The clock is ticking on audit freedoms
Fallout from disclosure of KPMG’s work for Guptas could speed up introduction of tighter rules and mandatory transparency reports
The crisis of confidence sparked by the release of details around KPMG’s engagements with Gupta-owned companies could speed up the introduction of regulations governing the auditing and accounting professions. It could also force audit firms to disclose information about their sources of income. The Independent Regulatory Board for Auditors told Business Day it was prepared to amend the Public Accountant and Auditors Act to incorporate broader powers over all accountants, whether in public practice or private placement. Board CEO Bernard Agulhas said the World Bank had recommended to the finance minister in 2013 that professional accounting organisations be governed in line with auditors. "Comprehensive regulation would improve oversight and recourse," said Agulhas. In SA, accountants and accounting and advisory services are self-regulated, while auditors are regulated by the regulatory board, which until recently was said to have a cosy relationship with audit firms. Linda de Beer,...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.