Naspers fights proposal for rotating auditors of listed companies every 10 years
Media group Naspers has objected to a plan to make listed companies rotate their audit firms every 10 years. Africa’s largest internet and media group made a formal submission to the Independent Regulatory Board of Auditors this week. Taking issue with the way the regulator was introducing the requirement, Naspers called for thorough investigation and proper public consultation, involving the National Treasury, on the potential impact of the board’s proposed framework. Naspers chief financial officer Basil Sgourdos said SA’s auditing standards were rated "best in the world", raising the question of why the board wanted to introduce a "failed concept". Naspers said mandatory audit firm rotation had failed in the markets where it was tried. The board said the move was intended to strengthen audit quality and improve protection for investors and the public. Naspers said the regulator did no independent research, and ignored the views of those opposed to the move. Other JSE-listed compa...
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