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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).
The first auditor general, as appointed per the Constitution, was Shauket Fakie who served until his retirement in 2006. Terence Nombembe was appointed on 1 December 2006 and served until 30 November 2013. Nombembe is a member of the South African Institute of Chartered Accountants as a Chartered Accountant (South Africa).
The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent body for accountants. 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 general accountants (AGAs(SA)) and accounting technicians (ATs(SA)).
None of the "firms" within the Big Four is actually a single firm; rather, they are professional services networks.Each is a network of firms, owned and managed independently, which have entered into agreements with the other member firms in the network to share a common name, brand, intellectual property, and quality standards.
External companies are those foreign companies which carry on business or non-profit activities within the Republic of South Africa, subject to sections 23(2) and 23(2A). What constitutes "carrying on business" was radically altered by the insertion of section 23(2A) with the first Amendment Bill.
The primary customer of internal audit activity is the entity charged with oversight of management's activities. This is typically the audit committee, a sub-committee of the board of directors. To provide hierarchical independence, most chief audit executives report to the chairperson of the audit committee as to the performance of his/her duties.
The Companies and Intellectual Property Commission (CIPC) is an agency of the Department of Trade, Industry and Competition in South Africa. [1] The CIPC was established by the Companies Act, 2008 (Act No. 71 of 2008) [2] as a juristic person to function as an organ of state within the public administration, but as an institution outside the public service.
Most importantly, external auditors, though engaged and paid by the company being audited, should be regarded as independent. Internal Auditors are employed by the organizations they audit. They work for government agencies (federal, state and local); for publicly traded companies; and for non-profit companies across all industries.