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We have reached the end of another year that brought with it

successes and challenges. The IRBA continued to enjoy

exciting developments in the profession and some of the

greatest achievements. This year South Africa maintained its

number one ranking for auditing and reporting standards in the

World Economic Forum Global competitiveness index, for the

sixth year in a row, we issued the new auditor reporting

standards, had a successful roadshow and for the first time –

we have issued a Public Inspections Report.

Consistent with our vision to uphold the highest standards, this

report is part of our commitment to promote and maintain

consistent and sustainable high levels of audit quality. We

improved our inspection processes to focus on a risk-based

approach and also introduced a remedial action process that

is aimed at assisting those firms and practitioners who have

shown deficiencies in their quality control policies and


The Public Inspections Report 2014/2015: Striving for

Consistent, Sustainable HighAudit Quality acknowledges that

audit quality is not at the desired level, following inspections

conducted over the past few years. To read the summary of the

report turn to page 13.

The IRBA also issued its third integrated report and

strengthened its involvement with regards to progressing the

development of assurance on integrated reports by

establishing a task force to provide thought leadership in this

area, and through representation by the former Director:

Standards on the relevant task force of the International

Auditing and Assurance Standards Board (IAASB) of the

International Federation ofAccountants (IFAC).

Throughout the year, we have engaged with various

stakeholders, including registered auditors, on the work of the

IRBA and how we can all work together to improve the

economic development of our country. In this edition, we cover

feedback that we received from the recent roadshows where

auditors raised their concerns about the profession and also

made recommendations on how we can work together. The

IRBA team promised to follow up on the issues, where

possible, and we have started to respond to some of the

challenges raised. Turn to page 17 for more detail from the


In the coming weeks we will be launching our new and

improved communication channels, including an upgraded

website and a newsletter that will reach the whole of the

continent as part of our strategy to share information with our

counterparts inAfrica. The website will be amuch easier tool to

use and navigate and will still have all the relevant information

that you need. Let us know your thoughts on the new website

as you familiarise yourself with it.

I would like to welcome Jillian Bailey to our team as Director:

Investigations. The position was created following the

recommendations of the World Bank Report on the

Observance of Standards and Codes (ROSC) to strengthen

our investigations function. The legal department has now

been split into two separate departments – Legal and


Jillian is a CA (SA) with a wealth of experience in regulation,

auditing, business and management. She was a director at the

Public Accountants and Auditors Board (PAAB), the

predecessor to the IRBA, as well as at the IRBA before joining

theAuditor-General as Head of Audit, after which she played a

major role in strengthening an Internal Audit Consulting

Department at a large consulting firm. We welcome Jillian

back to the IRBA and look forward to even more robust


In addition to our continuing representation on international

structures of the International Forum of Independent Audit

Regulators (IFIAR), which mandate is to share best practice

and challenges in audit regulation, we are pleased that Imran

Vanker, Director: Standards, and Laine Katzin, Director:

Education, Training and Professional Development, got

appointed to the IAASB and the International Accounting

Education Standards Board (IAESB) of IFAC, respectively.

These appointments contribute to the IRBA's vision to

influence standard-setting at an international level and ensure

that South Africa remains at the forefront of global

developments in the auditing arena.

I wish to thank our stakeholders for the support and efforts that

contribute to maintaining confidence in the profession, and the

auditors for delivering a service that strengthens the protection

of the public.

I wish you a happy holiday season filled with cheer and joy.

May we have the courage and strength to face the New Year

and continue to build a successful and reputable profession to

serve and protect the public.


Issue 32 October - December 2015

Bernard Peter Agulhas

Chief Executive Officer


(087) 940-8873