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The Independent Regulatory Board for Auditors (IRBA) publishes 2020 Public Inspections Report
- 05 February 2021
- Auditing and Assurance
- South African Accounting Academy
IRBA released their brand new 2020 Public Inspections Report, which reveals recurring quality deficiency themes identified, as well as introduces numerous enhancements to the IRBA’s inspections process in the 2nd year of their 7th Inspections Cycle.
Despite the inspections outcomes, a significant improvement has been observed at some of the audit firms, where considerable investments were made into real-time quality management, underpinned by leadership's sound attitude (tone) and hands-on (visible) approach.
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, as an independent review is regarded as assurance work.
Click here to download the report.
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