The Independent Regulatory Board for Auditors’ Post

IRBA NEWS: Innovative Leadership: IRBA’s Impact on Regulatory Oversight ✨ Today marks a significant milestone for the Independent Regulatory Board for Auditors (IRBA) as we present our first-ever Reportable Irregularities Report. This groundbreaking initiative, driven by the vision of our CEO, Imre Nagy, sets a new standard in enhancing transparency and bolstering stakeholder confidence in the audit process. Imre’s commitment to public interest and his leadership in strengthening regulatory oversight continue to drive innovation in effective regulation of the profession. 💡 This report, a testament to modern regulatory advancements, was spearheaded by our Director of Legal, Rebecca Motsepe. Her team’s deep dive into the trends and analyses of Reportable Irregularities (RIs) over the past five years provides invaluable insights into risk areas requiring intensified scrutiny. Notably, ongoing breaches of the Companies Act and Income Tax Act have seen a dramatic rise, highlighting critical areas where regulatory oversight must be reinforced. 📊 The RI process empowers registered auditors to hold management and boards accountable for irregularities, supporting effective governance across South Africa’s corporate landscape. This report is designed to equip auditors, audit committees, boards, law enforcement agencies, regulators and investors with a deeper understanding of the challenges and areas for improvement, fostering a culture of transparency, accountability and collaboration. 👏 This report is just the beginning of IRBA’s journey toward a more transparent and accountable regulatory environment. Together, our dedication to innovation is redefining the future of audit oversight. #LeadershipInAction #RegulatoryExcellence #InnovationInAudit #TransparencyMatters #IRBA #ReportableIrregularities #TrustIsOurCurrency [READ THE FULL REPORT HERE] https://bit.ly/3AIZwtu

IRBA NEWS: Innovative Leadership: IRBA’s Impact on Regulatory Oversight ✨ Today marks a significant milestone for the Independent Regulatory Board for Auditors (IRBA) as we present our first-ever Reportable Irregularities Report. This groundbreaking initiative, driven by the vision of our CEO, Imre Nagy, sets a new standard in enhancing transparency and bolstering stakeholder confidence in the audit process. Imre’s commitment to public interest and his leadership in strengthening regulatory oversight continue to drive innovation in effective regulation of the profession. 💡 This report, a testament to modern regulatory advancements, was spearheaded by our Director of Legal, Rebecca Motsepe. Her team’s deep dive into the trends and analyses of Reportable Irregularities (RIs) over the past five years provides invaluable insights into risk areas requiring intensified scrutiny. Notably, ongoing breaches of the Companies Act and Income Tax Act have seen a dramatic rise, highlighting critical areas where regulatory oversight must be reinforced. 📊 The RI process empowers registered auditors to hold management and boards accountable for irregularities, supporting effective governance across South Africa’s corporate landscape. This report is designed to equip auditors, audit committees, boards, law enforcement agencies, regulators and investors with a deeper understanding of the challenges and areas for improvement, fostering a culture of transparency, accountability and collaboration. 👏 This report is just the beginning of IRBA’s journey toward a more transparent and accountable regulatory environment. Together, our dedication to innovation is redefining the future of audit oversight. #LeadershipInAction #RegulatoryExcellence #InnovationInAudit #TransparencyMatters #IRBA #ReportableIrregularities #TrustIsOurCurrency [READ THE FULL REPORT HERE] https://bit.ly/3AIZwtu

IRBA NEWS: Innovative Leadership: IRBA’s Impact on Regulatory Oversight ✨ Today marks a significant milestone for the Independent Regulatory Board for Auditors (IRBA) as we present our first-ever Reportable Irregularities Report. This groundbreaking initiative, driven by the vision of our CEO, Imre Nagy, sets a new standard in enhancing transparency and bolstering stakeholder confidence in the audit process. Imre’s commitment to public interest and his leadership in strengthening regulatory oversight continue to drive innovation in effective regulation of the profession. 💡 This report, a testament to modern regulatory advancements, was spearheaded by our Director of Legal, Rebecca Motsepe. Her team’s deep dive into the trends and analyses of Reportable Irregularities (RIs) over the past five years provides invaluable insights into risk areas requiring intensified scrutiny. Notably, ongoing breaches of the Companies Act and Income Tax Act have seen a dramatic rise, highlighting critical areas where regulatory oversight must be reinforced. 📊 The RI process empowers registered auditors to hold management and boards accountable for irregularities, supporting effective governance across South Africa’s corporate landscape. This report is designed to equip auditors, audit committees, boards, law enforcement agencies, regulators and investors with a deeper understanding of the challenges and areas for improvement, fostering a culture of transparency, accountability and collaboration. 👏 This report is just the beginning of IRBA’s journey toward a more transparent and accountable regulatory environment. Together, our dedication to innovation is redefining the future of audit oversight. #LeadershipInAction #RegulatoryExcellence #InnovationInAudit #TransparencyMatters #IRBA #ReportableIrregularities #TrustIsOurCurrency [READ THE FULL REPORT HERE] https://bit.ly/3AIZwtu

IRBA NEWS: Innovative Leadership: IRBA’s Impact on Regulatory Oversight ✨ Today marks a significant milestone for the Independent Regulatory Board for Auditors (IRBA) as we present our first-ever Reportable Irregularities Report. This groundbreaking initiative, driven by the vision of our CEO, Imre Nagy, sets a new standard in enhancing transparency and bolstering stakeholder confidence in the audit process. Imre’s commitment to public interest and his leadership in strengthening regulatory oversight continue to drive innovation in effective regulation of the profession. 💡 This report, a testament to modern regulatory advancements, was spearheaded by our Director of Legal, Rebecca Motsepe. Her team’s deep dive into the trends and analyses of Reportable Irregularities (RIs) over the past five years provides invaluable insights into risk areas requiring intensified scrutiny. Notably, ongoing breaches of the Companies Act and Income Tax Act have seen a dramatic rise, highlighting critical areas where regulatory oversight must be reinforced. 📊 The RI process empowers registered auditors to hold management and boards accountable for irregularities, supporting effective governance across South Africa’s corporate landscape. This report is designed to equip auditors, audit committees, boards, law enforcement agencies, regulators and investors with a deeper understanding of the challenges and areas for improvement, fostering a culture of transparency, accountability and collaboration. 👏 This report is just the beginning of IRBA’s journey toward a more transparent and accountable regulatory environment. Together, our dedication to innovation is redefining the future of audit oversight. #LeadershipInAction #RegulatoryExcellence #InnovationInAudit #TransparencyMatters #IRBA #ReportableIrregularities #TrustIsOurCurrency [READ THE FULL REPORT HERE] https://bit.ly/3AIZwtu

🆕 𝐍𝐞𝐰 𝐏𝐮𝐛𝐥𝐢𝐜 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐄𝐧𝐭𝐢𝐭𝐢𝐞𝐬 (𝐏𝐈𝐄𝐬) - 𝐊𝐞𝐲 𝐔𝐩𝐝𝐚𝐭𝐞𝐬! 📝 The International Ethics Standards Board for Accountants (IESBA) has made significant revisions to the definitions of Listed Entities and Public Interest Entities (PIEs) in the Code. These changes aim to better align with global financial practices and improve audit quality. Here's a quick rundown: 𝑷𝒖𝒃𝒍𝒊𝒄𝒍𝒚 𝑻𝒓𝒂𝒅𝒆𝒅 𝑬𝒏𝒕𝒊𝒕𝒊𝒆𝒔 📈 - The term "Listed Entity" has been replaced with "Publicly Traded Entity" to include entities whose financial instruments are traded on more platforms, including second-tier and over-the-counter markets. 𝑫𝒆𝒑𝒐𝒔𝒊𝒕-𝑻𝒂𝒌𝒊𝒏𝒈 𝑰𝒏𝒔𝒕𝒊𝒕𝒖𝒕𝒊𝒐𝒏𝒔 & 𝑰𝒏𝒔𝒖𝒓𝒆𝒓𝒔 🏦 - These entities, like banks and insurance companies, are now mandatory PIEs due to their critical role in the financial system. 𝑷𝒐𝒔𝒕-𝑬𝒎𝒑𝒍𝒐𝒚𝒎𝒆𝒏𝒕 𝑩𝒆𝒏𝒆𝒇𝒊𝒕𝒔 & 𝑪𝒐𝒍𝒍𝒆𝒄𝒕𝒊𝒗𝒆 𝑰𝒏𝒗𝒆𝒔𝒕𝒎𝒆𝒏𝒕 𝑽𝒆𝒉𝒊𝒄𝒍𝒆𝒔 🏥💰 - Although initially proposed, these categories have been removed from the mandatory list but may still be included by local bodies depending on jurisdiction. 𝑳𝒐𝒄𝒂𝒍 𝑹𝒆𝒇𝒊𝒏𝒆𝒎𝒆𝒏𝒕𝒔 🌍 - Local bodies are encouraged to refine these definitions to suit their regional contexts, ensuring global applicability while maintaining local relevance. These updates reflect a more flexible and inclusive approach to defining PIEs, catering to the evolving global financial landscape. Stay tuned for more on how these changes might impact your practice! 🚀 https://lnkd.in/exAKvfN5 #Accounting #Audit #PIE #IESBA #Ethics #Finance #PublicInterest

🌟 New Alert from #IESBA 🌟 This week, IESBA staff released a high-level summary of prohibitions in the International Code of Ethics for Professional Accountants (including International Independence Standards) (#IESBACode), especially in relation to independence for audits of public interest entities (PIEs). The high-level summary is designed to highlight non-assurance services, relationships, interests, or circumstances that are prohibited for PIE audits and includes prohibitions resulting from several key projects completed to strengthen auditor independence over the past few years (i.e., Non Assurance Services (NAS), Fees, PIEs, Technology). It will be a useful reference to stakeholders, including regulators and audit oversight bodies, audit firms and individual audit practitioners, the corporate governance community, investors, preparers, and educational bodies or institutions. Click below to access the publication. #Ethics #Accounting #Audit

Hello everyone! 👋 I’m excited to share key insights on auditor independence and the safeguards that uphold trust in financial reporting. Independence is the cornerstone of reliable audits, but certain threatts like fee dependency, gifts, long tenure, or client pressure can compromise it. To mitigate these risks, auditors must implement safeguards such as limiting fee dependency (15% for listed entities), enforcing cooling-off periods, and using separate teams for audit and non-audit services. By addressing these challenges, auditors ensure that their work remains objective, unbiased, and credible, protecting the interests of shareholders and stakeholders alike. Stay tuned for more insights on auditing, governance, and professional ethics! #AuditIndependence #EthicsInAuditing #AuditorSafeguards #CorporateGovernance #FinancialReporting #ACCA #AuditandAssurance

Really interesting new today that the government has decided to press ahead with the introduction of the Audit, Reporting and Governance Authority or ARGA for short. This short update has the details for those following this topic.

The Purpose of Audits: A Look at Developments in the United Kingdom With the re-prioritisation of audit reform in the UK following the July election of a Labour government, an updated report from ISS | Institutional Shareholder Services examines the various dynamics at play in the UK audit market, the proposals that have been forwarded to restore confidence in audits, and the likely next steps. Many of the issues discussed may have global resonance. The report was originally published in early 2024 when momentum behind audit reform appeared to be slowing. But many of the audit reforms discussed in the original report pivoted on the creation of an empowered regulator--the Audit, Reporting and Governance Council, or “ARGA”--which the new Labour government has since July vocally and publicly championed. Read more at: https://lnkd.in/eM_tzERr Learn more about our governance research and voting services at: https://lnkd.in/dE2Y6pVQ #UnitedKingdom #Audit #CorporateGovernance 

The U.S. Congress passed the Holding Foreign Companies Accountable Act (HFCAA) to increase confidence in the audits of Chinese Companies. The law passed last summer provides the PCAOB with complete access to inspect and investigate registered public accounting firms in China for the first time in history. In the fall, nearly USD 8 million in penalties were assessed for violations of quality control standards that occurred through improper answer sharing during mandatory training tests and for compromising auditor-client independence on audit work. The PCAOB's focus and work continue, as noted in the attached article and the enforcement actions taken. Link to PCAOB news release: https://lnkd.in/eTCkva85. #Ethics #PCAOB #HFCAA