Audit laws to be overhauled to restore faith in the profession, says Nene
Amendments to the Audit Professions Act are on the cards, to try to restore the credibility of and public trust in the profession, Finance Minister Nhlanhla Nene said in his speech during the Treasury budget debate in Parliament on Tuesday. The Independent Regulatory Board of Auditors (Irba), which is the governing body for the profession, and the Office of the Accountant General, which is housed in the Treasury, are working on the proposed amendments. The changes will include strengthening sanctions in line with international best practice; strengthening the regulatory board’s powers in its investigation process; and reducing the complexity of disciplinary hearings to ensure a swift, fair and due process. "The recent revelations about various instances of collusion with auditees as well as general lapses have cast a bad light on the whole profession and have tarnished the image of auditors in general," Nene said.
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