Audit firms protest IRBA's possible search and seizure powers
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If National Treasury's proposed amendments to the Auditing Profession Act is passed, the Independent Regulatory Board for Auditors may gain search and seizure powers. This will allow the audit watchdog to enter the premises of auditors without prior consent or notice if accompanied by a warrant issued by a court to assist its investigations into financial reporting failures but the country's biggest audit firms are not having it, could this be a gamechanger for the industry? Bernard Agulhas, CEO of the Independent Regulatory Board for Auditors joins us with his perspective.