IRBA Newsletter Issue 48

Issue 48 | October - December 2019 20 GENERAL NEWS cont. A PROACTIVE LOOK INTO THE FUTURE OF ACCOUNTANCY LET’S PULL TOGETHER TO REGAIN TRUST, CEO SAYS NEW TECHNOLOGIES, NEW PROSPECTS : The Fourth Industrial Revolution and how it will impact the accounting profession were the discussion points at the Southern African Institute for Business Accountants Quickbooks gathering held in November in Sandton. Speakers at the event included (from left): Heidi Giokos, the panel moderator; Luyanda Ngonyama, from the Department of Social Development; Adv Rory Voller, CIPC Commissioner; and Bernard Agulhas, IRBA CEO. Photo courtesy of SAIBA JOINT ACTION IS KEY: Bernard Agulhas was the keynote guest speaker at the annual release of the Institute of Internal Auditors’ Corporate Governance Index Report in November at the Sandton Convention Centre. This 7th edition of the report measures corporate governance across all economic sectors in South Africa. Speaking on key governance issues arising out of recent corporate, accounting and auditing failures, he highlighted how important it is for all role-players in the financial reporting chain to work together to eliminate fraud, fight corruption and regain the trust and confidence of investors. CEO INTERACTS WITH THE PROFESSION IN KZN One of the IRBA’s interactions with the profession this quarter saw the CEO, Bernard Agulhas, being part of a workshop that was convened by the South African Institute of Chartered Accountants (SAICA) Eastern Region. The event, which was also addressed by SAICA CEO Freeman Nomvalo, looked at issues that currently face the profession. Some of the issues raised included the following: • Advocating and selling the value of audit. • Fast-tracking comprehensive regulation to hold audit committees and other roleplayers responsible. • Moving from compliance with the IRBA to professional skepticism. Meanwhile, participants agreed that in the interim there were some quick gains that could be focused on to further strengthen the profession. These included attracting more people to the audit profession and restoring confidence in it.