Non accountants for audit in South Africa

16 September 2007 |

Will GOI be so pragmatic.I think this is high time for ICWAI to impress administrative ministries specially MCA and MOF of the importance of equal recognition of ICWAI members in the regulatory field and equal recognition for all attest functions. Read More

I also need to emphasis that the Auditing Profession Act does not preclude any one from conducting an audit. It simply specifies that in order for audit services to be provided by any firm or individual, such a firm or individual ought to be registered with the Independent Regulatory Board for Auditors. The legislation seeks to level the playing field in this regard, but we are mindful of the needs for the highest professional standards that need to be maintained. I have also requested a comprehensive review of the entrance requirements in an endeavour to facilitate entry for persons who may have undertaken a route of study other than an accounting degree.

I therefore would urge SAIPA to ensure that it influences the processes with the Regulatory Board that are intended to allow for more professional bodies to be recognised. The recently promulgated Audit Professions Act is an example of our ongoing efforts to ensure better mechanisms to strengthen our corporate governance, responsibility and accountability. Not only does this Act protect and define the role and functions of registered auditors, but it also seeks to ensure the integrity, reliability and validity of the attest function they perform.

We appreciated that in today’s more empowered world, we need to act decisively, as, in the words of Arthur Levitt, former Chairman of the US Securities and Exchange Commission Minister Trevor A Manuel, MP, Minister of Finance

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