ASSOCIATION OF INTERNATIONAL CERTIFIED PROFESSIONAL ACCOUNTANTS URGES SOUTH AFRICA'S AUDIT REGULATOR TO REJECT MANDATORY AUDIT FIRM ROTATION

NEW YORK & LONDON, Jan 17 (Bernama-BUSINESS WIRE) -- The Association of International Certified Professional Accountants (the Association) has voiced its strong opposition to a plan by South Africa’s Independent Regulatory Board for Auditors (IRBA) to implement mandatory audit firm rotation (MAFR).   In a written response to IRBA’s Consultation Paper, the Association, which has offices in locations including Johannesburg, Colombo, Kuala Lumpur, London, New York and Shanghai, wrote that MAFR “may have a negative impact on audit quality, increase market concentration to a more limited number of auditing firms, and will hinder, rather than promote, transformation of the profession.”  http://mrem.bernama.com/viewsm.php?idm=28288