NEW REQUIREMENT
Spar to rotate external auditors
The Spar Group is the second JSE-listed company to move to comply with the new requirement of the Independent Regulatory Board for Auditors (Irba) that external auditors be rotated every 10 years. Mandatory audit firm rotation will come into force in 2023. In March, the JSE informed shareholders it had appointed E&Y as its external auditor to replace KPMG. The move, in response to Irba’s campaign, was announced months before the Gupta-related scandal led to several listed companies dropping KPMG. On Wednesday, Spar advised shareholders that PwC had been appointed external auditors, replacing Deloittes. "The change in audit firm is effective immediately," the company said. The change had been initiated as a result of the adoption of an audit firm rotation process, it said. Deloittes has been Spar’s external auditor for 50 years, but its reappointment faced stiff opposition at the February 2017 annual general meeting. Irba executive director Bernard Agulhas welcomed the move and comme...
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.