Finance Minister Malusi Gigaba said he backed the bid to strengthen auditor independence‚ as that this would protect the public‚ but said he was worried about transformation.
“The IRBA has informed me of its decision to implement mandatory audit firm rotation‚” he told a media briefing on the regulation of audit firms‚ held in Johannesburg on Friday.
In 2015‚ the Independent Regulatory Board for Auditors began looking at threats to auditors’ independence and to find ways to strengthen it.
“There are over 4200 registered auditors in SA and over 300 JSE-listed entities. This makes it an important part of the financial sector‚” Gigaba said.
The minister reiterated his view that economic transformation involved changes in the structure of the economy and the institutions that governs it.
“I remain concerned about transformation‚” Gigaba said with reference to the auditing profession.
Dealing with a question about his link to the Gupta family‚ following the continuing release of #GuptaLeaks‚ he said: “No one has given me these emails or told me how they were obtained‚ whether through proper means or fabricated‚ so I don’t know.”
He denied having anything to do with “the procurement of state-owned companies” and appointing committees. And he reiterated that ministers don’t sit in board meetings or make any decisions on who to appoint.
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