Reportable irregularities

Question 1

What does APA stand for?

Answer 1

Auditing Profession Act.

Question 2

What is a reportable irregularity (definition)?

Answer 2

Section 1 of the APA defines a reportable irregularity as follows:
Means any unlawful act or omission committed by any person responsible for the management of an entity, which -

(a) has caused or is likely to cause material financial loss to the entity or any other partner, member, shareholder, creditor or investor of the entity in respect of his, her dealings with that entity; or

(b) is fraudulent or amounts to theft; or

(c) represents a material breach of any fiduciary duty owed by such person to the entity or any partner, member, shareholder, creditor or investor of the entity under any law applying to the entity or the conduct or management thereof.