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The Independent Regulatory Board for Auditors (IRBA), formerly known as Public Accountants and Auditors Board (PAAB), is a statutory body controlling public accountancy in the Republic of South Africa. The designation conferred by IRBA is Registered Auditor (RA).
A "statutory audit" is a legally required review of the accuracy of a company's or government's financial records. The purpose of a statutory audit is the same as the purpose of any other audit – to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial ...
It oversees the financial statements of all government departments and state institutions, any audit reports issued on those statements, reports compiled by the Auditor-General on government departments and state institutions, as well as any other financial statements or reports referred to by the committee. [1]
The primary bodies in each country are affiliated to the International Federation of Accountants while a few do not belong to IFAC as they operate more like specialist bodies helping the work of accountants and auditors such as the field of taxation, forensic auditing and systems auditing. These bodies include:
Seychelles: The Audit Department Sierra Leone: Audit Service Sierra Leone Singapore: Auditor General's Office Slovakia: Najvyšši kontrolný úrad Slovenskej republiky Slovenia: Court of Audit of Slovenia Solomon Islands: Office of the Auditor General Somalia: Office of the Auditor General South Africa: Auditor-General of South Africa
An auditor is a person or a firm appointed by a company to execute an audit. [1] To act as an auditor, a person should be certified by the regulatory authority of accounting and auditing or possess certain specified qualifications.
The first South African company legislation was the Companies Act [3] of 1926, which was based on the Transvaal Companies Act, [4] which was in turn based on the British Companies (Consolidation) Act 1908. The next major South African legislation in this area was the Companies Act [5] of 1973, which remained in force until 31 April 2011.
The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes. The institute provides a wide range of support services to more than 48,000 members and associates who are chartered accountants (CAs(SA)), as well as associate ...