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IRBA publishes 2023 Public Inspections Report
- 05 February 2024
- Legal and Compliance
- South African Accounting Academy
This report provides insights into the themes, and the outcomes thereof, that were the focal point for the inspections conducted during the 2023 financial year.
It also reveals recurring quality deficiency themes identified during firm-wide and audit engagement file inspections in the 2nd year of their 8th inspection cycle.
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/ebook/inspection-reports/PublicInspectionsReportonAuditQuality2023/
Relevance to Auditors, Independent Reviewers & Accountants:
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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.
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Firms and registered auditors are encouraged to reflect on the themes identified in this report and consider if they are prevalent within their 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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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 practice. This includes Independent Reviewers because an independent review is regarded as assurance work.
Relevance to Your Clients:
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None