IRBA publishes 2021 Public Inspections Report

07 March 2022
Auditing and Assurance
South African Accounting Academy

This report highlights areas of audit quality that were identified as being deficient during our firm-wide and individual assurance engagement inspections.

Improving audit quality is a critical success factor in rebuilding confidence and the IRBA is committed to engaging with the profession, locally and internationally, to identify and rectify issues of poor audit quality.

The IRBA is committed to perform a gap analysis of the auditing profession and implement measures to address significant gaps.

The IRBA wishes to commend audit firms in their efforts and investment in promoting audit quality, which continued amidst the challenges brought by the COVID-19 pandemic and other events, and the resulting economic hardships for many.

Click here to download the Report:

https://www.irba.co.za/upload/IRBA%20Public%20Inspections%20Report%202021.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.

To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update

Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more:
https://cpd.accountingacademy.co.za.