The importance of independence and objectivity for the auditing and accounting profession is emphasized by all the respective regulatory bodies, as well as in legislation that governs these individuals and the manner in which they are expected to perform their duties.
• Independence requirements from the Companies Act:
o Section 86 to 89: Brief coverage of the considerations for company secretaries
o Section 90 to 93: Auditors’ independence, rotation, rights and restrictions
• Independence requirements from the Professional Code of Conduct (based on the IRBA Code, which is aligned with the SAICA and IESBA Code):
o Fees and compensation
o Gifts and hospitality
o Financial interests and conflicts of interest
o Familiarity threats and long association
o Non-assurance services that may impair independence
o Period over which independence is required and the response to a breach of independence
