Auditing profession battles to regain trust

Has the Auditing profession gone from watchdog to lapdog?
Corporate governance has mirrored the decline in the country’s fortunes over the last few years. Steinhoff, Tongaat and VBS stand out in the rogues’ gallery. Central to these scandals has been the role of the audit function both internal and external. The profession is facing a sort of existential crisis as liability claims increase on the one hand and the market demands more accountability insight and foresight on the other.
In South Africa observers have also raised their eyebrows at recent senior leadership appointments at the Institute of Internal Auditors of South Africa and the Independent Regulatory Board of Auditors. The regulators for internal and external audit in the country. Raising the question of who guards the guardians? Juvenal's question quis custodiet ipsos custodes.
In this roundtable, Michael Avery hosts UP Chancellor Prof Wiseman Nkuhlu, who recently released his book detailing his time as Chair of KPMG SA renowned corporate governance expert, Judge Mervyn King and who has also recently published a book on auditing with colleague Linda de Beer entitled The Auditor: Quo Vadis, and UP professor in auditing, Prof Karin Barac, for a conversation on how the profession can regain the markets trust