Thando Maeko/Moneyweb
3 minute read
22 Feb 2021
5:20 am

SA auditing at 6s and 7s

Thando Maeko/Moneyweb

Mboweni gives caretakers three months to nominate board members; analyst says it’s too short.

Picture: iStock

The most basic responsibility of an auditor is to ensure that shareholders and potential investors are provided with a company’s accurate and reliable financial records. An auditor’s independence is important, as stakeholders need assurance of objectivity and integrity when a company’s financial statements are accounted for. This is why the much-publicised audit failures at private and public companies over the last decade, as well as the failure of auditors to respond timeously to issues of misconduct in the industry, is very concerning. The fall-off in standards can be seen in SA achieving the top-ranking for the strength of auditing and...