‘Audit-only’ proposal won't fix auditing industry challenges
The criticism of the profession is warranted but we havebegun the process of introspection
The auditing profession is undergoing the most profound transformation in its history, with recent calls for "audit-only" firms adding further challenges. As a practitioner and the leader of Deloitte Africa, it pains me to see the profession occupying headlines in a negative manner. I believe the majority of audit professionals are individuals of unquestionable integrity, who have dedicated their lives to serving their profession and delivering work that would withstand any level of scrutiny. But it is incumbent on us to "hear" the voices raising concern about the overall integrity and value-add of the profession. Citizens and stakeholders alike expect more from us, and we have not always lived up to their expectations. As a leader of a firm that has multiple disciplines, the recent pronouncement by the Independent Regulatory Board for Auditors (Irba) indicating that it is weighing the benefits of "audit-only" firms is very important. My contribution will focus on sharing what we se...
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