Naspers objects to new auditing framework

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Cape Town – Africa's largest internet and media group Naspers [JSE:NPN] added its voice to objections to a proposed new framework of how companies appoint auditors, challenging the way the Independent Regulatory Board for Auditors (Irba) wants to introduce the new measures. 

Naspers, with investments in 130 countries, said in a statement it has made a formal submission to Irba objecting to its proposal of Mandatory Audit Firm Rotation (MAFR) for South African corporates. The primary objective of MAFR is to strengthen auditor independence, Irba said in a note on its website, and the body is of the view that the measure will also increase access to the audit market as well as promote transformation in the profession.

MAFR - tried and failed elsewhere

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