Audit quality in South Africa is perceived by the audit regulator to be deteriorating, with the primary cause being a compromise of auditor independence, mostly as a result of excessively long audit firm tenures. The regulator has responded with mandatory audit firm rotation (MAFR). The purpose of this research is to employ field surveys to collect the views of experienced audit committee (AC) chairs, chief financial officers (CFOs) and auditors of JSE-listed companies on the necessity for, and potential efficacy of, this regulation. An additional focus of the paper is to explore potential unintended outcomes, as well as identify preferred alternatives and provide recommendations and practical solutions to negative effects. Findings show that auditors, CFOs and AC chairs are strongly opposed to MAFR in South Africa on a cost-benefit analysis. Respondents do not believe that audit quality and independence has deteriorated and feel that existing measures to safeguard auditor independence are sufficient. In addition, the loss of knowledge and experience of the clients that will result from firm rotation, together with other unintended consequences such as unmanageable cost increases, provide further reasons not to implement MAFR. Findings also indicate that MAFR will not contribute towards decreasing the dominance of the market by the ‘Big 4’ firms. Practical recommendations are suggested based on the findings.

中文翻译：

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南非审计行业对审计质量和独立性的关注：不同观点

审计监管机构认为南非的审计质量正在恶化，主要原因是损害审计师的独立性，主要是由于审计公司任期过长。监管机构已通过强制性的会计师事务所轮换（MAFR）做出了回应。这项研究的目的是采用现场调查来收集经验丰富的审计委员会（AC）主席，首席财务官（CFO）和JSE上市公司的审计师对本法规的必要性和潜在效力的看法。本文的另一个重点是探索潜在的意想不到的结果，并确定首选的替代方案，并为负面影响提供建议和切实可行的解决方案。调查结果表明，在成本效益分析中，审计师，CFO和AC主席强烈反对南非的MAFR。受访者并不认为审计质量和独立性已经恶化，并且认为现有的维护审计师独立性的措施已足够。此外，由于公司轮换而造成的客户知识和经验的损失，以及其他不可预期的后果，例如难以控制的成本增加，提供了不实施MAFR的其他原因。研究结果还表明，MAFR不会有助于降低“四大”公司在市场中的主导地位。根据调查结果提出实用建议。再加上其他不可预见的后果，例如难以控制的成本增加，提供了不实施MAFR的其他原因。研究结果还表明，MAFR不会有助于降低“四大”公司在市场中的主导地位。根据调查结果提出实用建议。再加上其他不可预见的后果，例如难以控制的成本增加，提供了不实施MAFR的其他原因。研究结果还表明，MAFR不会有助于降低“四大”公司在市场中的主导地位。根据调查结果提出实用建议。