FROM THE CEO ’ S DESK
The last quarter has been filled with great achievements for
the IRBA. The hard work that has been happening behind the
scenes has and continues to pay off for our team and for the
benefit of the profession.
We recently hosted a team from the International Audit and
Assurance Standards Board (IAASB), led by the Chairman
Professor Arnold Schilder, on a two-day outreach programme.
The outreach is part of the IAASB's efforts to communicate the
new and revised Auditor Reporting Standards to various
stakeholders. The team engaged with the leadership of the
IRBA, SAICA, the Auditor-General and representatives from
the audit firms.
Consistent with our strategic pillar to be an influencer inAfrica,
the IRBA spent two days in Zimbabwe to introduce the new
Auditor Reporting Standards to strategic partners, including
Deputy President Emmerson Mnangangwa, the Reserve
Bank, the Stock Exchange, the Auditor-General and the
profession in Zimbabwe.
Following the success of our previous national information
sessions and all the changes happening in the profession, I
will, together with the directors, be presenting the 2015 IRBA
information sessions around the country during
August/September 2015. The theme for the sessions is
“Responding to our Dynamic World”, so we will engage with
you on the IRBA's strategy to respond to the multitude of
changes, the importance of upholding our world-class
standards and remaining competent to meet the ever-
changing demands. There is no better time to recognise the
need for changes in the profession, for it to be recognised for
the value it adds to the economy of the country and for us to
remain proud of our profession while we create the right
environment to grow it despite any challenges.
This year we will be joined by the Competition Commission on
some of our sessions. We know that you as professionals face
a lot of competition and market conduct related issues and we
hope that the commission can provide some insights into the
issues that you are dealing with. For dates and topics to be
covered at the information sessions turn to page 18.
One of the IRBA's strategic pillars is independence. We are
therefore considering measures to further strengthen auditor
independence to respond to the current global debates and
recent legislative measures that have been implemented in
the various countries across the globe. The primary reasons to
further strengthen the independence of auditors include
improving audit quality, addressing market concentration in
the audit market and contributing to transformation in the
profession.
The IRBA concluded its preliminary research to solicit
information from other countries that have implemented or are
in the process of implementing various measures to
strengthen independence. Subsequent to the research, the
IRBA Board held a workshop to discuss the preliminary
research findings and agreed on a process going forward. The
process includes consultation with various stakeholders and
further research on the effect that different measures will have
on the profession. Upon completion of this process, the IRBA
Board will make a decision based on the available information.
Following requests from registered auditors to strengthen the
Registered Auditor (RA) brand so as to promote the value
added by the auditing profession, I am proud to announce that
the RA designation has now been registered with the South
African Qualifications Authority (SAQA). Refer to page 17 for
the new logo and how it can be used by all RAs.
I would also like to thank our team for obtaining yet another
unqualified audit report for the 2014/2015 financial year. The
IRBAAnnual Report will be tabled in Parliament in September
and auditors can also expect our soon to be released third
Integrated Report and Public Inspections Report. We must
continue to strive for excellence in everything we do, whether it
is in strengthening our institutional capacity or the quality of
services delivered to the public. This has to contribute to a
better economy and ultimately a better country.
2
Issue 30 April - June 2015
Bernard Peter Agulhas
Chief Executive Officer
