GENERAL NEWS
“Foreign investment into South Africa stimulates economic
growth for the nation and creates employment. It is
encouraging that our achievement as a respected player in the
global financial markets contributes to the country's national
imperatives. Therefore, we should also focus on social
sustainability to address unemployment issues,” says
Agulhas.
He emphasises that South Africa, which has moved up the
overall rankings to number 49 from 56, also has a vital role to
play in supporting other countries on the continent to improve
their financial standards and reporting processes so thatAfrica
can become internationally respected in global markets. In
addition, developing countries need to create stronger ties
among themselves, with greater collaboration between the
private and public sectors as well as between industry and
government.
While recognising that it has a role to play in strengthening
reporting and governance on the continent, the IRBA has also
developed strategies to influence transformation in the
auditing profession, as well as respond to global
developments to strengthen auditor independence.
“As the custodian of the auditing profession, the IRBA,
together with the profession, must maintain the quality and
integrity of the audit system, thereby contributing to the
protection of the financial interests of the public,” concludes
Agulhas.
For more information on this year's World Economic Forum
G l oba l Compe t i t i v ene s s Repo r t , p l ea s e v i s i t
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SouthAfricamaintains first position for the strength ofAuditing andReporting Standards for six years in a row
For the sixth year in a row, South Africa has been ranked
number one – out of 140 countries – for the strength of its
auditing and reporting standards, according to the World
Economic Forum's (WEF) Global Competitiveness Index for
2015-2016 released at the end of September.
The ranking brings confidence to foreign investors that they
can trust and rely on our auditing strength despite the
economic meltdown and other challenges that the country and
the auditing profession have been experiencing.
“We are proud to have achieved such a world renowned
ranking for six years in a row now. More importantly, this
ranking further strengthens the IRBA's role as an embedded
protector of confidence in the sustainability of the system.
Such confidence provides the required comfort to a wide
range of stakeholders that the financial statements on which
auditors express assurance are reliable, therefore enabling
investors to make informed decisions about their
investments,” says IRBACEOBernardAgulhas.
The index assesses the competitiveness of economies,
providing insight into the drivers of productivity and prosperity
by examining various factors that enable sustained economic
growth. The ranking remains the most comprehensive
assessment of national competitiveness worldwide.
South Africa's decision to adopt the globally recognised
International Standards on Auditing (ISA) as well as the
International Financial Reporting Standards (IFRS) as early
as 2005 has had a direct effect on the country’s leading
ranking in this section of the report.
reporting in the public sector.
The CEO acknowledged and thanked the IRBA staff for their
hard work in maintaining good governance and the excellent
reputation that the IRBAhas come to be known for.
IRBAreceives clean audit award from theAuditor-General
The IRBA received its third clean audit award from theAuditor-
General South Africa for its 2014/2015 financial year. The
award was received by the chairman of the board and the CEO
on behalf of the organisation. The Auditor-General started
handing out clean audit awards in the past three years to
encourage good governance and an improvement in financial
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Issue 31 July - September 2015
