Further work was needed to understand the effect and consequences of mandatory audit firm rotation‚ which the Independent Regulatory Board for Auditors (IRBA) has decided on‚ the chief executives of EY (Ajen Sita) and PwC (Dion Shango) said Friday. They told members of Parliament's finance committee during a public hearing on the IRBA decision that SA did not have a known crisis of the independence of its auditing profession and thus should not rush into changing the system. "The work is simply too important for our country to get wrong‚" Sita stressed‚ noting that there had not been any audit failure in the last 20 years that could be attributed to a failure of independence. "The World Economic Forum's assessment of SA audit standards and capital markets as being number one in the world for the last seven consecutive years is testament to the fact that existing regulations and practices are already working‚" he added. Shango argued that mandatory audit firm rotation would not achie...
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