The regulations require that corporates with long standing audit relationships – longer than 10 years - change their auditors for years commencing on or after 1 April 2023.
This means that Companies have time to carefully consider their rotation strategy.
Looking at the experience of other jurisdictions globally that have had to manage such a change we recommend that Audit Committee’s consider the following factors:
As many large organisations in South Africa have not run a formal audit tender process for a long period we can provide guidance.
In addition, our UK practice recently published a survey as to how audit decisions were being made in the UK that you may find instructive. Download the Survey.
Should your Company require any additional advice on the impact of Audit Bid processes, or for a copy of our “how to bid brochure”, please contact any of the persons listed below:
For further details, contact our Managing Partner, Africa Audit & Assurance, Andrew Mackie; our Audit Business Development Leader, Penny Binnie or Head of Gauteng Audit, Bonga Nyembe.