Monetary Fine Guideline

The document is a guideline from the Independent Regulatory Board for Auditors (IRBA) on how its Enforcement/Disciplinary Committee (ENCOM/DISCOM) should determine monetary fines for registered auditors and registered candidate auditors found guilty of improper conduct. It states that monetary fines have maximum limits gazetted by the Minister of Finance, but ENCOM/DISCOM may scale fines based on the gravity of the conduct. The guideline provides a framework of considerations for setting monetary fines, emphasizes discretion on weight of factors, and clarifies definitions of improper conduct and transgressions under the Auditing Profession Act, No. 26 of 2005, as amended.