Audit firm rotation plan met with strong resistance in Parliament
The CFO Forum, Saica and the King Committee all argue against the Independent Regulatory Board for Auditors plan, saying it will not strengthen independence
15 February 2017 - 12:25
Strong opposition to mandatory audit firm rotation was mounted in Parliament on Wednesday. The CFO Forum, the South Institute of Chartered Accountants (Saica) and the King Committee were among those that argued against the plan of the Independent Regulatory Board for Auditors (Irba) to introduce mandatory audit firm rotation as a way of strengthening auditor independence. Parliament’s standing committee on finance held a public hearing on the Irba plan at which both Saica and the King Committee said more research was needed to investigate the implications of introducing the measure in SA.
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