A recent judgment by the Supreme Court of Appeal (SCA) that struck down the mandatory audit firm rotation (MAFR) rule, which obliged listed companies to rotate audit firms after a 10-year tenure, may look like a setback for auditor independence and public trust in the audit profession. Except it’s not. 

The SCA ruled that the Independent Regulatory Board for Auditors (Irba), the profession’s regulatory body, did not have the legal authority to impose such a rule, which aimed to prevent audit firms from becoming too cosy with their clients and compromising their objectivity and quality...

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