Abstract
Orientation: Consistent with global concerns regarding the quality of audits and regulatory
changes in Europe, South African audit regulations will require audit firms to rotate clients
periodically, in an attempt to safeguard auditor independence and audit quality. In 2017 the
South African audit regulator issued a ruling requiring mandatory audit firm rotation (MAFR)
every 10 years, effective April 2023, primarily intended to improve audit quality. In addition to
audit quality improvement, the regulator also believes that MAFR will stimulate transformation
in the audit profession by building capacity of black-owned audit firms and allowing
opportunities for small- and medium-tier audit firms to compete for the audits of listed
companies...