Feedback on standards welcomed by Irba

THE INDEPENDENT Regulatory Board for Auditors (Irba) yesterday welcomed the publication of the feedback into strengthening the governance and oversight of the international audit-related standard-setting boards in the public interest.

The Monitoring Group, a global body responsible for oversight of the international standard setting boards, recently concluded an initial consultation process around the reform of the standard-setting process and published its report on Monday.

Bernard Agulhas, chief executive of the Irba, said re-examining the way in which standards were set was an important link, given the current environment where regulators and oversight bodies around the world are looking closely at auditors and restoring the credibility of the profession.

“It is our view that reform in pursuit of stronger public interest is key in efforts to restore confidence in the profession,” Agulhas said. – African News Agency (ANA)