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South Africa ranks fourth in the world for auditing and reporting standards, the Independent Regulatory Board for Auditors (IRBA) said on Wednesday.
"According to the World Economic Forum's Global Competitiveness Report 2008-2009, South Africa received a fourth place ranking for auditing and reporting standards," the board said in a statement.
Bernard Agulhas, CEO of the IRBA, said the implications of such a ranking should be "very comforting" for South African businesses and financial institutions as well as overseas investors.
"More so in the current financial crisis, regulators and standard setters must make every effort to provide peace of mind to investors and the general public.
"This is made possible through the maintenance of appropriate audit and ethics standards, which, in turn, will provide investors and capital providers with reliable and credible information," he said.
Given the plethora of laws and regulations auditors were subject to, South Africa's ranking would also hopefully have some influence on foreign audit regulators, who need to inspect auditors who audit entities listed on foreign exchanges.
"We are currently in discussion with such foreign regulators to determine the extent of reliance they can place on IRBA inspection processes and audit standards".
This ranking was no "flash in the pan", Agulhas said.
"It is the culmination of a lengthy process which began in 1993, as South Africa was poised to enter the global business arena.
"It is the result of result of many hours of hard work by dedicated and indeed visionary individuals in the profession."
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