BUSINESS NEWS - SA’s biggest audit firms are riled by amendments to legislation that could give the Independent Regulatory Board for Auditors (Irba) more teeth in the form of search and seizure powers during its investigations into financial reporting failures.
If proposed amendments to the Auditing Profession Act by National Treasury pass muster in parliament, they will give the audit watchdog the power to search the premises of auditors and seize documents in the course of conducting its investigations.
Irba’s investigating committee would be able to enter the premises of auditors without prior consent or notice if accompanied by a warrant issued by a court.
Irba would join the ranks of market regulators including the Competition Commission and the Financial Services Conduct Authority, which enjoy such powers.
