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IRBA publishes 2022 Public Inspections Report
- 20 March 2023
- Accounting
- South African Accounting Academy
IRBA's Latest Public Inspections Report, With a Commitment to Promote Improvement and Remediation of Audit Quality, has just been published.
This report focuses on firm-wide and audit engagement file inspections reported on between 1 April 2021 and 31 March 2022.
Its objective is to promote audit quality at a broader level, for key stakeholders to understand the importance of audit quality and its impact on the financial reporting ecosystem.
Click here to download the Report:
https://www.irba.co.za/upload/IRBA%202022%20Inspections%20Report%20Finals%20March%202023.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.
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