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Western Cape Premier Alan Winde is concerned about year-end budget cuts affecting service delivery, exacerbated by population growth and hits to frontline services...
A recent proposal calls for maximum fines of R10 million for individual auditors, or R25 million for the firms that employ them.
The increased maximum fines are a major change that will likely have a significant impact on the auditing profession in South Africa.
Audit firms are however no longer obliged to rotate after 10 years.
The Supreme Court of Appeal has set aside the requirement for the rotation of audit firms as promulgated by the Independent Regulatory Board for Auditors (IRBA).