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INDEPENDENT REGULATORY BOARD FOR AUDITORS

INDEPENDENT REGULATORY BOARD FOR AUDITORS. Bernard Agulhas Chief Executive Officer. Select Committee on Finance 20 June 2012. Strategic Focus Objectives Highlights for the year Report on Financial Statements Report of the Auditor-General Performance Information Questions. AGENDA. 3.

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INDEPENDENT REGULATORY BOARD FOR AUDITORS

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  1. INDEPENDENT REGULATORY BOARD FOR AUDITORS Bernard Agulhas Chief Executive Officer Select Committee on Finance 20 June 2012

  2. Strategic FocusObjectivesHighlights for the yearReport on Financial Statements Report of the Auditor-General Performance Information Questions AGENDA

  3. 3 STRATEGIC FOCUS • Protect the financial interest of the public by ensuring that only suitably qualified individuals are admitted to the auditing profession and that registered auditors deliver services of the highest quality and adhere to the highest ethical standards.

  4. OBJECTIVES • Developing and maintaining auditing and ethical standards which are internationally comparable; • Providing an appropriate framework for the education and training of properly qualified auditors as well as their on-going competence; • Registration of auditors who meet the registration requirements; • Monitor compliance with reportable irregularities and anti-money laundering; • Monitor registered auditors compliance with professional standards; • Investigating and taking appropriate action against registered auditors in respect of improper conduct;

  5. 5 HIGHLIGHTS for the YEAR • South Africa achieves 1st position out of 139 countries for its auditing standards in the World Economic Forum’s 2010 Global competitiveness rankings • Code of professional conduct for registered auditors came into effect 1 Jan 2011 • European Union approves the IRBA as a regulator which is equivalent to the best in the world • The IRBA is approved for it registered auditors to provide Broad-Based Black Economic Empowerment Verification Services

  6. 6 FINANCIAL STATEMENTS

  7. FINANCIAL STATEMENTS

  8. 8 FINANCIAL STATEMENTS

  9. 9 FINANCIAL STATEMENTS

  10. REPORT OF THE AUDITOR GENERAL • RESULTS FOR 2010 AND 2011 YEAR ENDS • REPORT ON THE FINANCIAL STATEMENTS • Clean opinion • REPORT ON OTHER LEGAL REGULATORY REQUIREMENTS • Predetermined objectives • No material finding • Compliance with laws and regulations • No findings • INTERNAL CONTROL • No significant deficiencies

  11. PERFORMANCE INFORMATION

  12. PERFORMANCE INFORMATION

  13. PERFORMANCE INFORMATION

  14. PERFORMANCE INFORMATION

  15. PERFORMANCE INFORMATION

  16. QUESTIONS ANDThank You 16

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