MAGDA WIERZYCKA: Almost half of JSE-accredited auditing firms fail watchdog’s standards
How can investors really assess a company when a ‘recurring quality deficiency’ pervades the profession?
Given the avalanche of corporate and public sector scandals in SA, someone should have asked “who audits the auditors?” long ago. I finally did and quickly discovered that it’s the Independent Regulatory Board for Auditors (Irba). In fact, their findings are public and are made available in their annual public inspections report.
Irba “audits” audit firms at two levels: in terms of the companies’ own systems of quality control and by inspecting individual audit files to determine the compliance of individual auditors to applicable professional standards, codes and legislation in the performance of their work...