BOARDROOM TAILS: Audit firms’ moment of truth
Secrecy of entities we rely on to enforce transparency must be challenged
The chances of the Independent Regulatory Board of Auditors (Irba) pushing through its rather revolutionary proposal for mandatory rotation of audit firms are looking slimmer by the day. But (almost) full marks to Irba CEO Bernard Agulhas for putting the wind up the most protected and secretive industry in the world, or at least the SA branch of that industry. He’d be awarded full marks if the move didn’t seem to be driven by vested interests in the form of black-owned audit firms desperate to get a slice of the “big four” business.Yes, they have to deal with the odd hacker, but these are usually lone operators out to make a quick buck and nothing like Julian Assange or Edward Snowden, who have been known to bring grown spies to tears. The remarkable thing about the secrecy and lack of accountability enjoyed by audit firms is that these are the same entities we rely on to enforce transparency and accountability everywhere else. Their work is at the centre of corporate governance. (T...
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