The Board

About the Board

The IRBA is the statutory body controlling that part of the accountancy profession involved with public accountancy in the Republic of South Africa.

It is important to stress that all entrants to the public accountancy profession are subject to consistent requirements. Following qualification, accountants entering into public practice are required to register with the IRBA and are governed by its regulations. Qualified accountants entering other disciplines who are members of a provincial society of chartered accountants, are not subject to the jurisdiction of the IRBA but are subject to the jurisdiction of the South African Institute of Chartered Accountants.

The IRBA functions in terms of the Auditing Profession Act, 2005 (Act 26 of 2005). Its members are appointed by the Minister of Finance, who must appoint competent persons, including registered auditors, to effectively manage and guide the activities of the Regulatory Board, based on their knowledge and experience. 

The Board consists of not less than six but not more than 10 members and, disregarding any vacancy in its membership, not more than 40% of the members of the Board may be registered auditors.

The IRBA is funded by

• the collection of prescribed fees and levies from RAs and firms;
• all other monies which may accrue to the Regulatory Board from any other legal source, including sanctions imposed by the Regulatory Board; and
• moneys appropriated for that purpose by Parliament

IRBA reports annually to the Minister of Finance, who then tables the report in Parliament. 

Corporate Mission

To protect the financial interest of the South African public and international investors in South Africa through the effective regulation of audits conducted by registered auditors, in accordance with internationally recognised standards and processes.

Vision

To be an internationally recognised and respected regulator of the auditing profession in South Africa.

Objectives

• Develop and maintain auditing standards which are internationally comparable;
• Develop and maintain ethical standards which are internationally comparable;
• Provide an appropriate framework for the education and training of properly qualified auditors as well as their ongoing competence
• Inspect and review the work of registered auditors and their practices to monitor their compliance with the professional standards;
• Investigate and take appropriate action against registered auditors in respect of non-compliance with standards and improper conduct;
• Conduct our business in an economically efficient and effective manner, in accordance with the relevant regulatory frameworks.

In doing so, we support and protect registered auditors who carry out their duties competently, fearlessly and in good faith.

Values  

Our core values are:

• Independence
• Integrity
• Objectivity
• Commitment
• Accountability
• Transparency
  

Key Success factors

Our key success factors that underpin the work we do are:

• Effective communication
• Continuous learning
• Knowledge sharing
• Good management practices
• Adherence to quality principles