At BDO, our unwavering commitment to ethics and independence forms the cornerstone of every audit we perform. We bring professional scepticism, an independent and fact-based approach and a steadfast dedication to integrity to each engagement. Guided by robust independence policies and rigorous compliance processes, we serve the public interest by conducting every audit with complete objectivity and transparency. This approach not only ensures the credibility and accuracy of financial reporting but also strengthens trust in the broader financial ecosystem. Below we outline the mechanisms and processes BDO employs to achieve and maintain these high standards.

Independence declarations
Every audit engagement at BDO comes with a formal independence declaration, confirmed by all engagement team members. These declarations ensure that no conflicts of interest exist and that the team can perform the audit with complete objectivity. In addition to this, our firm requires all staff to complete annual independence declarations, affirming their ongoing commitment to upholding our independence protocols.

Ongoing training and development
We recognise that maintaining independence requires not only commitment but also knowledge. This is why BDO provides continuous, rigorous training to ensure that all our professionals are well equipped with the latest developments in audit regulations, standards and best practices. This includes a focus on both current standards and the introduction of new, evolving standards, allowing our staff to stay ahead of regulatory changes.

Internal and external review processes
We take a proactive approach to managing and addressing issues that arise during internal and external reviews of our audit processes. Through the development of targeted working papers, we systematically address and resolve identified concerns. This approach not only enhances the quality of each audit but also helps us continuously improve our methodologies and maintain the highest standards of ethics and professionalism.

Global standards and consistency
BDO’s commitment to ethics and independence extends globally, ensuring that we adhere to the highest standards across all our engagements. In South Africa, we follow the global BDO Independence Manual, which outlines our code of conduct and ethical requirements, ensuring full compliance with both domestic and international standards.

In addition, the BDO International Risk Management Manual provides comprehensive guidance on the design and implementation of risk management and quality control systems, ensuring consistency in our approach worldwide. These globally implemented independence policies and procedures are designed to mitigate conflicts of interest, safeguarding the objectivity of our audits.

To reinforce this, we utilise a custom-developed, web-based conflict of interest tool, which enables us to identify and manage any potential conflicts throughout the firm. This ensures that our teams maintain independence at every level of the engagement, delivering audits with the utmost integrity and transparency.