The Big Four operating in South Africa have objected to plans unveiled in a
proposal put before parliament, which would prohibit them from providing tax
advisory services to their audit clients.
They made submissions to Parliament’s trade and industry portfolio committee
yesterday on the bill, which aims to enhance auditor independence, Business
Deloitte, PricewaterhouseCoopers, KPMG and Ernst & Young argue that it is
important and cost-effective for auditors being able to use the tax expertise
within their firms to deliver quality audits.
The prohibition is expected to apply to an individual auditor designated to
undertake the audit, and not the audit firm as a whole.
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Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day