The South African Independent Regulatory Board for Auditors (IRBA) has been re-elected to serve for another four-year term on the Board of the International Forum of Independent Audit Regulators (IFIAR).

The IFIAR consists of independent audit regulators from 54 countries. Its aim is to serve the public interest by enhancing audit oversight globally. IRBA was a founding member in 2006.

IRBA acting CEO Imre Nagy said: “We are happy that South Africa’s role in strengthening audit regulation and audit quality across the globe has been recognised by the IFIAR. Not only does our involvement allow us to influence independent audit regulation at an international level, but it also enables us to benchmark our regulatory activities against international counterparts. We also strongly believe that it is important to ensure that there is overall regional presence on the Board; and electing South Africa has ensured representation that includes the African region.

“This is important because South Africa plays an active role in advancing independent audit regulation in Africa. Also, the country has stayed informed of IFIAR strategies and effected those by becoming a founding member and current Deputy Chairman of the African Forum of Independent Audit and Accounting Regulators (AFIAAR).”

“This re-election comes at a very critical time for the IRBA, as we implement a new five-year refocused strategy aimed at responding to changes in the market, to improve audit quality, enhance the sustainability and relevance of the profession and the regulator, and engage in a comprehensive stakeholder engagement plan to improve the financial reporting and governance ecosystem.”

Nagy currently serves as the IFIAR association director and Audit and Finance Committee chair, and IRBA directors and staff currently serve on the Inspections Workshop Working Group, Investor and Other Stakeholders Working Group, Enforcement Working Group, Standards Coordination Working Group and the Technology Task Force.