IRBA NEWS - Issue 32

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FROM THE CEO ’ S DESK
We have reached the end of another year that brought with it
successes and challenges. The IRBA continued to enjoy
exciting developments in the profession and some of the
greatest achievements. This year South Africa maintained its
number one ranking for auditing and reporting standards in the
World Economic Forum Global competitiveness index, for the
sixth year in a row, we issued the new auditor reporting
standards, had a successful roadshow and for the first time –
we have issued a Public Inspections Report.
Consistent with our vision to uphold the highest standards, this
report is part of our commitment to promote and maintain
consistent and sustainable high levels of audit quality. We
improved our inspection processes to focus on a risk-based
approach and also introduced a remedial action process that
is aimed at assisting those firms and practitioners who have
shown deficiencies in their quality control policies and
procedures.
The Public Inspections Report 2014/2015: Striving for
Consistent, Sustainable HighAudit Quality acknowledges that
audit quality is not at the desired level, following inspections
conducted over the past few years. To read the summary of the
report turn to page 13.
The IRBA also issued its third integrated report and
strengthened its involvement with regards to progressing the
development of assurance on integrated reports by
establishing a task force to provide thought leadership in this
area, and through representation by the former Director:
Standards on the relevant task force of the International
Auditing and Assurance Standards Board (IAASB) of the
International Federation ofAccountants (IFAC).
Throughout the year, we have engaged with various
stakeholders, including registered auditors, on the work of the
IRBA and how we can all work together to improve the
economic development of our country. In this edition, we cover
feedback that we received from the recent roadshows where
auditors raised their concerns about the profession and also
made recommendations on how we can work together. The
IRBA team promised to follow up on the issues, where
possible, and we have started to respond to some of the
challenges raised. Turn to page 17 for more detail from the
roadshows.
In the coming weeks we will be launching our new and
improved communication channels, including an upgraded
website and a newsletter that will reach the whole of the
continent as part of our strategy to share information with our
counterparts inAfrica. The website will be amuch easier tool to
use and navigate and will still have all the relevant information
that you need. Let us know your thoughts on the new website
as you familiarise yourself with it.
I would like to welcome Jillian Bailey to our team as Director:
Investigations. The position was created following the
recommendations of the World Bank Report on the
Observance of Standards and Codes (ROSC) to strengthen
our investigations function. The legal department has now
been split into two separate departments – Legal and
Investigations.
Jillian is a CA (SA) with a wealth of experience in regulation,
auditing, business and management. She was a director at the
Public Accountants and Auditors Board (PAAB), the
predecessor to the IRBA, as well as at the IRBA before joining
theAuditor-General as Head of Audit, after which she played a
major role in strengthening an Internal Audit Consulting
Department at a large consulting firm. We welcome Jillian
back to the IRBA and look forward to even more robust
investigations.
In addition to our continuing representation on international
structures of the International Forum of Independent Audit
Regulators (IFIAR), which mandate is to share best practice
and challenges in audit regulation, we are pleased that Imran
Vanker, Director: Standards, and Laine Katzin, Director:
Education, Training and Professional Development, got
appointed to the IAASB and the International Accounting
Education Standards Board (IAESB) of IFAC, respectively.
These appointments contribute to the IRBA's vision to
influence standard-setting at an international level and ensure
that South Africa remains at the forefront of global
developments in the auditing arena.
I wish to thank our stakeholders for the support and efforts that
contribute to maintaining confidence in the profession, and the
auditors for delivering a service that strengthens the protection
of the public.
I wish you a happy holiday season filled with cheer and joy.
May we have the courage and strength to face the New Year
and continue to build a successful and reputable profession to
serve and protect the public.
3 Issue 32 October - December 2015
Bernard Peter Agulhas
Chief Executive Officer
Fax: (087) 940-8873
E-mail: