ADP: Registration as a Registered Candidate Auditor

21 Aug 2015 - Guide for Registered Auditors: Guidance on performing audits where the AGSA has opted not to perform the audit View More
21 Aug 2015 - Guide for Registered Auditors: Guidance on performing audits on behalf of the AGSA View More
04 Aug 2015 - Newsflash – Remedial Action Process View More
17 July 2015 - IRBA Newsletter Issue 29 - March-April 2015 View More
08 July 2015 - Communiqué: Broad - Based Black Economic Empowerment (B-BEEE) Information Session For B-BBEE Approved Registed Auditors 2015 View More
06 July 2015 - Communiqué: Application impact of Amended Qualifying Small Enterprise (QSE) scorecard and Exempt Micro Enterprise (EME) requirements on the South African Standard on Assurance Engagements (SASAE) 3502 View More
24 Jun 2015 - Communiqué: Revised Guide for Registered Auditors: Reportable Irregularities in terms of the Auditing Profession Act View More
18 Jun 2015 - Visit by the IAASB Leadership and Resources for the Implementation of the New and Revised Auditor Reporting Standards View More
17 Jun 2015 - The IRBA Board adopts the IAASB's new and revised Auditor Reporting Standards and related conforming amendments View More
08 Jun 2015 - René Kenosi Appointed First Black Female Chairman of The Independent Regulatory Board For Auditors View More
04 Jun 2015 - Inspection Fees Payable to the IRBA with effect from 01 April 2015 View More
28 May 2015 - Inspections Findings Newsflash 2 of 2015 View More
27 May 2015 - IRBA Information Sessions 2015 View More
13 May 2015 - IESBA's Proposed Standard On Responding To Non-Compliance With Laws And Regulations (NoCLAR) View More
31 Mar 2015 - Communiqué: IRBA Language Policy 2015 View More
 
Home Media Releases 27 July 2011

27 July 2011

Attention: open in a new window. PrintE-mail

Audits to be enhanced by new set of principles

 

Published: 2011/07/27 08:10:09 AM

SANCHIA TEMKIN

 

A CORE set of principles recently adopted by the International Forum of Independent Audit Regulators will promote investor confidence and improve the quality of audit practices worldwide.

 

This comes in the wake of different legal and regulatory structures internationally, which have made effective co-operation between audit regulators globally difficult. The core principles are aimed at fostering high-quality audits and promoting public trust in the financial reporting process.

 

Bernard Agulhas, CEO of SA's Independent Regulatory Board for Auditors, said yesterday: "Serving the public interest and providing investor protection is the key objective of members at the International Forum of Independent Audit Regulators. "Improving audit quality is the means to achieve these objectives."

 

"The adoption of the principles will further enhance the current regulatory framework that was established by the Auditing Profession Act in 2005," said Mr Agulhas. An effective regulatory system required certain prerequisites, he said. "SA is fortunate in that it has a well-developed legal and corporate governance framework."

 

Such a framework includes well- defined accounting and auditing standards, legal backing for the preparation of financial statements in accordance with internationally accepted standards, an enforcement system for noncompliance, a well- established corporate governance structure and educational requirements for auditors and accountants. "This is not necessarily a given," said Mr Agulhas. "In addition to this, significant changes seen in the regulatory environment since 2003 had resulted in a disparity between audit regulators globally."

 

He pointed to the case of the Public Company Accounting and Audit Oversight Board and its requirements with regards to non-US firms auditing US-listed companies.

 

The introduction of the core principles by the international forum for auditors was a step towards increased international co-operation and consistency between audit regulators internationally, he said.

 

To view the original article, click here.

Developed and maintained by JHNet JHNet Web Development