IRBA Newsletter Issue 52

Issue 52 | October-December 2020 3 CEO’S PERSPECTIVE cont. Jenitha John Chief Executive Officer - We recently concluded a sanction hearing on the African Bank Investment Limited matter against the Deloitte auditor, Mgcinisihlalo Jordan. This has been a difficult, but very important, case that demonstrated the importance of public protection and the need for the IRBA to deal with matters in a very swift and effective manner. While we respect the ruling by the independent Disciplinary Committee, we are of the view that errant auditors should be brought to book in a manner that is commensurate to the offence committed. This particular instance represents a failure of a capital market audit, and the economic and social ramifications must be understood. Consequently, auditors need to demonstrate an enhanced responsibility for accuracy and diligence in their conduct as auditors of financial institutions. It is vital that the IRBA is seen to be protecting the public in dealing with errant auditors and to also restore the trust and confidence in the auditing profession. While the IRBA has been working on these and other projects to restore confidence in the profession, certain public debates have created distractions and negative publicity for the regulator, at a time when the profession is faced with so many challenges. These are debilitating the agility the IRBA needs to address operational matters and the efficiency needed to execute initiatives. It is my fervent wish that these distractions will subside in the near future, so we can all focus on the common objective of protecting the public. The IRBA successfully submitted its 2020 Annual Report to Parliament and the report shows an achievement of a decade of clean audit reports, making the regulator one of the few public entities to accomplish this. Sincere gratitude to all staff members for their commitment and efforts towards ensuring that we continue with this level of performance. While the IRBA is undoubtedly an organisation in transition, we are still committed to making a difference. Also, I remain confident that the CQ (cultural, connective, collective, collaborative intelligence) of all stakeholders will uplift the profession and restore the much- needed confidence in the ecosystem, thereby protecting the financial interests of the investing public. To all our stakeholders, a heartfelt gratitude for your candid and open engagements over these past six months. We have heard you and are taking your proposals into consideration. As we continue with this collective resolve and conviction, we will fulfil our shared desire to restore the integrity of our profession. I wish you all a joyous break through the festive season; and as you spend time with your loved ones, please remain vigilant because the virus is still with us. I certainly look forward to 2021 with promise and hope. Merry Christmas and a Novel 2021, with abundant blessings to all.