mafr (17)

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: 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

Firm rotation announcement shocks CFOs

The CFO Forum has said it is “deeply concerned” by the decision to introduce mandatory audit firm rotation (MAFR) for South African business.

The forum said in a recent statement:

“The decision – announced on Friday by Finance Minister Malusi Gigaba –…

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Added by CFO South Africa on June 5, 2017 at 19:00 — 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

MAFR promotes sales over innovation, says KPMG’s Michael Oddy

“The process of mandatory audit firm rotation (MAFR) is costly and will result in the promotion of a sales culture, rather than a focus on innovation and sustainable investment in audit quality,” says Michael Oddy, the partner in charge of audit at KPMG in South Africa. Moreover, he adds, it will have a negative impact on the audit…

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Added by CFO South Africa on February 1, 2017 at 15:00 — 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

CFOs reject mandatory audit rotation: CFO Forum chair Christine Ramon

Introduction of mandatory audit firm rotation will “dilute the oversight role of audit committees and of shareholder rights”, says Christine Ramon, award-winning CFO of AngloGold Ashanti and chairperson of the CFO Forum, a lobby group of finance…

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Added by CFO South Africa on October 11, 2016 at 8:00 — No Comments

IFAC CEO Fayez Choudhury criticises mandatory audit firm rotation

Mandatory audit firm rotation (MAFR) is often a "solution looking for a problem", says Fayez Choudhury, CEO of International Federation of Accountants (IFAC), the global organisation for the accountancy profession. "This is all the more critical in…

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Added by CFO South Africa on October 6, 2016 at 16:00 — No Comments

Longer tenure mulled for joint-audits: IRBA CEO Bernard Agulhas

The mandatory audit firm rotation (MAFR) that will be introduced in South Africa next year might include incentives for Big 4 firms to partner with smaller, black-owned competitors. The Independent Regulatory Board for Auditors (IRBA) is considering to allow auditors to stay with the same client for a longer period, provided…

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Added by CFO South Africa on October 5, 2016 at 8:00 — 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

European firms benefit from audit rotation, says former Heineken CFO

The introduction of mandatory audit firm rotation has worked out advantageously for European companies, says René Hooft Graafland, who recently stepped down as global CFO at the Dutch brewing giant Heineken. He says that benefits include lower audit…

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Added by CFO South Africa on September 19, 2016 at 8:00 — 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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