FROM THE CEO ’ S DESK
The year is moving at an alarming speed and with that the
objectives that we have set for ourselves. The IRBA strategic
plan for 2016 - 2021 was approved by our board and submitted
to parliament at the end of March and we are now hard at work
implementing the strategy.
Our strategy is made up of four key pillars namely:
1.
Comprehensive regulator:
To provide for a more
comprehensive regulatory model that includes the
regulation of Professional Accountancy Organisations
(PAO) subject to final approval by theMinister of Finance.
2.
Independence:
Strengthening both the independence of
the IRBA and the independence of registered auditors.
3.
Leadership in Africa:
Implement initiatives which will
contribute to enhancing and improving overall reporting,
governance and regulatory practices on the African
continent.
4.
Transformed profession:
Influencing the advancement
of transformation in the profession.
Some of the key strategic pillars are our response to the
recommendations made in the World Bank Report on the
Observance of Standards and Codes (ROSC) which have
been adopted by theMinister of Finance.
We recently met with the Deputy Minister of Finance, Mr
Mcebisi Jonas, to discuss our strategy and other issues
relevant to the IRBA and the profession. The Deputy Minister
gave his support to the IRBA strategy and the four pillars. He
also committed to have the National Treasury fast track the
process of implementing the recommendations from ROSC
and setting up the necessary structures required to implement
these recommendations.
The Minister's office, through cabinet, announced the
appointment of the new IRBABoard for the next term of office.
The eight member board (together with a ministerial
representative) was appointed in terms of section 12(1) of the
Auditing Profession Act (act 26 of 2005) for a two year period,
renewable for another two year term. For more on our new
boardmembers refer to page 18.
We welcome the new board members and we look forward to
working very closely with them to implement our new strategy.
I would also like to express my sincere gratitude to our
previous Board members for the leadership that they have
shown in guiding the IRBA in the last four years. They presided
over some of the most difficult decisions of the Board and the
most challenging periods for state owned entities, and
continued to lead without fear or favour. I wish them all the best
in their future roles.
While attending some meetings abroad, South Africa was in
turmoil over the recent violence against foreign nationals.
These xenophobic attacks come at a time when South Africa
and the profession as a whole has been making great strides
and contributing to positive changes on the rest of the
continent. The violence perpetrated by a few will tarnish the
name and global position of our country which we have all
contributed to in building its good reputation.
We must all denounce violence and take a stand and say “Not
in our name”.
This month, we officially launched the Audit Development
Programme (ADP). We already have Candidate Registered
Auditors who have registered on the programme and we are
very excited about the implementation of the programme.
TheADP is a specialisation period undertaken by professional
accountants who want to become Registered Auditors (RAs).
The purpose of the ADP is to consolidate and refine the
capabilities that are developed during a candidate's training
programme. This takes place in a more complex learning
environment and aspiring auditors are required to perform
roles more senior to those undertaken in the training contract
(articles of clerkship). This will position the RAas a specialist in
the field of accountancy.
The reputation, relevance, value and confidence in the
auditing profession depend on the ability of its members to
continually meet the expectations, and respond to the needs
of stakeholders. Auditors must provide a service appropriate
to the requirements of the South African economy within the
global context and in a dynamic environment.
The ADP promotes public protection by ensuring that all RAs
have demonstrated professional competence and that they
have operated at managerial levels within an audit firm.
As we continue to push the limits and borders to achieve our
common objectives, while working with our stakeholders, we
should take comfort that this might be the best time to be in the
profession and to be in the country that we all worked hard to
build.
2
Issue 29 March - April 2015
Bernard Peter Agulhas
Chief Executive Officer
