Page 30 - PowerPoint Presentation

Auditing Profession Act

• Reportable irregularity – s45 of the APA

• Definition:

• Any unlawful act or omission conducted by any

person responsible for the management of the

entity, which:

• Has caused or is likely to cause material

financial loss to the entity, or to any partner,

shareholder, creditor or investor, OR

• Is fraudulent or amounts to theft, OR

• Represents a material breach of any

fiduciary duty owed by the person to

anybody mentioned above.

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