The court found the mandatory audit firm rotation rule is unlawful as it goes beyond the powers bestowed on Irba by the Auditing Profession Act
The Supreme Court of Appeal (SCA) has set aside a rule by SA’s audit industry body requiring listed and public interest entities to rotate their auditors every 10 years.
The May 31 ruling by the SCA found that the Independent Regulatory Board for Auditors (IRBA) did not have the power to force audit firm rotation as per the Mandatory Audit Firm Rotation Rule (MAFR) it introduced in June 2017, and which was to come into effect from April 1 2023...
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