Push to transform auditing sector

Transforming the auditing profession is non-negotiable and has to be placed more robustly on the agenda, says chairman of the standing committee on finance Yunus Carrim. The issue emerged as a key one during public hearings on the decision by the Independent Regulatory Board for Auditors (IRBA ) to introduce mandatory audit firm rotation. This decision has been criticised for not being well thought out or researched. Criticisms came from the Reserve Bank, Ernst & Young Africa CEO Ajen Sita and PricewaterhouseCoopers (PwC) CEO Dion Shango."We are telling you, you have to move faster," Carrim said to industry representatives. IRBA has also raised its concerns over the slow pace of transformation, with CEO Bernard Agulhas insisting transformation has to move beyond numbers and begin to empower black accountants and black-owned auditing firms. This included providing them with equal opportunities to access the audit market.His views were supported by Association for the Advancement of B...

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