Ann Crotty Writer-at-large

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,...

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