For the past seven years running, the World Economic Forum’s Global Competitiveness Report has ranked South Africa’s audit and accounting standards as the best out of more than 120 countries. While this fact does not often make an appearance in the nation’s tourist guide books, it is an element that has played a significant role in creating investor confidence in the country and thus attracting much needed global capital to local shores. The excellence we have gained in this discipline comes through years of rigorously applying world-class standards to the profession. Therefore we should do our utmost to guard and build on the quality we have achieved over the years. Any changes introduced should therefore be done purely in the interests of improving the quality of the service we deliver to shareholders. However, in line with key stakeholders – including the Chief Financial Officers Forum, the King committee, the JSE and the Banking Association of South Africa – we are concerned tha...
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