Tag: International Auditing and Assurance Standards Board (IAASB)

Does the current model of the traditional regulatory and statutory audit still make sense in the changing business context? These audits performed by independent and external auditors in line with relevant laws and regulations, require the auditee to submit a set of reporting information, and the auditor to produce their report annually in line with the legislated timelines and to meet stakeholder needs.

The voices calling for sustainable business practices across all industries are growing ever louder and the journey towards ‘Net Zero’ will require everyone across the globe to play their part if we are to successfully combat the risks associated with climate change.

The South African and other global economies have fallen victim to corporate failures that resulted in devastating effects on investors and the public. When such corporate failures do occur, the role of the auditor is often brought under scrutiny; particularly as it relates to the role of the auditor in detecting fraud, resulting in an increased focus on the audit expectation gap.

In October 2020, we focused on ethics and delivered a series of webinars to discuss the ethical challenges currently facing the chartered accountancy and auditing professions and come up with solutions to these challenges. During a particular focus on ethics in the public sector, I shared that the professional body has noted an increase in the number of member complaints about intimidation threats.

COVID-19 has taken the world by storm, so much so that plunges in global stock markets are making history in terms of the low levels being hit, as well as the speed at which the collapses are occurring. For the first time in history, the US oil prices fell below zero. From travel bans and cancelled sporting events to national lockdowns, COVID-19 has influenced global and personal realities.