Audit reform

While there is an understanding that audit profession needs to change in order to address trust restoration and reputational issues, SAICA’s view is that the overall finance eco-system and capital markets’ stability are called into question by the current situation. The answers to the trust restoration and relevance questions lie in the profession embracing the concept of joint accountability for the stability and trustworthiness of the finance eco-system.

As part of the Audit Reform Project, SAICA is conducting extensive consultations with various stakeholders, including auditing firms, regulators, oversight structures such as the board of directors and audit committees, government, business groups such as Business Leadership South Africa (BLSA) and Business Unity South Africa (BUSA) as well as users of financial statements. In addition to this, a benchmarking exercise is being performed against other reforms that are proposed internationally.

In light of this background, SAICA has embarked on a strategic project on audit reform, which includes a wider finance eco-system improvement agenda. This is an important strategic project that aligns with the SAICA strategic pillar of relevance and reputation. The initiative is coordinated by the Standards division and is being executed through collaboration with various departments within SAICA. The audit reform agenda has been actively promoted through multiple internal and external member structures which has resulted in a significant increase in awareness and allowed for wider and all-inclusive consultation. For example, the South African Auditing Profession Trust Initiative (SAAPTI) structure was actively engaged in order to make sure that the impact of the SAICA and SAAPTI initiatives are aligned and maximised.

• Guidance Paper on corporate failures and lessons learnt by the Institute of Directors South Africa

• The evolving role of the audit profession
• ISQM 1 An essential pillar for sustainability
• Are you ready for change?
• Defining the future of auditing through intelligent automation and real-time opinions
• To split or not to split - that is the question
• Auditing SMEs - the costs involved
• The impact of technology on the audit practice

• The fault of the auditor again?
• What is preventing another Steinhoff from happening in this country?
• Is combined assurance the answer to the integrated reporting trust gap?
• Change who pays the fiddler and calls the tune
• Balanced Reporting - an integrated approach
• The Auditing Profession - where to next?
• ISQM 1 Uplifting the profession and enhancing audit quality
• A technology driven combined assurance model is needed
• The digitization of Assurance
• Understanding the CFO

• Audit Reform: The importance of a well-functioning corporate reporting ecosystem
• Ethics: A valuable business commodity
• Dysfunctional ecosystems are timebombs
• Components and quality elements of combined assurance in a South African context
• The Audit Committee: A critical element in a well-functioning corporate ecosystem
• Riding the combined assurance wave in the public sector
• The well-functioning corporate reporting ecosystem: A public sector perspective
• The Combined Assurance model: Designed to improve accountability

• Special Report: Audit reform
• Special Report: Audit Reform: The ineffectiveness of South Africa’s anti-corruption strategy
• Special Report: Audit Reform: Monitoring the monitors of the monitors
• Special Report: Audit reform: The audit expectation gap
• Special Report - Audit Reform: The impact of the 4IR on the accounting and auditing profession
• Special Report - Audit Reform: The future of audit in South Africa
• Special Report - Audit Reform: There's the rub - making a case for audit reform
• Special Report - Audit Reform: Auditors and the public interest
• Special Report - Audit Reform: Fixing the faults in South Africa's corporate reporting ecosystem
• Special Report - Audit Reform: The social role of the auditing profession

1. The Future of the South African Audit Landscape

28 November 2022: The impact of digital transformation on the profession

This webinar seeked to explore the impact of digital transformation on the South African audit profession from the perspectives of the following role players:

• Those charged with governance;
• Registered external auditors;
• Trainees;
• Competency framework developers and
• Standard setters.

Panellists:

Facilitator:

Khaya Sithole CA(SA)

22 November 2021: Financial Reporting Ecosystem – A focus on fraud

In this event, we brought together a panel composing of various role players in the financial reporting ecosystem to discuss their responsibility as it pertains to the prevention and detection of fraud.

Panellists:

• Prof. Michael Katz, Chairman of ENSafrica and former member of the King Committee
• Tania Wimberley CA(SA), Head: Financial Reporting in the Issuer Division of JSE Limited
• Stephen Ntsoane CA(SA), RA, EY Africa Assurance Leader
• Marco Adaggi CA(SA), Managing Director at Volkswagen Financial Services
• Mario Fazekas (CFE), Senior Manager: Forensic Services at SNG Grant Thornton

Facilitator:

9 June 2021: Narrowing the Expectation Gap

This discussion addressed the causes of the expectation gap including tangible steps that the corporate reporting eco-system can take to address trust challenges.

Panellists:

Facilitator:

Bruce Whitfield

To be confirmed