PRESIDENT Cyril Ramaphosa has signed the Auditing Profession Amendment Act into law, with the legislation expected to be a critical tool in the fight against state and corporate capture and corruption.
Alongside further controls for the profession, the bill gives greater power to the Independent Regulatory Board for Auditors, including the ability to enter and search any premises with the prior consent of their owner or the person in control.
It also gives the board the power to subpoena any person to appear before the committee or panel concerned and provide requested information.
Finance minister Tito Mboweni has previously said that the Act will help restore the profession’s reputation, which has been damaged by numerous accounting scandals in recent years.
Trade federation Cosatu has welcomed the move, noting that auditors have a legal and fiduciary duty to ensure good governance in both the public and private sectors.
“It has
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