The Independent Regulatory Board for Auditors is developing guidelines on how firms can join forces to upskill mid-tier companies
Regulators are stepping up efforts to break the oligopoly of top auditing firms after accounting scandals involving two of the big four failed to do the job for them.
Deloitte was criticised for accounting irregularities that led to a criminal probe at a sugar producer and the near collapse of an SA-born global retailer. KPMG has bolstered the independence of its board and added layers of accountability to its auditing process, but is down a third on revenue and staff numbers.
Anoop Ninan, co-CEO of Mazars SA, formed a unit specialising in financial-services companies by head hunting teams from the big four to win banks and insurers as clients. But it’s not just a matter of acquiring the skills. Deloitte’s objective is not to increase market share due to mandatory rotation every 10 years and taking on additional risk, the firm said.
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