Christine Ramon is chairperson of the CFO Forum. BUSINESS DAY TV: The issue of mandatory audit firm rotation (MAFR) has got the usually staid accounting fraternity in a sweat. The regulator, the Independent Regulatory Board for Auditors (Irba), has decreed that companies must replace their audit firms every 10 years, citing independence issues and the need to include smaller firms. Now the new finance minister, fresh in this post, has come out in support of the move. Meanwhile the companies who pay the hefty audit fees have strongly voiced their concern. My guest in studio will take us through this complex debate. Christine Ramon is the chairperson of the CFO Forum. Christine … why are you against this? CHRISTINE RAMON: Quite important is that the CFO Forum is not against audit rotation as such. We are against mandatory audit firm rotation. Quite importantly, the two main reasons are: one, it will dilute the oversight role that the audit committees play because they should actually ...

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