This webinar explores PRECCA’s recent amendments and their impact on corporate fraud, using the Steinhoff scandal as a case study. It examines how reportable irregularities under the Audit Professions Act intersect with new corruption laws, strengthening auditor responsibilities, corporate accountability, and legal consequences for financial misstatements and fraudulent activities.
The session analyses PRECCA amendments, the Steinhoff scandal, and the role of auditors in detecting and reporting irregularities. It highlights new legal definitions, enhanced penalties, director responsibilities, whistleblower protections, and reporting obligations under the Audit Professions Act. Case studies will illustrate how stronger compliance measures could have mitigated the scandal’s impact.
Key Topics Covered
• PRECCA Overview & Key Amendments – Broader corruption definitions, reporting obligations, and penalties
• Steinhoff Scandal Analysis – Financial misstatements, fraud mechanisms, and governance failures
• Reportable Irregularities & Auditor Obligations – How the Audit Professions Act mandates reporting corruption
• Corporate Governance & Compliance – Strengthening anti-corruption frameworks and risk management
• Legal & Financial Consequences – New enforcement measures for executives and corporations
