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Fulvio Tonelli's job as the newly elected chair of SA's auditing watchdog, is to "initiate a process to elect and appoint the new CEO and to work with management to restore staff morale," according to the finance ministry.
The Independent Regulatory Board for Auditors (
IRBA
) says it had to wait for Steinhoff s South African financial statements to be issued.
On the VBS matter, it is allowing the bank s former auditors time to access their audit files.
But MPs say the sketchy details on the Irba s progress leave a lot to be desired.
While progress has been slow disciplining some errant auditors, the auditing watchdog says it is making progress on cases such as Steinhoff, Tongaat Hulett and EOH.
The Independent Regulatory Board for Auditors (IRBA) director of investigations, Jillian Bailey, told Parliament s select committee on finance on Tuesday that the regulator had to wait for certain things to proceed with its cases.
Financial statements for Lems Pharmaceutical Limited for the years ended 28 February 2017, 28 February 2018, 28 February 2019 and 29 February 2020 Shareholders are referred to the RNS dated 14 May 2021 - which set out the financial statements for the years ended 28 February 2017, 28 February 2018, 28 February 2019 and 29 February 2020 Shareholders should note that the audit reports contained in the annual reports as referred to in the RNS of 14 May 2021 and uploaded on the Umuthi website on 10 May 2021, have been updated in this RNS, to confirm and clarify that the audit report in the 2020 Annual Report pertains to the statutory audits for both 28 February 2020 and February 2019 year ends. The 2018 Annual Report pertains to the statutory audits for both 28 February 2018 and February 2017 year ends.
Rethinking auditing in SA: Where the public sector gets it right
By Opinion
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MANY COUNTRIES, including South Africa, are debating ways to improve audit quality and regain public trust in the profession. The recent auditing scandals have been highly visible and the intense media scrutiny has tainted all audits, even though the professional failure of one firm is not a failure of the profession itself. Still, it’s a good moment to step back and think about the kind of structural checks that are needed when internal governance processes fail.
Some think the answer lies in mandatory audit firm rotation (MAFR), which comes into effect on April 1, 2023. The idea behind MAFR is that the natural business imperative towards retention, and the familiarity that inevitably develops between clients and their auditors over time, is a risk to auditor independence and quality. Our regulator – the Independent Regulatory Board for Auditors –also believes MAFR will reduce audit concentra