irba (15)

Disruption alert: will CAs be redundant in 2025?

“We are experiencing a period of radical change,” says Mandi Olivier (pictured), senior executive for professional development at the South African Institute of Chartered Accountants (SAICA), when asked about the Fourth Industrial Revolution.

Globally, the chartered accounting profession is being asked to look into a crystal ball. No one can say with certainty what the…

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Added by CFO South Africa on September 14, 2017 at 15:00 — No Comments

Auditor independence under the spotlight

“Professional skepticism is about auditing the time, mindset, attitude and related questions about how management has scouted the transactions and applied judgments and assessments within disclosures in the financial statements as well,” says Ken Siong, technical director of the International Ethics Standards Board for Accountants (IESBA). “It’s…

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Added by CFO South Africa on September 11, 2017 at 19:00 — No Comments

Shareholders speaking out on auditor appointments

“What is clear is that the shareholders are beginning to make their voice heard at AGMs regarding the necessity for firm rotation to end excessively long relationships,” says Bernard Agulhas (pictured), CEO of the Independent Regulatory Board for Auditors (IRBA). “Where audit committees may feel a 20-year, 50-year or…

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Added by CFO South Africa on September 7, 2017 at 15:00 — No Comments

IRBA to probe KPMG as latest Gupta scandal breaks

Audit watchdog, the Independent Regulatory Board for Auditors (IRBA) is investigating whether KPMG defied regulation when it audited a company owned by the Gupta family. This, after reports following an investigation by AmaBhungane and Scorpio revealed that government funds intended for empowerment…

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Added by CFO South Africa on July 4, 2017 at 15:00 — No Comments

IRBA: Extra measures required to promote transformation of audit profession

The Independent Regulatory Board for Auditors (IRBA) has said that additional measures to drive transformation will be required to address government’s concerns regarding de-concentration of the audit market and transformation. This in the face of criticism that Mandatory Audit Firm Rotation (MAFR) will not address transformation of the…

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Added by CFO South Africa on June 23, 2017 at 15:00 — No Comments

Real empowerment remains elusive, says IRBA’s top brass

“More focus should be given to long-term career prospects, including equity partnerships and senior management and executive responsibility. Transformation is not about the de-racialisation of the overall profession; it is about financial inclusion, ownership and access to markets and opportunity,” says Bernard Agulhas (pictured), CEO of the Independent…

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Added by CFO South Africa on March 15, 2017 at 15:00 — No Comments

There is no benefit in MAFR, says AECI CFO Mark Kathan

“The concerns of JSE-listed companies will need to be addressed very thoroughly if the Independent Regulatory Board for Auditors (IRBA) introduces mandatory audit firm rotation (MAFR),” says experienced top CFO Mark Kathan of AECI. “I feel that perhaps not all of the possible ramifications of this proposed change have been thought…

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Added by CFO South Africa on February 13, 2017 at 6:00 — No Comments

Public hearing about audit rotation in parliament

A public hearing on the IRBA’s measures to strengthen auditor independence and contribute to the efficiency of capital markets will be held in parliament on 15 February. The IRBA will present its annual report as well as the MAFR proposals to the Standing Committee on Finance (SCOF) during this time.

View recent interviews…

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Added by CFO South Africa on February 11, 2017 at 8:00 — No Comments

PIC CFO Matshepo More joins IRBA board

CA(SA) Matshepo More has been appointed to the Board of the IRBA, effective 1 December 2016. More is currently the CFO and Executive Director of the Public Investment Corporation Limited (PIC), one of the largest asset managers in Africa.

More says of her appointment:

“As a PIC Board member I am an advocate of corporate…

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Added by CFO South Africa on February 4, 2017 at 8:00 — No Comments

SAICA "not yet" in favour of MAFR, says more research is needed

The South African Institute of Chartered Accountants (SAICA) says that more research is needed before introduction of mandatory audit firm rotation could be considered.

Terence Nombembe (pictured), SAICA CEO, said in a recent report by SAICA on the issue of Mandatory Audit Firm Rotation (MAFR) that the introduction of MAFR in South Africa…

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Added by CFO South Africa on January 29, 2017 at 8:00 — No Comments

IRBA full steam ahead with mandatory firm rotation

Despite many CFOs rejecting mandatory audit firm rotation (see our recent interviews and articles on this matter by visiting our MAFR dossier), the Independent Regulatory Board for Auditors (IRBA) is continuing at full steam, with MAFR in South Africa set to kick in on 1 April…

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Added by CFO South Africa on January 28, 2017 at 8:00 — No Comments

SA should reject MAFR says the AICPA

The Association of International Certified Professional Accountants (AICPA) has voiced its strong opposition to a plan by South Africa’s Independent Regulatory Board for Auditors (IRBA) to implement mandatory audit firm rotation (MAFR).

In a response to IRBA’s Consultation Paper, the AICPA wrote that MAFR may…

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Added by CFO South Africa on January 25, 2017 at 15:00 — No Comments

SA retains top position for auditing and reporting standards for seventh year

The Independent Regulatory Board for Auditors (IRBA) has welcomed the news that South Africa has been ranked yet again as the world’s number one for auditing and reporting standards, making it the seventh consecutive year that the country holds this position. As the audit…

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Added by CFO South Africa on October 1, 2016 at 16:00 — No Comments

Mandatory Audit Firm Rotation is a good thing, says Nkonki’s Mitesh Patel

“It is simply staggering that of the 353 audit partners who sign off on the financial statements of all JSE-listed companies, only nine are Black African – that’s just 2.5%,” says Mitesh Patel, Managing Director of Nkonki, a 100% black-owned audit and advisory firm. “Given the transformation imperative within the broader South African…

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Added by CFO South Africa on September 12, 2016 at 8:00 — No Comments

Only nine out of 353 South African audit partners are black

Out of the 353 audit partners which sign off on the financial statements of all JSE-listed companies, only nine are black African and over 90 percent are audited by a few firms. That is according to Bernard Agulhas, CEO of the Independent Regulatory Board for Auditors (IRBA),…

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Added by CFO South Africa on September 10, 2016 at 11:30 — No Comments

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