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IRBA: 2024 Public Inspections Report
- 09 April 2025
- Auditing and Assurance
- South African Accounting Academy
Summary:
The IRBA has released its 2024 Public Inspections Report on Audit Quality, which covers the 3rd year of the IRBA's 8th Inspections Cycle, spanning over the period 1 April 2023 to 31 March 2024.
Article:
This report provides insights into the themes, and the outcomes thereof, that were the focal point for the inspections conducted during the 2024 financial year.
The report highlights 5 key areas of marked improvement, some areas and themes of recurring quality deficiencies and identifies areas for further improvement in the firms’ system of quality management, as well as areas for additional focus for improvement.
During the year under review, the IRBA visited 322 audit firms, issuing 27 firm-level reports. Inspections performed full firm-level inspections at all the firms visited.
The inspections landscape includes all registered audit firms and RAs that issue audit reports. As at end-March 2024, a total of 3 527 RAs were registered with the IRBA (2 703 assurance RAs and 824 non-assurance RAs).
As the IRBA, they remain committed to maintaining audit quality and collaborating with stakeholders to tackle emerging challenges. They aim to build on this progress and work closely with all parties, as they continue on this journey towards achieving excellence when it comes to audit quality.
Click here to download the 24-page Report:
https://www.irba.co.za/upload/Public%20Inspections%20Report%202024.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- The Auditing Profession Act 26 of 20051 (as amended) (the Act) requires the IRBA to inspect/review the practice of a registered auditor that audits a public company, as defined in Section 1 of the Companies Act 71 of 2008, at least once every three years, in addition to the inspections performed on any other registered auditor. Therefore, the IRBA continues to perform firm-wide and assurance engagement file inspections at various firms.
- Firms and registered auditors are encouraged to reflect on the themes identified in this report and consider if they are prevalent within their own systems of quality management. When this is continuously done with a commitment to improving audit quality, such reflections can strengthen audit quality and ultimately lead to restored confidence in the profession.
- Registered Auditors must apply the contents of the latest IRBA Inspections Report in their practice and quality control processes. All attest and assurance staff must stay informed about mistakes made by other practices that have been inspected by IRBA, and take measures to prevent the identified deficiencies within their own practice. This includes Independent Reviewers, because an independent review is regarded as assurance work.