Seamless transition as IRBA Board term comes to an end; Board, Chair and Deputy Chair reappointed for a second term

Johannesburg, Friday, 14 June, 2024 — The term of eight of the ten serving Board members of the Independent Regulatory Board (IRBA) came to an end in June; however, all eight members were reappointed by the Minister of Finance for a second term. This therefore acknowledges that the Board has successfully navigated the last three years ensuring governance stability and a strategic focus on sustainability and relevance for the audit regulator and the audit profession.

The IRBA Board met on June 11, under the Chair of the Minister’s representative, Ms Karen Maree, to reconstitute. In line with the governance principles which require nominations and voting for Chair and Deputy Chair, it is encouraging that Mr Fulvio Tonelli and Ms Naidene Ford-Hoon were both re-elected to positions of Chair and Deputy Chair respectively, both for their second terms of a further three years.

This is a positive vote of confidence in the role that both Mr Tonelli and Ms Ford-Hoon have played in stabilising the IRBA, but also in the innovation and direction in which their experienced leadership has led the IRBA.

The IRBA has made significant strides in the period of this leadership team, accomplishing revisions to the Auditing Profession Act (as amended 2021) to strengthen the independence of the Board structures, increase the powers of the Board in respect of investigation and disciplinary processes into improper conduct; and on a softer note, supporting and driving the rebranding and repositioning of the IRBA in terms of its strategic focus with an intention to increase collaboration with stakeholders and the profession in the pursuit of excellence, integrity, audit quality and serving the public interest.

Says Karen Maree, Ministerial representative, in congratulating the Chair and Deputy Chair on their reappointment: “These reappointments certainly demonstrate the trust that the Board has in the re-elected leaders, and their performance and dedication towards the IRBA has been demonstrated in the last three years. The Ministry and National Treasury have shown our confidence in them, and we trust that the Board will continue the path that it has demonstrated over the past three years, under their competent leadership.”

Says Fulvio Tonelli, Chairperson of the IRBA, on his re-election as Chair: “We will continue to do the good work we've done as a Board and to serve the profession, increase its attractiveness to aspiring auditors, while also ensuring that we build confidence in the investment community that our processes and mandate to ensure public interest protection is robust and intact. I appreciate the Ministry and the Board’s support and confidence in Ms Ford-Hoon and I.We commit to continuing the vision we have set for the revitalisation of the IRBA’s role, its processes and building trust and collaboration with all our stakeholders.”

Ms Naidene Ford-Hoon, echoed these sentiments on her reappointment as Deputy Chair: “We will continue to do the good work we have achieved as a collective and as a Board in terms of enhancing the credibility of the profession, as well as that of the IRBA, as a crucial part of the financial ecosystem.”

The ten-member Board of the IRBA is balanced in its structure with both race, gender and skills diversity, lending strength to its decision making. The continuity and stability afforded by the reappointment of the members for a second term is reassuring.

Says Imre Nagy, IRBA CEO: “We welcome the reappointment of the majority of the IRBA Board and offer congratulations to Mr Tonelli and Ms Ford-Hoon on their reappointment, demonstrating the confidence that their fellow Board members have in the strategic direction of the IRBA under their leadership. We pledge our continued support to our leaders and the Board for the next three years.”

The IRBA has already entered the process of defining its next five-year strategy in line with National Treasury guidelines, and the process to develop the new strategy is well on track. The advantage of Board continuity and leadership cannot be underestimated during this process of defining the strategic focus for the five years from 2026. The focus is largely on innovation and transformation, including digital transformation, and ensuring a fit-for-purpose regulator in line with the demands of the investing public and the country.

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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.