'Glaring gap': Auditing watchdog wants accountants independently regulated

The Independent Regulatory Board for Auditors (IRBA) wants the accounting profession independently regulated in the same way as the auditing sector.

Imre Nagy, CEO of IRBA, says South Africa's greylisting by the Financial Action Task Force (FATF) in 2023 has highlighted the need for a legislative framework governing the accounting profession, which he describes as "the glaring gap in the regulatory ecosystem of our financial sector".

He says IRBA has approached the National Treasury about the need for the accounting industry to be regulated independently rather than self-regulated. Nagy says Treasury understands the need to consider this, but there's been resistance from the accounting profession.