/ 3 August 2006

SA auditing regulator ‘strongest in the world’

The new Auditing Profession Act has delivered a “world-class” regulator says Kariem Hoosain, CEO of the Independent Regulatory Board for Auditors (IRBA), speaking at the launch of the IRBA.

Hoosain said: “I have just returned from a trip to Canada where the senior partner of one of the largest international audit firms told me the IRBA was in his opinion the strongest regulator in the world. This sentiment was echoed by other key oversight bodies.

“Our reputation as a global player in the regulatory space was cemented when I received an invitation for the IRBA to attend an international forum for independent audit regulators in Paris in September. The aim of this round-table discussion is to discuss the establishment of a formal organisation, which meets regularly to discuss and share ideas, challenges and solutions.

“The reason the IRBA is seen as being so strong is that it has the most-comprehensive mandate of all the profession’s regulators globally; we set the profession’s standards for education, ethics and auditing. We are independent and are responsible for registration, inspection and enforcement of rules for auditors.”

The establishment of the IRBA and the ambit of its powers flow from the new Auditing Profession Act, which came into operation on April 1 this year. Hoosain added: “Our legislator should be proud to have developed such a progressive, thorough and feisty piece of legislation.” — I-Net Bridge