Bafo Thomas Khanyeza Senior Lecturer at Unisa In this article, the world’s three different categories of anti-corruption strategies (auditing models) are explored, as well as the country’s own anti-corruption strategy, which is underpinned by the Auditing Professions Act of 2005 (APA). It is further investigated how the APA can be used in the public sector…
Lilly MollelAudit Manager, RSM South Africa Over the festive season, I encountered an article on the Innovation Enterprise website written by James Ovenden which, for obvious reasons, caught my attention. Will blockchain render accountants irrelevant? The article discussed the impact blockchain technology will have on the auditing and accounting professions and how this is likely…
Hayley Barker HoogwerfSAICA: Project Director The South African and other global economies have fallen victim to corporate failures that resulted in devastating effects on investors and the public. When such corporate failures do occur, the role of the auditor is often brought under scrutiny; particularly as it relates to the role of the auditor in…
Against the backdrop of the ongoing scrutiny the auditing and accountancy professions are under, SAICA hosted an online discussion about auditors and the public interest, ethics and professional integrity in October 2020. The panel and participants focused on how the future of the profession is linked to the need for it to reinforce the commitment…
Auditors are engaged as protectors of society and are expected to be independent of the company. Yet it is the company who appoint and remunerate the protectors. Only by changing who pays the auditor will real audit reform take place in the public interest. A 2020 report into the audit profession’s deficiencies by former London…
‘Who will monitor the monitors of the monitors? This is a critical question that organisations, professional bodies and regulators who have been tasked with monitoring society need to consider. I believe that external audit falls within this category and we too need to consider this question. In this article I will explain why external audit…
Stanley SubramoneyFormer Deputy CEO of PwC It is imperative to recognise that it is not only the auditors who need to take accountability for the financial reporting scandals of late. It also remains the responsibility of management and those charged with governance for not doing more to protect the public interest we serve through our…
How can auditor independence be enhanced and the audit market be deconcentrated and transformed? Victor Sekese elaborate. The recent reported global and local corporate governance failures have put a spotlight on auditors and their role in the financial reporting process. Furthermore, the revelations at the Zondo Commission have accentuated public debate on the role of…
It is only if the profession prioritises serving the public interest above all else that it will be truly trusted by the public. Any firm or profession that subordinates this purpose to other purposes like being respected as the provider of smart and innovative solutions by clients will be distracted and will not adequately fulfil…
SAICA’s CEO Freeman Nomvalo and Project Director Thandokuhle Myoli spoke to Monique Verduyn about redesigning the audit profession so that it brings out the best in its people and the wider role and purpose of audit in serving the public interes. Since 2017, the auditing profession has been plagued by high-profile corporate failures that have…