EDITORIAL: Audit firm rotation rule dumped
But events have shown that ‘auditor independence’ wasn’t as robust as practitioners had argued in 2017
08 June 2023 - 05:00
Last week, the Supreme Court of Appeal overturned the rule implemented by the Independent Regulatory Board for Auditors (Irba) in 2017 compelling companies to swap auditors every 10 years. The court said Irba didn’t have that authority.
Back in 2017, audit firms railed against the change, arguing they were sufficiently “independent” of their clients. ..
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