big hikes in auditor fines
Finance Minister wants auditors who mislead their clients and the public to be fined millions in penalties when caught. The current maximum fine that IRBA can impose is a flat R200 000 across the board. In future, the maximum fines could be increased to R5 million for individual auditors and R15 million for the auditing firm.