Audit firms slapped with heavy fines for misconduct

Toughening up: Majinda is concerned about repeated failures by non-compliant auditors
Toughening up: Majinda is concerned about repeated failures by non-compliant auditors

A major firm and four auditors were fined a total of P270,000 for breaching financial reporting standards and audit laws last year, the Botswana Accountancy Oversight Authority (BAOA) has revealed.

The BAOA is the oversight body of the accounting and auditing profession in Botswana, regulating the activities of auditors and regulating the financial reporting of Public Interest Entities and the corporate sector. Public Interest Entities (PIE) are major firms listed on the Botswana Stock Exchange, licensed by the Non-Bank Financial Institutions Regulatory Authority or the Bank of Botswana, parastatals and others deemed significant in terms of their presence in the country. PIEs can be firms that have revenues of more than P200 million per year, more than 200 employees or assets exceeding P200 million.

BAOA directors said the fines handed down last year were the first ever for the 11-year-old audit and accountancy watchdog.

Editor's Comment
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