Final Assessment 2025 | HLB CMA South Africa Inc.

Scope and Responsibility

As required by the International Standard on Quality Management 1 (ISQM 1), issued by the International Auditing and Assurance Standards Board (IAASB), and consistent with applicable South African adoption and HLB International policies, HLB CMA SA Inc. (“the Firm”) is responsible for the design, implementation and operation of a System of Quality Management for audits or reviews of financial statements and for other assurance or related services engagements performed by the Firm.

Quality Objectives

The objectives of the System of Quality Management are to provide the Firm with reasonable assurance that:

(a) The Firm and its personnel fulfil their responsibilities in accordance with professional standards and applicable legal and regulatory requirements, and conduct engagements in accordance with such standards and requirements; and
(b) Engagement reports issued by the Firm or engagement partners are appropriate in the circumstances.

Governance and Oversight

The Firm’s Executive Committee is the governing body responsible for overseeing the design, implementation and operation of the System of Quality Management and for ensuring that it supports the consistent performance of quality engagements. The approach and results are also described in the Firm’s Transparency Report.

Monitoring, Compliance and Response

Integrated quality monitoring and compliance programmes enable the Firm to identify and respond to findings and quality deficiencies, both with respect to individual engagements and the overall System of Quality Management.

Where deficiencies are identified during the annual evaluation, the Executive Committee assesses their severity and pervasiveness by:

Investigating root causes; and
Evaluating the impact of the deficiencies, individually and in the aggregate, on the System of Quality Management, with consideration of remedial actions taken as of the date of the evaluation.

Conclusion

Based on the annual evaluation of the Firm’s System of Quality Management as of 30 June 2025, the Executive Committee concludes that the System of Quality Management provides the Firm with reasonable assurance that the objectives of the System of Quality Management are being achieved.

Published: 30 June 2025 | Retention: Available online for at least five years |