LATEST UPDATE

IRBA 2024 Public Inspections Report Highlights Steady Improvement in Audit Quality

The Independent Regulatory Board for Auditors (IRBA) has released its 2024 Public Inspections Report, highlighting important strides in improving audit quality across South African audit firms inspected. The report also presents the key deficiencies, themes and trends observed during the year’s inspections cycle, and other areas for further improvement in the firms’ system of quality management.

The content of the report is based on the results and matters reported from inspections performed during the 2023/2024 cycle, as mandated by Section 47 of the Auditing Profession Act 26 of 2005 (as amended 2021) (APA).

The IRBA continued to select firms and audit engagement files for inspection using a risk-based approach, in line with the International Forum of Independent Audit Regulators’ (IFIAR) core principles. The selection process focused mostly on audits with a higher public interest exposure and the audit firms that audit public interest entities.

The 2024 Public Inspections report can be downloaded on the IRBA Website, available on: https://irba.co.za/guidance-to-ras/inspections/reports