13 / 16
ensuring a reliable profession that can effectively compete
internationally.
To some extent, the role that the IRBA plays in not only
regulating the industry, but also constantly improving the
standards, is the reason South Africa was ranked first in the
world out of 140 countries for the strength of its auditing and
reporting standards, for six consecutive years, in the World
Economic Forum's
Global Competitiveness Report 2014-
2015
rankings.
However, complacency could easily erode all the gains that
have been attained. As such, the IRBA is committed to
engaging other role players in the financial auditing sector –
including other regulators, audit firms, audit committees,
internal auditors, specialists, consultants and management –
and appreciating the importance of their respective roles in
achieving and maintaining consistent sustainable high levels
of audit quality, although the primary responsibility remains
with the auditor. The IRBA has also agreed to strengthen
collaboration with SAICA to engage more with auditors
through available SAICAstructures and forums.
The auditing profession is one of the few professions that are
inspected on a regular basis. Inspections and regulation are
not only critical to ensure that the highest standards are
maintained in a profession, but also to provide the public and
investors with the confidence that they can rely on the work of
auditors. Confidence stimulates investment, and investment
creates employment and growth.
The report can be downloaded from the IRBAwebsite.
I NSPECT I ONS c o n t .
1 4
Issue 32 October - December 2015
Imre Nagy
Director: Inspections
Telephone: (087) 940-8800
Fax:
(087) 940-8874
E-mail:
inspections @irba.co.za