The writer is of the opinion the IRBA and all the Accounting bodies needs to answer to a national controlling body.In the same way that audit regulators worldwide have sought to increase their own independence from the profession, in order to limit the influence of auditors in the oversight of auditing, so too is it logical that the next step is to secure the independence of the standard setters. The independence of the rule makers needs to be secured to ensure that the resulting auditing standards respond sufficiently to the stakeholders and users’ expectations and are able to enhance audit quality in the public interest. This, in turn, will secure confidence and trust in standards, audits and financial information.”
IFAC – International Federation of Accountants should become the controlling body in South Africa to eliminate corruption.