MboweniBL Premium reports that on Thursday and after consultations, Finance Minister Tito Mboweni dissolved the board of directors of the Independent Regulatory Board of Auditors (Irba).  

The public watchdog responsible for overseeing an audit industry that is in crisis after audit failures at companies such as Steinhoff and Tongaat Hulett has been reeling in the wake of the controversial appointment in 2020 of Jenitha John as Irba CEO.  “After careful consideration and, among other things, taking into account the resignation of a number of board members and challenges in the functioning of the board, the minister dissolved the [board of directors] in line with powers devolved to him under the Auditing Profession Act,” the National Treasury indicated in a statement on Thursday.  John began her tenure as Irba CEO in June 2020 after an extended period as a board member of Tongaat Hulett, where she chaired the audit committee for a number of years that coincided with massive accounting irregularities at the company.  Mboweni has appointed seasoned executives Nonkululeko Gobodo and Roy Andersen as caretakers while a new Irba board is constituted.

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