2 / 24
2
When IRBA started the current
format of PPE in 2006, it was a
ground breaking achievement as
we also introduced the concept of
a marking centre at the same time.
The first PPE under the auspices
of the IRBA was written by 2 451
candidates, 1 744 passed achieving
a record pass of 71%. The PPE
once again proved to be a very
good assessment of professional
competence at entry point into the
profession.
Looking at the statistics this year,
the numbers have increased
slightly with the transformation and
support group candidates numbers
increasing significantly. As we close
a chapter on the current format of
PPE as we know it, a new chapter
opens with the Audit Development
Programme (ADP). The ADP is
designed to complement and run
parallel with the internal structures,
performance review and evaluation
process of a Registered Auditor firm.
The detailed announcement in the
press appears on page 3.
At the end of last year I informed
you of the World Bank Report
on the Observance of Standards
and Codes (ROSC) and the
recommendations therein. We have
submitted our recommendation to
National Treasury on our vision
for the implementation of the
recommendations, and will share the
final decisions taken by the Minister
as soon as it is available.
Over the years we have become
known for the quality of our work
and that has also been proven
by our number one ranking in the
World Economic Forum Global
Competitiveness Report for the last
four consecutive years. This has also
opened doors for more countries to
approach us and want to learn from
us on how we have implemented
our regulatory framework. We
have recently hosted the Botswana
Accountancy Authority Oversight
(BAOA) board members for a two
day Information Session. The visit
included various presentations on
the legislation, the role of a regulator
and all the functions under the IRBA.
BAOA is a fairly new regulator
and needs our support to grow
and to strengthen their role as an
independent regulator. Botswana
has recently been admitted to the
International Forum of Independent
Auditor Regulators (IFIAR) as
a member. This brings to four
the number of African countries
represented on IFIAR, namely: South
Africa, Mauritius, Egypt and now
Botswana. The growth in the number
of IFIAR members in Africa means
that more countries see the benefit
of Independent Regulation and are
serious about the benefits and need
for independent regulation to instill
the required confidence in financial
markets.
Our engagement in Africa continues
through the liaison with the regulator
(Financial Reporting Council) in
Mauritius. We have invited four
countries (Zimbabwe, Egypt, Nigeria
and Botswana) to a workshop that
we plan to host in June 2014 to
discuss a strategy to strengthen
independent regulation in Africa
and create a regional body which
will promote independent audit
regulation.
As part of our continued
engagement with our stakeholders,
our legal team hosted three
workshops on auditor reporting.
The practical and interactive
workshop exposed participants
to the application of fundamental
auditor reporting principles in
practical situations which have
previously resulted in auditors
being investigated, and possibly
charged with improper conduct. The
workshops were quickly fully booked
and more dates had to be opened to
allow more participation.
I am sad to announce that Sandy
van Esch, our Director: Standards,
will be retiring at the end of May
2014, having spent most of her
working life contributing and
COntinued
MESSAGE FROM THE CEO