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New regulations to boost smaller audit firms

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(iStock)
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Johannesburg – A new regulation in the auditing sector will give smaller firms more access to the market, according to officials.

The Mandatory Audit Firm Rotation, announced on Friday seeks to ensure the independence of firms as well drive inclusiveness in the market. This is according to chief executive of the Independent Regulatory Board of Auditors (IRBA), Dr Bernard Agulhas who was speaking at a press briefing alongside Finance Minister Malusi Gigaba.

Agulhas emphasised that the main objective of the regulation is to address concerns of independence as well as quality of auditing. He said that in the long term, the regulation would broaden access to markets for other firms, besides the “big four”, as well as home-grown firms.

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