Analysis | Why auditing firms are in crisis

The work of auditing firms in South Africa has become more complex and demanding in the “current socio-political climate”‚ the CEO of the Independent Regulatory Board for Auditors (Irba)‚ Bernard Agulhas‚ told Times Select in an interview this week.

The entire auditing profession has suffered severe reputational damage amid the growing public outcry and a slew of investigations by regulators and law enforcement‚ he said.

“Irba has a role to play in helping to restore confidence in the profession. Based on what we see‚ we are concerned that audit quality is declining. The number of complaints lodged has increased due to heightened awareness and understanding of the work of Irba‚” said Agulhas.

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