Second-tier audit firms need help to break into a market that is still dominated by the big four, says Victor Sekese, CEO of the largest black-owned audit firm SizweNtsalubaGobodo. "Second-tier firms like us are battling," he says. The Independent Regulatory Board for Auditors has announced that it will implement a rotation rule forcing companies to change auditors every few years. Sekese, 50, a chartered accountant from the University of the Witwatersrand and Deloitte who has been with SNG for 22 years, hopes that this will allow "newcomers" to get a bigger slice of the action in the private sector, which has been largely the preserve of established global giants Deloitte, PwC, EY and KPMG. However, he is not convinced the rotation rule will do this. "It could end up being a rotation of audit firms within the big four. "It is not going to achieve its purpose if clients simply exchange one big four company for another. It could very easily end up being like that." This would be of n...
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