Independent Regulatory Board for Auditors Board of Directors dissolved
The Minister of Finance, Mr. Tito Mboweni, on 26 January 2021, met with the Independent Regulatory Board for Auditors (IRBA) Board of Directors (BoD). The meeting was convened to provide the BoD with an opportunity to brief the Minister on the position the Board has taken in respect of the Chief Executive Officer and to discuss the resignation of a number of board members. Each board member was given the opportunity to express his/her view on the matter.
The Minister then engaged the BoD on dissolving the Board. After careful consideration and, amongst others, taking into account the resignation of a number of board members and challenges in the functioning of the Board, the Minister dissolved the BoD, in line with section 12(5) of the Auditing Profession Act (APA). The BoD indicated that they respected the Minister’s decision in this regard and they thanked the Minister for the opportunity to serve on the Board. The Minister expressed his appreciation to the BoD and wished them the best in their new endeavours. This decision was taken in the best interest of the institution and the auditing profession.
In accordance with section 12(6)(a) of the APA Ms Nonkululeko Gobodo and Major General Roy Andersen will be appointed to act as caretakers until a new Board is appointed. The appointment process of the new BoD will be concluded within 3 months in line with section 11 of the APA.
Ms Nonkululeko Gobodo is a chartered accountant and pioneering entrepreneur by establishing an auditing and advisory practice during the height of apartheid. She led a successful merger of two medium sized black accounting firms. The firm grew to be the fifth largest accounting firm in South Africa. She has over 30 years of consulting experience, leadership-consulting experience and managing large-scale transformation and change projects.
Major General Roy Andersen is a chartered accountant; he has extensive experience, and he has been a director and board member of numerous companies. During his long career he was Chairman of EY and President of the Johannesburg Stock Exchange, as well as the CEO of Liberty and Chairman of Sanlam. He is a founding member of the King Committee and is still serving as a member; he also served in the Governance Review Task team of SAICA. He is also a member of the Military Command Council and a member of the Plenary Defence Staff Council. He is currently the Chairman of SASFIN Holdings Limited.
The caretakers at the Independent Regulatory Board for Auditors will, among others, be required to:
1. Assist with the smooth running of the institution until a new BoD is appointed; and
2. Assist the Minister of Finance with the appointment of the new BoD in line with section 11 of APA and ensure that the process is finalised within 3 months.
Enquiries:
Ms Mashudu Masutha-Rammutle
Email: Mashudu.Masutha@treasury.gov.za
