Johannesburg, Monday, March 1, 2021 – The Independent Regulatory Board for Auditors (IRBA) has welcomed the appointment of Imre Nagy, Director: Inspections, by the Caretaker Board as the acting CEO. The move has also been well-received within IRBA by the executive team and staff.
In response to his appointment, Mr Nagy said: “He was humbled and honoured by the appointment. I chose to take on the role of Director: Inspections eight years ago, and even before that, I was naturally drawn towards serving the public interest. He reiterated his commitment to the best interests of the IRBA moving forward, in promoting high audit quality, ethical conduct and restoring confidence in the auditing profession.”
Mr Nagy has 20 years’ experience in the auditing profession with the last 8 years dedicated to audit regulation. He gained extensive experience in performing audits, quality management/control, accounting, risk management, forensic audit, and public sector advisory. Most of his career has been serving the public sector and the public interest, and he has a deep-rooted passion for the auditing profession and the important role that it plays in the country’s financial reporting eco-system.
Imre was appointed as Director: Inspections at the Independent Regulatory Board for Auditors (IRBA) in February 2013 where he leads the regulatory monitoring (Inspections) and remediation function of registered auditors in South Africa.
Before joining the IRBA, his professional career spanned several small to large auditing firms. His last position before joining the regulator was regional (provincial) lead partner of the fifth largest audit network firm in South Africa.
He is an independent quality/technical advisor to the Auditor-General of South Africa’s Quality Control Assessment Committee (QCAC) and has been since 2013.
On the international front, Mr Nagy was appointed as an International Forum of Independent Audit Regulators (IFIAR) Board member in 2020 and currently chairs the Audit and Finance Committee of IFIAR. He is also a non-executive director of the IFIAR Association, a member of the IFIAR Inspections Working Group (IWWG) and the Investor and Other Stakeholders Working Group (IOSWG), where knowledge and experiences are shared among independent audit regulators from 55 countries.
Mr Nagy is a public servant at heart and is a strong advocate of the need for reliable financial information, integrity and high audit quality, which are key drivers of investor confidence that ultimately promotes economic growth and stability in the country.
Mr Nagy is a CA(SA), RA(SA) and holds a Professional Certificate in Regulatory Affairs from ICPS (UK).
More about the IRBA:
The IRBA is a public protection statutory body established to protect the financial interests of the public by ensuring registered auditors and their firms deliver services of the highest quality. It upholds audit firm independence to ensure that audit quality is such that it enhances the accuracy and credibility of financial performance reporting. In this way, the IRBA has an important role to play in building the reputation of South Africa as an investment market for both local and global investors and driving economic growth for the country.
The IRBA also registers suitably qualified accountants as auditors, who must adhere to the highest ethics standards, and promotes the auditing profession through the effective regulation of assurance conducted in accordance with internationally recognised standards and processes.