New court ruling reverses big change for listed businesses in South Africa

There is no more mandatory rotation of audit firms in South Africa.

In a significant judgment for the auditing profession, the Supreme Court of Appeal has ruled that the Independent Regulatory Board for Auditors did not have the power to mandate audit firm rotation.

Webber Wentzel noted that the rule’s promulgation came as the auditing industry had been historically implicated in domestic and international corporate wrongdoing. The IRBA was established under the Auditing Profession Act 26 of 2005 , which confers powers upon the IRBA. The IRBA can only exercise public authority, such as the promulgation of MAFR, to the extent that that power is conferred upon it by law, such as IRBA’s founding legislation .

The firm added that, at the same time, it prohibits audit firms from accepting appointments even if a company selects them.

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