The audit regulator is planning sweeping changes to respond to scandals such as the one KPMG is currently struggling with.
The disgraced auditing firm is reviewing all work it has done in the last 18 months to repair trust in the organisation.
It will also do “integrity checks” within the organisation.
It announced at the weekend that two of its partners had resigned after facing disciplinary charges over VBS Bank and their failure to comply with the audit firm's policies.
Sipho Malaba, the lead auditor responsible for signing off the banks financials, held loans with the bank but had not declared its full extent.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
They have 30 days to respond to us… so we will know soon…— Bernard Agulhas, Independent Regulatory Board for Auditors
There are new investigations almost every week…— Bernard Agulhas, Independent Regulatory Board for Auditors
The level of cooperation [by KPMG] has improved… they are providing us with the information we require.— Bernard Agulhas, Independent Regulatory Board for Auditors
The board has agreed… to a disciplinary hearing…— Bernard Agulhas, Independent Regulatory Board for Auditors
There’s a lot in the news about KPMG… but we don’t believe it’s limited to KPMG… the awareness of the work of auditors – and their independence - has raised substantially… We’re getting more complaints… It’s very good that the public is aware of the responsibility of auditors…— Bernard Agulhas, Independent Regulatory Board for Auditors
The big auditing firms are not too big to fail…— Bernard Agulhas, Independent Regulatory Board for Auditors
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
Recommendedby NEWSROOM AI
Venezuela – once as rich as Norway – is suffering an apocalyptic collapse without precedent.
The Money Show’s Bruce Whitfield interviews Fairtree Capital Portfolio Manager Jean-Pierre Verster.
The Money Show’s Bruce Whitfield interviews Truworths CEO, Michael Mark.
The Money Show’s Bruce Whitfield interviews Lonmin CEO Ben Magara.
Bruce Whitfield asks Personal Financial Advisor Warren Ingram for advice on how investors can safely navigate this hectic time.
A school with individual learning paths for each child, and no need for textbooks? SPARK Schools CEO Stacey Brewer joins Bruce Whitfield.
A Washington teenager was badly hurt when her friend pushed her off the bridge after she said she didn't want to jump.
#NightTalk host Gugu Mhlungu chats to entrepreneur & multimedia visual artist Trevor Stuurman about his accolades and inspiration
In this episode of Africa State of Mind, musician Femi Koya chats to Lee Kasumba about leaving Nigeria to come to South Africa.
Phemelo Motene chats to the mother of storytelling & a poet to the masses, Gcina Mhlophe about what it means to share your stories
Fundraising and Outreach Manager at the Pebbles Project, Charmaine Gola, chats about the work they do & their focus on the youth
'You need to look outside your traditional shopping centers to actually eat traditional food in the city' - Mpho Tshukudu, author
His brother Sandile Mkhize says he promised ProKid that he will continue where he left off.
In the car feature, automotive journalist Jacob Moshokoa chats about his experience driving around with the Suzuki Dzire.
Member of the SASOP, Dr Eugene Allers chats about the causes behind addiction to over the counter medication.
'To congratulate me, and to make it seem like this is an accolade is extremely offensive because of our history' - Phemelo Motene