From Business Day Live

One of South Africa’s foremost experts in financial reporting standards, Linda de Beer, has been appointed to chair the Financial Reporting Investigations Panel from January 1, replacing Harvey Wainer, chairman since its inception in 2002.

The role of the panel is to investigate and advise the JSE on alleged cases of noncompliance with International Financial Reporting Standards in annual and interim reports, and any other company publications. The panel is a joint venture with the JSE and the South African Institute of Chartered Accountants (Saica) and has considered 50 separate cases.

Prof de Beer, an independent director and corporate governance adviser and a visiting professor in accounting and auditing at the University of the Witwatersrand, has also been reappointed as chairwoman of the International Audit and Assurance Standards Board’s consultative advisory group.

She represents the JSE on the Independent Regulatory Board for Auditors (Irba) committee for auditing standards. Irba CEO Bernard Agulhas said last month that her experience had been invaluable to the board’s committees. “Her contribution helps to shape South Africa’s inputs at in international level,” he said.

John Burke, director of issuer regulation at the JSE, said earlier that the investigations by the panel had affected the financial reporting of virtually all of the listed companies on the JSE and contributed to necessary changes in the International Financial Reporting Standards.

Sue Ludolph, project director of financial reporting at Saica, said late last year that the investigations panel and the role Prof Wainer had played had contributed to South Africa being consistently ranked number one in the world by the World Economic Forum’s Global Competitiveness index for the strength of its financial reporting and auditing standards.

Agulhas said South Africa was recognized internationally as a country with high-quality accounting and auditing standards and well-run markets. “In a developing economy like ours, it is not a luxury, but a necessity in order for us to attract foreign investment that ultimately benefits every South African.”

He said the consultative advisory group and the investigations panel were “critical bodies” in ensuring high-quality reporting and robust governance practices.

Written by Amanda Visser/ Read more at Business Day Live