IRBA RE-ELECTED TO THE IFIAR BOARD FOR ANOTHER FOUR-YEAR TERM

Johannesburg, April 29, 2021 – The Independent Regulatory Board for Auditors (IRBA) has been re-elected to serve for another four-year term on the Board of the International Forum of Independent Audit Regulators (IFIAR). This was announced at the IFIAR plenary meeting held on 19-21 April 2021.

The IFIAR is made up of independent audit regulators from 54 countries and its mission is to serve the public interest, including investors, by enhancing audit oversight globally. The IRBA, representing South Africa, is a founding member of IFIAR and has continued to actively participate and contribute significantly towards the organisation’s activities since its establishment in 2006.

“We are happy that South Africa’s role in strengthening audit regulation and audit quality across the globe has been recognised by the IFIAR,” says Imre Nagy, Acting CEO of the IRBA. “Not only does our involvement allow us to influence independent audit regulation at an international level, but it also enables us to benchmark our regulatory activities against international counterparts. We also strongly believe that it is important to ensure that there is overall regional presence on the Board; and electing South Africa has ensured representation that includes the African region.

“This is important because South Africa plays an active role in advancing independent audit regulation in Africa. Also, the country has stayed informed of IFIAR strategies and effected those by becoming a founding member and current Deputy Chairman of the African Forum of Independent Audit and Accounting Regulators (AFIAAR).”

Further, the IRBA plays an active role on IFIAR structures and has over the years served on several of its structures. The IRBA Acting CEO currently serves as the IFIAR Association Director and Audit and Finance Committee chairman, and IRBA directors and staff currently serve on the Inspections Workshop Working Group, Investor and Other Stakeholders Working Group, Enforcement Working Group, Standards Coordination Working Group and the Technology Task Force.

“This re-election comes at a very critical time for the IRBA, as we implement a new five-year refocused strategy aimed at responding to changes in the market, to improve audit quality, enhance the sustainability and relevance of the profession and the regulator, and engage in a comprehensive stakeholder engagement plan to improve the financial reporting and governance ecosystem,” says Nagy.

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More about the IRBA
The IRBA is a statutory body established to protect the financial interests of the public by ensuring registered auditors and their firms deliver services of the highest quality. It upholds audit firm independence to ensure that audit quality is such that it enhances the accuracy and credibility of financial performance reporting. In this way, the IRBA has an important role to play in building the reputation of South Africa as an investment market, for both local and global investors, and driving economic growth for the country.
The IRBA also registers suitably qualified accountants as auditors, who must adhere to the highest ethics standards, and promotes the auditing profession through the effective regulation of assurance conducted in accordance with internationally recognised standards and processes.

About IFIAR
Established in 2006, IFIAR comprises independent audit regulators from 54 jurisdictions representing Africa, North America, South America, Asia, Oceania and Europe. Its mission is to serve the public interest, including investors, by enhancing audit oversight globally. IFIAR provides a platform for dialogue and information-sharing regarding audit quality matters and regulatory practices around the world; and promotes collaboration in regulatory activity.
The current Board members are: PCAOB (United States), FSA/CPAAOB (Japan), H3C (France), CPAB (Canada), FAOA (Switzerland), FRC (United Kingdom), AOB (Germany), ASIC (Australia), CVM (Brazil), FSC (Chinese Taipei), HAASOB (Greece), CMB/POA (Turkey), AFM (The Netherlands), ACRA (Singapore), IRBA (South Africa) and IAASA (Ireland).
IFIAR’s official observer organisations are the Basel Committee on Banking Supervision, the European Commission, the Financial Stability Board, the International Association of Insurance Supervisors, the International Organization of Securities Commissions, the Public Interest Oversight Board and the World Bank. For more information about IFIAR, visit www.ifiar.org.