A former University of Cape Town professor of accounting has urged members of his profession to embrace the unexpected initiative announced by finance minister Tito Mboweni in this year’s budget. Tucked away at the end of his budget speech, the minister announced the appointment of an independent panel of experts "to review practices in the auditing profession".

Prof Geoff Everingham tells the FM he suspects auditors will not be happy about the plan, but should embrace it nonetheless as an opportunity to relaunch the profession. This comes after its credibility has taken a beating through a series of public and corporate scandals.

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