MPs want audit board Irba to consult more widely on rotation rules
Parliament’s standing committee on finance is urging the Independent Regulatory Board for Auditors (Irba) to consult more widely on its decision to introduce mandatory audit firm rotation from April 2023. The committee would express its view in a letter to Irba, chairman Yunus Carrim said during a committee meeting on Tuesday. The committee recently held public hearings on mandatory audit firm rotation. Business is strongly opposed to the Irba decision, which it believes has not been properly researched and which it argues will undermine the powers of shareholders and audit committees. Business believes the mandatory rotation of auditors, rather than audit firms, will address Irba’s concerns about strengthening auditor independence. Irba CEO Bernard Agulhas, however, insists Irba consulted for a year before it took the decision for mandatory audit firm rotation and said the question for discussion was not the decision itself but the method of its implementation. Neither Treasury nor...
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.