Mboweni welcomes the MP’s support for the bill aimed at the auditing profession

CAPE TOWN – Finance Minister Tito Mboweni on Wednesday welcomed political party support for a new bill that aims to strengthen the body that regulates the auditing profession.

The African National Congress (ANC) and opposition parties in the National Assembly passed the Auditing Profession Amendment Bill, citing the need for stricter regulation in the wake of a series of scandals that have involved major audit firms in the country.

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The bill will now go before the National Council of Provinces (NCOP) for approval before being sent to President Cyril Ramaphosa for enactment.

Mboweni was a happy man on Wednesday.

“This could not have been a better ending to this year, to receive such overwhelming support from across the aisle from the House,” the minister said.

He explained why the Auditing Profession Amendment Bill was important.

“At the core of the bill is the need for us to restore the ethical, moral and integrity standards of the accounting and auditing profession. Why is this the case? We have gone through, in the recent past, a number of problems within the profession, ”said Mboweni.

Mboweni said this put some of the major accounting and auditing firms in a bad position, questioning whether the books of the companies, government departments and municipalities that were responsible for the audit were actually in good shape.

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“Once questions arise about the accounting and auditing profession, then you know we are in serious trouble,” he said.

Among the most controversial provisions of the bill is that of empowering the Independent Regulatory Board of Auditors (IRBA) to search and seize documents.

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