An article on March 16 in Business Report under the headline New law set to change the face of auditing contained inaccuracies

FOR THE RECORD
Business Report 20 March 2015

An article published on March 16 in the Business Report under the headline “New law set to change the face of auditing” contained inaccuracies.

The article confused the Chartered Accountant (CA) designation with that of a Registered Auditor (RA).

The Auditing Profession Act of 2005 was amended to place the Registered Candidate Auditor (RCA) under the jurisdiction of the Independent Regulatory Board for Auditors (IRBA).

The amended bill paves the way for the implementation of the Audit Development Programme which is a specialisation period for qualified CAs to register as RAs.

CAs will still write two board examinations and the examination for CAs will not be scrapped.

Business Report regrets the error.