Archive for Auditing

REPORTABLE IRREGULARITIES

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%…

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INDEPENDENT REGULATORY BOARD FOR AUDITORS

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…

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THE IRBA ANNOUNCES MANDATORY AUDIT FIRM ROTATION

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…

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AUDIT FIRMS NEED TO ENCOURAGE SMALLER CLIENTSTO ADOPT IFRS FOR SME’S

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…

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AUDITOR LIABILITY REGIME FOR SOUTH AFRICA

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…

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CUTTING THE CLUTTER 

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…

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PUBLIC INTEREST SCORES

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…

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THE IRBA REPORTS ON AUDIT INSPECTIONS FOR 2014/2015

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…

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KEEP A SCEPTICAL EDGE

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…

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INDEPENDENT REGULATORY BOARD FOR AUDITORS (IRBA)

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…

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