1. INDEPENDENT REGULATORY BOARD FOR AUDITORS
IRBA Annual Report

2. Agenda
Strategic Focus Objectives Highlights for the year Report on Financial Statements Report of the Auditor-General Performance Information Questions

3. 3
Strategic focus
To protect the financial interest of the public by ensuring that only suitably qualified individuals are admitted to the auditing profession and that registered auditors deliver services of the highest quality and adhere to the highest ethical standards.

4. Objectives
Developing and maintaining auditing and ethics standards which are internationally comparable;
Providing an appropriate framework for the education and training of properly qualified auditors as well as their on-going competence;
Registration of auditors who meet the registration requirements;
Monitor compliance with reportable irregularities and anti-money laundering;
Monitor registered auditors compliance with professional standards;
Investigating and taking appropriate action against registered auditors in respect of improper conduct;

5. Highlights for the year5
Highlights for the year
The IRBA celebrates 10 years of independent audit regulation.
South Africa achieves 1st position for its auditing standards in the World Economic Forum’s 2016 Global competitiveness rankings for the seventh consecutive year.
The IRBA issues its Public Inspections Report: Striving for Consistent, Sustainable High Audit Quality.
In May 2015 the Audit Development Programme (ADP) was launched.
The IRBA publishes its third Integrated Report.
The IRBA researches measures to strengthen auditor independence.
The IRBA conducts an independent survey to explore and quantify factors driving and limiting professional advancement in auditing.

6. STATEMENT OF FINANCIAL PERFORMANCE6
Financial statements
STATEMENT OF FINANCIAL PERFORMANCE
YEAR
2016
2015
Government Grant
29 999
34 577
Total other income
62 326
64 163
Expenses
95 494
91 258
Surplus/(Deficit)
(3 169)
7 482
Transferred from/(to) reserves
132 28
Acc Res Surrender to NT
(2 745)
Surplus/ (Deficit)
(3 307)
4 765

7. Financial statements INCOME SOURCES Government grants7
Financial statements
INCOME SOURCES
2016
2015
% Variance
Government grants
29 999
34 577
-13.2%
IRBA - Uncontrollable fees
5 617
8 242
-31.8%
Disciplinary fines and expenses
5 117
1 702
200.6%
Examination fees -
4 740
-100.0%
DTI for B-BBEE
500
1 800
-72.2%
IRBA - Controllable fees
53 015
52 354
1.3%
Inspection fees
25 747
23 397
10.0%
Fees from Registered Auditors
20 182
19 057
5.9%
Monitoring Fees
461
419
Training contracts and levies
6 625
9 481
-30.1%
88 631
95 173
-5.5%

8. Report of the Auditor General
FOR 2016 AND 2015 YEAR ENDS
Clean Audit report for 7 consecutive years
regarding
REPORT ON THE FINANCIAL STATEMENTS
REPORT ON OTHER LEGAL REGULATORY REQUIREMENTS
Predetermined objectives
Compliance with laws and regulations
INTERNAL CONTROL

9. Performance information
Strategic Measurable objective
Performance Targets
2015/16
Achievement 31 March 2016
AUDITING AND ETHICAL STANDARDS
Developing and maintaining auditing and ethical standards which are internationally comparable
Issued auditing pronouncements,
auditor reports and comment letters. 
85%
Achieved
100%
Issued additional guidance on ethical
issues, comment letters and Code amendments.

10. Performance information
Strategic Measurable objective
Performance Targets
2015/16
Achievement 31 March 2016
PROGRAMME EDUCATION AND TRANSFORMATION
Providing an appropriate framework for the education and training of properly qualified auditors
Processes to manage the development and assessment of professional competence of candidate auditors. (ADP)
90% adherence to the Workflow process.
ADP process was changed and objective not achievable
Monitoring reports of the recognised
Programmes of accredited professional bodies.
100% adherence to assessment programme
Achieved

11. Performance information
Strategic Measurable objective
Performance Targets
2010/11
Achievement 31 March 2011
INSPECTIONS
Monitor registered auditors' compliance with professional standards
To inspect and review the work of registered auditors on a regular basis
100% adherence to review plan
Achieved
93% was achieved
INVESTIGATIONS
To investigate and take appropriate action against registered auditors in respect of improper conduct
To finalise all complaints received timeously
80% of complaints received closed within 18 months
92% was achieved. .

12. Performance information
Strategic Measurable objective
Performance Targets
2010/11
Achievement 31 March 2011
OPERATIONAL EFFECTIVENESS
Strengthening the IRBA's organisational capability, capacity and performance to deliver on its mandate in an economically, efficient and effective manner, in accordance with the relevant regulatory frameworks
Systems, policies and processes that ensure compliance, accountability
and sound management
of revenue, expenditure, assets and liabilities.
100% clean
report.
Achieved

13. 13
Thank You Questions