SCA sets aside Irba’s mandatory audit firm rotation rule
The court found the mandatory rule is unlawful as it goes beyond the powers bestowed on Irba by the Auditing Profession Act
01 June 2023 - 13:43
UPDATED 01 June 2023 - 15:58
The Supreme Court of Appeal (SCA) has set aside a rule by SA’s audit industry body requiring listed and public interest entities to rotate their auditors every 10 years.
The May 31 ruling by the SCA found that the Independent Regulatory Board for Auditors (Irba) did not have the power to force audit firm rotation as per the Mandatory Audit Firm Rotation Rule (MAFR) it introduced in June 2017, and which became effective from April 1 2023...
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.