South Africa’s Independent Regulatory Board for Auditors (IRBA) CEO Jenitha John has resigned and a caretaker board has been appointed by South African minister of finance Tito Mboweni.

John resigned due to the persisting negative perception of her connection to agricultural business Tongaat Hulett despite her fully disclosing her role as non-executive directorship before being selected to lead IRBA.

Tongaat Hulett was at the centre of an accounting scandal in 2019 when it declared that its financial result for 2018 were not reliable.

John stated that it would be in the best interest of IRBA to step down, however she has made herself available to the caretaker board over the next three months should they require her assistance.

The caretaker board consists of Nonkululeko Gobodo and Roy Andersen. In a joint statement they said: “In moving forward, we have appointed an Acting CEO, Imre Nagy, who has agreed to take up the duties and responsibilities of CEO during the interim period until such time as the board is duly appointed by the Minister in terms of the Act and can proceed with the recruitment of a CEO.

“We thank Jenitha for her service and commitment to the IRBA and wish her well in her future endeavours.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“It is important to the country that the public and investors have faith in the IRBA’s capability to adequately hold errant auditors to account. We remain committed to steer the IRBA carefully through the transition to a new board and new CEO.  We are confident that this will allow the IRBA to move forward positively and focus on rebuilding its reputation as one of the world’s foremost audit regulators.”

The Acting CEO’s appointment is effective immediately. Nagy is currently the Director: Inspections and a board member of the International Forum of Independent Audit Regulators and has been with the IRBA for eight years.