WORLD BANK RECOMMENDATIONS
Auditors board vies to become watchdog for all
The Independent Regulatory Board for Auditors (Irba) has proposed that it become the "comprehensive regulator" for all professional accounting bodies in SA, following a World Bank recommendation that the accounting profession be regulated, to bring the country in line with international best practice. "While regulation exists for the audit regulator, none exists for professional accountancy organisations," the bank found in a 2013 report on SA’s accounting and auditing standards. A regulatory body was needed to define the education and training requirements for different accounting services, as well as accredit and monitor professional accounting bodies, the bank said. Irba, which regulated 4,500 registered auditors, already had a strategy in place to regulate all professional accounting bodies, said CEO Bernard Agulhas. That SA had maintained the top position for strength of auditing and reporting standards in the World Economic Forum’s rankings was testament to the strength of mon...
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