The Independent Regulatory Board for Auditors (IRBA) has called on South African audit firms to produce transparency reports which provide insight into their operations, governance, leadership, culture, ethics, audit quality, transformation, and audit engagements, amongst others.
The move by the IRBA to seek publication of annual transparency reports, now coincides with a review of the International Auditing and Assurance Standards Board’s (IAASB) International Standard on Quality Control (ISQC) 1 which is currently being revised.
Although IRBA now coincides with IAASB, Felmeg is of the opinion that the IRBA should also be answerable to such a body or equivalent International body, to ensure proper governance of the Accounting profession in South Africa.