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Beyond the audit horizon

Beyond the audit horizon

by Rick Turoczy on December 3, 2004

Unannounced as it may have been, South Africa is about to get its own version of Sarbanes-Oxley. This US statute, which became law in 2002, is a household name in global financial circles, and is seen as a model for changing the world of securities for the better, forever.

There are notable overlaps between Sarbanes-Oxley and the Draft Auditing Profession Bill, 2004, that the South African government released this week. The Bill is open for discussion until February next year, after which it is all but certain to become law.

Like Sarbanes-Oxley, the Bill is aimed at taking all known steps to restore public confidence in the capital market system, and in the accounting and auditing profession. However, it remains clear that Sarbanes-Oxley and the Bill are dealing with some of the most complex areas in the investment world and also ultimately, with the oft-unknown inner reaches of the human psyche.

Beyond the audit horizon

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