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REPORTABLE IRREGULARITIES
By: Francois Opperman In her address at the National Prosecuting Authority’s Stakeholder Conference held in March 2002 the then Minister for Justice and Constitutional Development reminded the audience that one of the targets of the department was to reduce crime by between 7% – 10% per annum Recognising the need for all stakeholders to join
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INDEPENDENT REGULATORY BOARD FOR AUDITORS
Legislation and other mandates The IRBA was established on 1 April 2008 in terms of section 3 of the Auditing Profession Act, 2005, (Act No. 26 of 2005) (the Act), replacing our predecessor body, the Public Accountants’ and Auditors’ Board established in 1951. Its ability to continue creating value in its regulation of the auditing
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THE IRBA ANNOUNCES MANDATORY AUDIT FIRM ROTATION
The Independent Regulatory Board for Auditors (IRBA) announced that it will begin a process to implement Mandatory Audit Firm Rotation (MAFR) for audit firms to strengthen the auditors’ independence from clients. The Board’s decision to pursue MAFR is aligned to our objective to enhance audit quality, which ultimately contributes to public and investor protection. The
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AUDIT FIRMS NEED TO ENCOURAGE SMALLER CLIENTSTO ADOPT IFRS FOR SME’S
Relief has been extended to small and medium enterprises (SMEs) with the introduction of International Financial Reporting Standards (IFRS) for SMEs, yet overburdened businesses are being denied this much-needed respite, as many auditors are not encouraging their clients to adopt the new standard in place of full IFRS. The release of IFRS for SMEs was
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AUDITOR LIABILITY REGIME FOR SOUTH AFRICA
Recent years have witnessed increasing academic and professional debate over the equitable nature of auditor liability and the potential risk that a successful lawsuit against the auditor could serve to bring down one of the major audit firms. As a result, Regulators in the European Union and Australia have enacted legislation limiting auditors’ liability in
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CUTTING THE CLUTTER
The issue of ‘disclosure overload’ is not new, neither is it an issue for preparers of IFRS financial statements only. In fact, a number of standard-setters and regulators around the world are attempting to find solutions to the issue of disclosure overload. The International Accounting Standards Board (IASB) has found that financial statements contain too
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PUBLIC INTEREST SCORES
The Companies Act, No. 71 of 2008 (the Act) and the Companies Regulations, 2011 (the Regulations), introduced us to the new concept of the public interest score (PI Score). Each company is required to calculate a PI Score annually. The PI Score plays a role in, inter alia: determining which Financial Reporting Standards a company
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THE IRBA REPORTS ON AUDIT INSPECTIONS FOR 2014/2015
The inspections process of audit regulators and oversight bodies, internationally, are an essential element in terms of monitoring, maintaining and improving audit quality. In South Africa, inspections of audit firms and audit engagements are performed by the Independent Regulatory Board of Auditors (IRBA) as part of discharging its statutory responsibilities in terms of the Auditing
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KEEP A SCEPTICAL EDGE
Familiarity With a client and the self-review threat don’t have to impede an auditor’s performance. A professional auditor is trained to be sceptical from his or her first day on the job, and he or she needs to maintain this scepticism throughout the course of every audit. In larger engagements, safeguards are put in place
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INDEPENDENT REGULATORY BOARD FOR AUDITORS (IRBA)
The IRBA is a statutory body established in terms of the Auditing Profession Act, Act 26 of 2005, and is also classified as a Schedule 3 Public Entity in terms of the Public Finance Management Act (PFMA), 1999. MISSION The IRBA Mission is to endeavour to protect the financial interest of the South African public
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